What Issues For The Family Does Its Family Constitution Remove?
By SOCH Business Mentors LLP Posted October 10, 2023 in Family business
By SOCH Business Mentors LLP Posted October 10, 2023 in Family business
This is one of the most common questions asked by a family businesses entering their third generation in the next 3-5 years.
They said we struggle to understand what precisely will get solved if we take on this vital long-term task for our family. By this question, they do not mean benefits which is an effect of solving some issue or problem.
Their question is: What issues and problems will be solved and eradicated by having a constitution in a living and breathing state?
So, I am writing this exact piece of information describing which issues today you may have or will be en route to your next generation, risking your path to continuity of abundance, prosperity, love, harmony, and success.
Below are the noted issues, risks, and problems that you would avoid or eradicate should you have them using the Family Constitution:
Category 1:
Issues caused by power If power centers were gracefully removed, and harmony can become the mainstream for everyone’s personal and professional growth and wealth.
Issues that the power centers are causing or may cause:
Category 2:
Issues caused by disconnect due to varying psychographs (learnings, upbringing and experiences) of family members they develop by living in different parts of the world
Category 3:
Issues of conflicts at several levels among ownership and within the family will be resolved or prevented
Category 4:
Issues of unrest, doubt, and disrespect when decision impasse occurs. With constitutional systems there is an acceleration to decision-making in structured and timely way
Category 5:
Issues of health is massive when unrest grows or lingers over a period. Mental health issues and several physical ailments including extreme conditions like nervous breakdowns and death
Category 6:
Issues of financial dependence creates a complete loss of who you are and who you become is observed as major regret and risk A constitution clarifies ownership complications and places a transparent and debatable ground for resolving all issues pertaining to ownership in action and on-coming ownership (family and non-family).
Category 7:
Issues around succession can create a rife to disrupt and destroy beautiful family, it destroys business or it destroys a person or few.
Constitutional system builds a trusted and formidable systems for achieving succession process with objectivity, timeliness, and long-term happiness of family as an institutional success. It will be almost next to impossible to write all tiny issues of daily unrest and tensions.
Having a constitutional system acts as a remedy to heal today and shield to protect not happening tomorrow.