Everyone is already accustomed to a marriage contract. A document that regulates relations not only of spouses, but also of relatives, doesn’t entered to the widespread use and causes bewilderment.
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Have you asked yourself while starting a business with a relative: Will I offend my child? What will my brother or sister think of me? How not to affect my uncle’s feelings?
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Constitution of the family. Family charter Family Protocol. Family Mission and
management statement — these terms are often used by consultants specialising in family affairs and succession planning.
We for ourselves at Laduchi decided this question. It is important for us, that the business in which we put so much effort should not be destroyed by omissions and kindred grievances. The constitution of the family is what allows us to stay on the chosen course and promotes family harmony.
For others, it’s a weighty Constitution that includes the history of the family and how it acquired its wealth; statements of purpose, vision, values and beliefs; detailed provisions that establish when and how the wealth will pass on to future generations. Ultimately, the goal is the same. The constitution is the culmination of a family’s efforts to agree and set out in writing the purpose of its wealth and how its members would like to dispose of wealth in the future.
What this document includes is completely dependent on the family’s decision, which is right for them, how to achieve that single decision allowing them to agree in writing and to outline the process of developing.
