Keys to Writing Your Family Constitution The four important steps to creating and maintaining a Family Constitution: 1. Create a Family Mission statement: The Family Constitution should begin with a personalized Mission statement. This should be based on your family's skills, abilities, Values, and dreams. This exercise should also be useful in finding out the […]
Family and Business operate under different cultural systems -while Family is protective, Business is competitive. This can create a friction between the two systems particularly when the Business expands and becomes successful. This is where the impact of having a Family Constitution can be significant. Many successful business families have recognized this and created a […]
As Family and Family Businesses develop and grow, personal relationships between Family Members become difficult, more complex and in some cases fragmented. An effective way to build that understanding is through a Family Charter or a Family Constitution. A Family Constitution, simply put, is a document that outlines how a Family will govern itself. This […]
Condensed from articles by Gaurav Akrani, PreserveArticle, TheGuardian, Leadershipnow, Smriti Chand, James A. Baker, Lincoln Mel Hughes, Christopher Gould, Robert Tanner, Susanne Madsen, Michelle Randall, Srikanth Krishnamoorthy and Susan M. Heathfield Understanding the Concept The process of assignment of specific work to individuals within the organization and giving them the right to perform those works […]
Conflict arises when two individuals have opposing views and are unwilling to compromise. A Conflict creates tension, anxiety, and friction between the concerned individuals. Conflicts must be resolved at the right time to create a peaceful environment. Attitude: It cannot be overemphasized that a positive attitude plays a critical role in the resolution of conflicts. […]
When issues within the Family spill over into the Business domain, it creates difficulties. Since conflicts are very common in business families, members have to learn to resolve them before they get out of control. When Family Members feel that their anger or hurt is justified, they feel confronted when faced with the situation of […]
While business in general has conflicts, Family Business has even more. This is because Family dynamics plays an important role in Family Business. Here are some of the underlying causes of conflicts in Family Business: Clear definition of the two systems: There are two systems in Family Business - the Family system and the Business system. […]
Conflict is inevitable in Family Business as it is an amalgamation of Family and non-family members who are likely to have disagreements on Family / Business related issues. Enlisted are the various sources that could give rise to conflict in the Family Business scenario. It is feasible to identify appropriate measures once the source of […]
As a leader, it is inevitable that you will face situations that demand effective Conflict Management. Before you go any further, do you know if the conflict is hot or cold? = Neither of these is productive. Conflicts that are open for discussion that has not turned hostile are far more likely to be productive. […]
Two factors that contribute to the longevity and success of the family business are Strategic Planning and Conflict Management. Importance of conflict management process: Why do we give the conflict management process such importance? Is it because unresolved conflicts put the Family and Business at risk? Families and businesses that have developed systems and processes […]