Developing a Family Constitution: Family Rules

Developing a Family Constitution: Family Rules

  • Case
  • Teaching Notes
Abstract

As family businesses progress and are transferred to the next generation, the founding family often develops explicit rules in the form of a family constitution. This case explores one aspect of the family constitution, namely the interaction between family members and the business. After turning 80 years old, Ongky Lim decides it is time to develop family rules to deal with his expanding family and their diverse needs and talents. This case helps family owners appreciate the benefits of family rules and understand the types of rules required.

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