The Dubai Centre for Family Businesses, operating under the Dubai Chambers umbrella, has published a new informative toolkit titled “Sample Family Constitution”.Â
Enhancing support
The launch of this comprehensive guide is part of the centre’s efforts to provide practical support to family businesses. In addition, the toolkit aims to enhance key administrative and operational frameworks, contributing to the long-term growth and development of family-owned enterprises.
Empowering families with robust governance frameworks
The publication offers a detailed overview of the essential elements and structures that contribute to the success and longevity of family businesses. The toolkit is designed to empower families with robust governance frameworks vital for long-term success. It helps them navigate the complexities associated with family businesses and capitalize on promising opportunities.
Highlighting practical governance practices
The toolkit further highlights practical examples of common governance practices, ranging from defining the roles of family members and meeting mechanisms to the eligibility criteria for various governance groups within family business structures. It addresses governance practices tailored specifically to the needs of family enterprises and demonstrates how family governance structures can contribute to increased harmony and business continuity.
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Developing family constitutions
Furthermore, the toolkit introduces the mechanisms for developing family constitutions and the prominent provisions that should be included to help family businesses achieve their goals. Additionally, the family constitution aims to pave the way for the future, building a shared commitment to the family and business values and philosophies.
Promoting engagement, loyalty, and flexibility
Moreover, this unified purpose and vision is essential to achieve engagement among family members by defining their roles and setting a clear direction, which promotes loyalty, trust, and flexibility within the family business.
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