Family Constitutions: A Guide to Ownership Unity and Family Cohesion
Thursday, February 25, 2010
8:00 – 11:30 AM
Presented by: Andrew Keyt
Loyola University Chicago Family Business Center
Sheehy Farmer Campus Center, Kings College
Special Guest: George Brown, Highlights for Children, a 4th generation member of his family’s publishing business, who will discuss the family’s constitution, the process, the benefits, and how it has evolved.
A Family Constitution is the foundation for all decisions, plans and policies; it creates
structure, helps codify decision making, and minimizes conflict.
Yet, developing one can seem daunting and overwhelming. Andrew Keyt will take the mystery out of the process and help your family on the road to building a constitution that strengthens the family, owners and business.
Andrew will review the components of a family constitution, which is much more than a mission statement; outline the five phases of the process and the keys to making it work. Don’t miss this important session, which will help you:
• Manage the complexities of Family, Management, & Ownership
• Create clear expectations for all
• Foster the development of the company & family
• Build unity and cohesion
The Family Business Forum at King's College recognizes the unique joys and challenges associated with operating and sustaining a successful family enterprise in northeastern Pennsylvania.
Family-owned businesses are fundamentally important to the U.S. and regional economy. In fact, 92% of all US businesses are family owned. However, the challenges can be overwhelming. Consider the following:
30% of all family owned businesses will survive into the second generation.
Only 12% will succeed to the third generation, with 3% continuing into the fourth generation and beyond.
81% of business owners want their business to stay in the family, yet 25% have not completed an estate plan and 20% are not confident of the next generation's commitment to the business.
The Mission of the FBF:
To provide a learning and networking forum for family businesses, program sponsors, and the students and faculty of King's College, which enhances the family business community in Northeastern Pennsylvania.
