Having mutual agreements on family business can be unsuccessful since it is difficult to get everyone to find common ground in mutual benefits. Therefore, designing a family charter must be carefully crafted to seek the same vision, and more importantly, to be able to put into practice.
FIRM Co.Ltd. offers family charter consultancy via setting crucial rules and regulations for family values and family businesses. It is a tool to bring family members together on the table and devising common grounds for parameters of both family business, family values, family renumeration as well as other compensations.
Designing a family charter is never drafting a copy-paste paper. It is not a standardized version for all families but must be exclusively made by thoroughly understanding family structure, business structure, as well as its working system, founding members, growth opportunities in each generation, which is various in each family.
Family members will get to learn core concepts of its family charter and understand what and why the charter is made up with via workshops and seminars arranged by family charter experts. Each expert is specialized in different areas and will provide related examples for future decision making.
Successful family charter consisting of;
- Family Relationship Management : identifying vision and values, setting family council, clarifying roles and responsibility, establishing family mutual fund, recognizing important rules and regulations
- Family Business Management : appointing board of directors, succession plan, employment strategy, renumeration scheme
- Ownership Management : shareholder structure, other benefits, shareholder contract, as well as legally bound regulations
This is how a family charter conducted by FIRM Co.Ltd., is crafted by each and every family member, through an eye of experienced and hands-on experts, not by some or few of the members.