Family Contract

Set of rules, arrangements and institutions for running the family business and wealth.  To be drafted jointly with family members and include, among others, arrangements for the following issues:

  • Family and business values – vision
  • Family ethics – moral
  • Share transfer arrangements
  • Appointment of managers
  • Corporate governance 
  • Board of Directors
  • Reporting and controls
  • Employment of family businesses
  • Screening
  • Training
  • Promotion
  • Job definition
  • Setting salaries and making periodic performance evaluations
  • Inter-generation communication
  • Family members' education, health and welfare