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  • Writing the constitution begins with the existing legal documents. They are read and explained so that they are clear to the family. This is more difficult than it seems, and often there are several drafts before the meaning and mechanics of each agreement is understood, consistent, and clear.

  • Passing the baton of leadership to the next generation is often fraught with problems. Dennis Jaffe outlines the hurdles faced by two sets of siblings and describes how they achieved harmony in their relationships, as well as ensuring success for their businesses

  • Establishing crystal clear boundaries between worker, family member, parent and sibling will not only open a path towards professional decision-making, it can eliminate a great deal of hardship down the line, says Dennis Jaffe

  • The Pritzker family dispute illustrates how important it is for all members of a family business to feel respected and valued irrespective of their roles within the family. Had clear family policies been established – and discussed – at the point of succession, perhaps this bitter legal battle could have been avoided

  • A family may fear that their children will use up their inheritance. The best insurance that the money is used wisely is to take steps to make sure that each heir develops passion, values and responsibility so they can lead a fulfilled adulthood and continue the wealth into future generations

  • Family feuds can fester for generations and the conflict may have a disastrously destructive effect on the family and the prospects for its business. Communication and respect are the keys to avoiding damaging family conflicts

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