News DeskDubai, UAE – The Dubai Centre for Family Businesses, operating under Dubai Chambers, has unveiled a new toolkit titled “Sample Family Constitution.” This comprehensive guide aims to provide practical support to family businesses, enhancing their administrative and operational frameworks to ensure long-term growth and development.
The toolkit serves as an invaluable resource for building sustainable, prosperous, and harmonious family businesses. It offers a detailed overview of key elements and structures that contribute to the success and longevity of family-owned enterprises. Designed to empower families, it provides robust governance frameworks essential for long-term success, helping them navigate the unique complexities of family businesses and capitalize on promising opportunities.
Key features of the Sample Family Constitution toolkit include practical examples of common governance practices, covering areas such as defining family member roles, meeting mechanisms, and eligibility criteria for various governance groups within family business structures. These pillars are crucial for strengthening the structure of any family business, ensuring its success and sustainability for generations.
The guidelines introduced in the toolkit focus on mechanisms for developing family constitutions and the essential provisions to be included. These provisions help family businesses achieve their goals by building a shared commitment to the values and philosophies embodied by the family and the business. This unified purpose and vision promote alignment and engagement among family members, defining their roles and setting a clear direction, thereby fostering loyalty, trust, and flexibility within the family business.
The Dubai Centre for Family Businesses, launched under Dubai Chambers in May 2023, is dedicated to ensuring the growth and long-term sustainability of family businesses in Dubai. The centre plays a pivotal role in developing this vital sector and enhancing its economic contribution to support the emirate’s future development plans. Working closely with partners from both public and private sectors, the centre provides support to all family businesses operating in Dubai.
