The governance of the family and business are fundamental for creating a legacy while living happily. Family governance documents such as Family Constitution, Family By Laws, are important for creating a good family governance system. They are like the Constitution of any country.

The family members make laws in the form of policies and agreements though streamlined processes defined in their constitution. In short, the family policies are the rules, which all family members need to abide by.

A family constitution is therefore a document, which articulates, the family mission, vision, culture and value systems and the important fundamental principles of togetherness and managing the family firm. Family Constitution, also called as the family protocol, documents the family heritage and the aspirations for success with a sound action plan for how to achieve, within the specified period of time.