The Family Constitution
- Nijo Antony
- Sep 22
- 2 min read
Updated: Oct 18
The Family Constitution - Keeping Farms, Businesses and Values Together
We spend our lives building wealth. But the real legacy lies in what happens next, when we're no longer here to guide the family forward.
A Family Constitution is a strategic governance tool that can preserve not just wealth, but values, relationships, and decision-making structures across generations.
What Is a Family Constitution?
Unlike a legal document, such as a Will or Trust, a Constitution is a private family agreement. It outlines:
The family's vision, values, and legacy
Rules for participating in the business or farm
Dispute resolution pathways
Education and succession pathways for the next generation
It sits alongside legal structures, providing clarity and a unified voice, particularly useful when there are multiple children, second marriages, or blended family dynamics.
Case Study: The Carmichael Cattle Co
With five adult children spread across Australia, the Carmichaels had a $25M farming enterprise. Succession was uncertain. With guidance, they developed a Family Constitution outlining:
Governance via a Family Council
Entry and exit rules for children in the business
Rules around distributions, in-laws, and asset ownership
A 10-year legacy plan with philanthropic goals
The result? Clear succession, minimal disputes, and a shared vision for the legacy.
What You Can Do
Host a Family Legacy Day: Bring generations together to start the conversation.
Create a draft Constitution with values, roles, and expectations.
Align with structures like Testamentary Trusts, SMSF Wills, and Appointor protocols.
Checklist
Do your children understand your family's vision for future wealth?
Is there a written agreement about how the farm or business will be run?
Have you documented your wishes beyond your Will?
The goal is not just asset transfer; it's continuity of purpose and legacy.
If you would like assistance in developing a comprehensive succession plan tailored to the family's needs, please get in touch.
Nijo Antony
Director
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