One way to successfully manage conflict in a family business is to have a family-business constitution. When well drawn-up, such a document can even prevent conflict occurring in the first place.
A family-business constitution - sometimes known as a family charter - is partly a statement of general principles. It outlines your business' core values and vision, and your family's commitment to them.
Importantly, it is also a practical guide for running the business and a framework you can use to deal with family business issues that have the potential to cause disputes.
The process of drawing up a family constitution should be collaborative, involving everybody with a stake in the business. The document should be regularly reviewed.
A typical family-business constitution might include the following sections: