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After Justina’s explanation, Henry asked, “Who exactly should be involved in family governance discussions? Just us?”
Before she could respond, Frank, Donald’s second son and the CEO of Frankish, Nigeria’s fastest-growing fast-food chain, jumped in. “I run a company, and we involve key players in big decisions. Shouldn’t a family be tighter?”
Justina replied, “Good point, Frank. Typically, all adult family members should be involved to build trust and commitment. Younger members, like Jane, should be introduced early, so they can grow into their roles.”
Jane, curious, asked, “So, I’ll have a role even though I’m still in school?”
“Yes, Jane,” Justina smiled. “It’s about learning early. Over time, you’ll take on more responsibilities in preserving the family’s legacy.”
Sophia asked, “What are the key components of family governance?”
Justina explained, “First, document your agreed family’s values and goals. Then, clarify roles and responsibilities, set decision-making guidelines, and establish a communication system. Every family needs a structure that works for them.”
Frank nodded, “So, we’re basically creating a system like I run my business. Makes sense.”
Henry asked, “Is all this written down?”
“That’s where a family constitution comes in,” Justina responded. “It’s a guiding document that outlines your family’s values, decision-making process, and roles. It ensures clarity and keeps the family aligned across generations.”
Jane, thoughtful, added, “So, it’s like a family rule book?”
“Exactly,” said Justina. “It’s a living document that evolves as the family grows.”
Donald smiled. “This is what we need to secure our legacy.”
Frank agreed, “If I can run Frankish with structure, we can do the same for our family.”
Sophia nodded, and even Jane smiled, feeling part of something bigger.
As the meeting ended, Donald stood, “Next week, we’ll explore more updates on family governance. Let’s keep building our future together.” The family left united, knowing their journey to secure their legacy had begun.
