A family plan is a structured arrangement put down in writing
designed to manage and allocate assets and benefits within a
family, often spanning multiple generations, and to define the
principal purposes and objectives of the business, its ethical
approach and options in certain contexts which may arise in the
future. The purpose of such a written document is to ensure that
the founding members, known as the Founders, and their descendants
benefit from the assets and income generated by the family's
investment. This article explores the typical contents and
operational mechanisms included in a family plan, highlighting its
core principles and benefits.
The primary intent behind establishing a family plan is to
benefit the Founders during their lifetime and subsequently their
descendants. Different family strands and generational classes may
be recognized, with the Founders forming the First Class, their
children the Second Class, and their grandchildren the Third
