One family’s long-term control of a public company may have certain advantages such as stabilization of the governance of the public company, continued accumulation of social capital, long-term considerations in strategic decisions, and promotion of good corporate governance. These advantages, however, are subject to a sound family governance of that controlling family, and good corporate governance and other aforementioned advantages can be ensured via such family governance. Hence, family governance is a critical foundation of the legitimacy of one family’s long-term control of public companies. Family governance is operated through an organization platform and guided by a family constitution. The organization platform of family governance may be family holding companies, family committees, or any combination of the aforementioned entities. Using family holding companies as an example, this paper introduces the concept of family governance, the operation of family constitutions, and benefits that these practices may have upon the controlling family and outside investors of a public company, including the concentrated use of family resources, the check and balance of corporate powers, the enlargement of the pool where successors may be selected, the protection of outside investors of such family-controlled public company, and how the controlling family may jointly operate the public company with professional managers. A properly formulated family constitution should include the following provisions: core values of the family business; definitions of family members; transfer of equity stakes in the family business; the election process of directors; powers and duties of the board of directors; dispute resolution mechanism among family members; requirements relating to a family member’s qualifications to serve in the family business and the review process; code of ethical conducts of leaders and future leaders of the family business; the relationship between the family and the listed / private companies controlled by the family; support of a good corporate governance; and the timing and procedures of amending the family constitution.