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Defining What is Most Important for Your Family Business Values

Business ValuesHave you defined what your family business values are? If not, you’re not alone. Not every firm fully understands what its brand stands for every day. Like any organization, values should be clearly defined at the top. Too often, family members fail to learn or care what these attitudes reflect.

When your family business feels split, we know what to do. Learn how Positively People handles bridging the gap between those committed and those uninvested.

Where is the Common Ground?

Even if your business was founded in the Bible Belt, not all family members will share similar beliefs. Before going all-in on a religious aspect, speak with all of your members first. There are age considerations to make and how experienced they are. While everyone deserves to have a voice, not all members directly impact the company.

Family business succession becomes challenging with specific dynamics already in place. Make sure you don’t alienate those that matter most to your brand.

Clearly Defining Your Brand’s Values

It isn’t enough to discover your company’s values but you also need to clearly define them. That way, there is no misunderstanding about your brand’s passions and commitments. You shouldn’t settle for vague statements that don’t offer anything concrete. Instead, stick to about half a dozen explicit values that everyone understands.

As a family business advisory service, we know what works best. Contact us when you struggle with defining your brand’s values.

Create a Shared Values List

Once you agree on a set of specific values, it’s time to cement them. Creating a shared values list helps to define each one clearly. After a few years, most companies should revisit these lists to keep them practical. Rely on us for family business consulting to simplify the process.

Avoid Bogging Down the Details

All it takes is one wordsmithing session to make things complicated. A simple term such as “transparency” or “commitment” becomes unrecognizable with too many hands. Instead of a group brainstorming session, task everyone with determining these values first. Then, ask each member what it means to them, and go from there.

Avoid leaving these core values sounding like an exercise reading from a dictionary. They should feel like they represent something personal to everyone involved.

Unite and Don’t Divide 

Who knew that something as benign as discussing values could become heated? Even when disagreeing, it should come from a place of feeling united, not dismissive. Articulation is critical, both in selecting values and defining them. For some, this is the most challenging aspect of family governance.

Not everyone will see the benefits of a value list, but it serves a purpose. Any stalemates can revisit this list to maintain the right direction.

Even established firms can struggle with this vital component of their business. Choose Positively People to make better decisions for your brand and loved ones. Contact us today for a consultation. Learn more about Positively People services.