Family values matter– here’s why
Your values, your legacy
Who do you think you are?
Don’t leave such queries to the philosophers alone– your enterprise’s answer to this question is critical to your personal and professional success.
A united, shared identity and mission is built on the back of your family’s values. In good times and bad, your values will be the lifeblood of your legacy.
What are family values?
You’ve heard about the ties that bind? Well, consider your family values the chains that link one generation to the next.
Family values are a set of core beliefs, principles, standards, or ethics. Family values mirror what your family represents and prioritizes and are passed down from generation to generation.
A clear, defined, and agreed-upon set of family values provides the infrastructure for the why and the how of your business. This framework will act as a guide for making decisions, navigating a long-term vision, and building and fostering relationships.
Knowing who you are is paramount to deciding where you plan to go. Your family values pave the path toward your success.
What purpose do family values serve?
There’s a reason people use adjectives like “cold,” “heartless,” and “greedy” when discussing large corporations.
In fact, a 2022 study by Pew Research showed a majority of Americans express negative views of large corporations. In the same study, 80% of adults surveyed say small businesses have a positive effect on the direction of the country.
When it comes to multigenerational family businesses, family values are at the heart of that success.
Value vs. values
More and more, large corporations are coming under fire for prioritizing the monetary value of the company over ethical and moral values. These companies value profits over people.
In direct contrast to this are the family-owned businesses that are respected and praised for commitment to their long-held values.
Family values create culture
The most successful family-owned businesses practice what they preach. When implemented and aligned, family values become a way of life.
By being transparent and open with the public about the family values that guide their enterprise, family businesses build trust with their communities.
Values communicate what a family prioritizes. A clear list of values helps customers and the community know the quality, service, and respect they can anticipate from your organization.
How do I identify my family values?
The best family values represent all members of the family business. As you work to identify your own values, it’s important to take a collaborative approach by giving all voices a chance to be heard.
As you work together to discover, define, and respectfully discuss differences of opinions, your team will build stronger bonds and strengthen communication skills. When family values are created with respect, businesses thrive.
Where do I start?
When you’re ready to identify your family values, begin by holding a family meeting and involve all key players. Outline your expectations for the team and ask questions like:
What does our family stand for?
What words best describe our family?
What motivates our choices as a family?
Oftentimes, looking at the present is best done through the lens of the past. Consider these additional questions:
What values have been passed down in your family?
What lessons and morals have stuck with you through the years?
What are you striving to instill in the next generation of leaders?
Clear communication is critical
A word of caution: Don’t assume that values discussed in the abstract are understood across your entire enterprise. Be so clear your team cannot misunderstand.
Signal amplification bias
One of the most common pitfalls of communication in any relationship is what psychologists call “signal amplification bias.”
This occurs when we think we are communicating much clearer than we actually are. In short, it means we often fail to recognize how little we are actually communicating. See also: being in a family.
If you find yourself using any of the following, it’s time to confirm how your message is being received.
“She knew what I meant.”
“Well, that should have been obvious.”
“I shouldn’t have to tell you what I mean.”
“That goes without saying!”
When it comes to something as important as your family’s values, clear and open communication is the key.
What if we disagree?
It’s bound to happen sometime.
Conflict itself isn’t a bad thing. It’s how you conflict that could be problematic. Conflict is a great catalyst for better communication and mutual understanding.
Sometimes the hard discussions are too big to handle on your own and bringing in a neutral third party like a business coach can help streamline communication and take your enterprise where it’s destined to go.
Contact us today for a free assessment.
