Learn the importance of having a family mission for the business. In this video, Eric Flamholtz shares how to define what your family business will do for your family.
- Your family business mission…is its purpose for the family.…It defines the use of the business for the family.…Let's talk about how we can develop…a family business mission.…To start, you have to ask how do we want to use…and operate the business for the family?…And let me just warn you,…different members of the family…will have very different ideas…about how to use and operate the business for your family.…Some family members want the business…to be a cash cow for the family,…while others want it to be independent of the family.…
Before defining what the business purpose…of the business is for you family,…I recommend you start with a survey.…I call it the Family Business Planning Survey.…All of the members of the family…who are part of the business should complete the survey.…The survey asks, in your own words,…define what is the purpose of our business for our family?…The answers to this question should be written…in a planning survey summary.…Then distribute it to all family members…and discuss it during a family planning meeting.…
- Recognize the two kinds of family business issues.
- Define values in terms of a family business.
- Identify the six key areas of family dynamics.
- Summarize how to manage a business when the business leader and the family leader is not the same person.
- Recall the steps for creating values for a family business.
- Examine the importance of family business plan objectives.