The single and important difference I have discovered with family enterprises that have successfully navigated through multiple generations is a magic glue. What is that special ingredient to maintain discipline and focus for a family enterprise?

COMMON VALUES.

‎Surprised? This magic glue is not a killer product, industry leader or proprietary product. These are the tools to facilitate an enterprise’s success. So how do these families determine their common values and more importantly, communicate them and live them?

Time and communication and flexibility. A family’s values are what makes a family special. A few examples, demonstrating hard work, acting with integrity, treating employees fairly, making a difference in the community. Using trite and generic terms does not clearly set out values. Answer the question why rather than how to determine the deeper intent of the key family values.

The process of and communication around determining the family’s values is equally important to identifying the values themselves. ‎ Allowing the family members to share their thoughts about values in an open and constructive way will facilitate te buyin to the values themselves.

Write them down. The best way to share the values, once identified, is to write them down. By writing them down, they are more easily and clearly shared with following generations and to enable the family occasionally to reflect on these values ‎. The values often can provide a sound foundation during times of crisis.

‎I hope this helps you to commence identifying your family’s values.

Learn, think, apply!