Why Does Your Family Business Exist?

I recently asked a family member working in their Family Business, 

              “Why does your Family Business exist?”

The response was a long period of silence, followed by, “I never really thought about it, it was always just here!”

If you were to stand at the door of you Business and ask each Family member (and Non-Family employee) that goes in and out of the Business, how will they answer that question?

Why is this question so important?

As a Business Family – Why does your Family Business exist?

In a Business Family, the measuring stick or metric of success must be determined and considered by all in the Family and in the Business, in order to understand underlying motivations and decision-making. Increasing satisfaction in attaining the results of the metrics will increase morale, commitment, and overall satisfaction in the business and in the family.

Why are we in Business together?

                                    A Checklist

            1. Our goal is to just pay our bills.

            2. Our goal is to provide employment for all family members that need a job.

            3. Our goal is to harvest the business and cash out.

            4. Our goal is to build a family legacy that has an Entrepreneurial mindset.

            5. Our goal is to build a family legacy and pass the business to the next generation.

            6. All in our family have identified & connected with the goals&  objectives of the family.

            7. All in our family have identified & connected with the goals & objectives of the business.

            8. All in our family have internalized the vision of our family.

            9. All in our family have internalized the mission of our family.

            10. All in our family have internalized the values of our family.