Vision is the owners' collective view of the future of the core capital and the business. It is the answer to the question: Now that we can articulate our shared purpose, what is our destination? What future do we see as a result of committing to our shared purpose?
A clear and well-articulated vision animates the shared purpose and creates a sense of mission: the owners can see the future and focus their efforts on creating plans to achieve it. And while the shared purpose belongs to the owners as a group, the vision becomes the vision for the entire business and the core capital: it is the animating driver of the business. The owners' vision frames the board's discussion of strategy. It creates the direction and boundaries for management's deployment of resources. It gives family members an understanding of the purpose and direction of the business. That is why it is important for owners to take the time to articulate their shared purpose and vision. As the owners of the business and the core capital, they are responsible for setting the ultimate, highest level goals for the business. And if they ignore that responsibility or delegate it other groups, then they risk having the business run away with their capital in directions that don't further their shared purpose.