CHAPTER 4

Family Governance

Mission/Vision

A vitally important aspect of family business uniqueness yet one that is often overlooked is the creation of a mission statement. For many businesses, the mission is often profit maximization or market dominance. Family-owned businesses often have a mission or purpose that is different than other companies. For many families the goal is to build their wealth in the first and second generations of family leadership. Many firms change their goals to one of stewardship that passes it on to future generations, protecting their social standing in the community and protecting their family legacy.

To enable the future success of the firm, a mission statement is vital to show all stakeholders what the purpose ...

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