While it is vital to implement clear boundaries for family members that operate a business together, it is just as important for the business to be an integral part of the family its values. Naming each member involved in your business is the easy part. Explaining how they should all interact with each other, and what they should stand for is much harder. Should a family be governed like a nation with a constitution, or a company with its core values, principles and charter? To be successful, the latter is best.
Our family has its own mission statement and a set of core values just like our company does. We regularly revisit these values, discuss them at family meetings, and then refine them. We all agree to abide by them. We have found them to be an indispensable checklist. They bind us together even at times when we were fraying at the seams. They have kept us close knit and made our working life far more straightforward.
Additionally, establishing these business values based on your family values will help you navigate trying and uncertain times. THP went through one such time. After expanding at a rapid clip for more than a decade, the demands of such growth started to nip at the edges of family solidarity.
However, through training and family coaching, we learned how important our relationships with one another truly were. We learned how to appreciate each other, celebrate our strengths, and be empathetic to each other’s weaknesses. It’s critical that our family businesses showcase the very best of our families – the unique strengths and values that you hold dear must be a vital part of how and why you do business.
As a family we believe in living life to the fullest by building bold and memorable achievements that are respected by both our family and society. It’s our mission as a family to share a culture of leadership, integrity, commitment, and talent. Only then can we build a global business that creates wealth, enhances our family’s reputation, and makes a positive impact on society.
These priorities along with our own set of core values influence and drive how we operate THP. What we value as a family is the reason why THP is as successful as it is. Leverage your family’s strengths and values as a key ingredient to your business. Doing so will give everyone a greater sense of purpose and direction. To learn more about our family business, grab a copy of Competing with Giants today!