Understanding a family’s base of values, clarifying a family’s mission, and articulating a clear vision are perhaps the major differentiators among the families whose family offices exist longer than the tenure of one generation of owners. This chapter introduces the concept of values and how a family’s identity is closely linked to its shared values. Values have been described as “cultural currency” that help underpin relationships and meaning among family members. Values conversations are increasingly becoming more common in the commercial family office space. The chapter discusses how values inform and influence a family’s mission and influence their vision for both the family and its family office. It explores the concept of vision through a process of engaging family in the visioning retreat. Finally, the chapter also discusses the role and purpose of a family office and the process to craft a family mission statement.
Link to article: Family Values, Mission, and Vision and the Family Office
