By John L. Ward Ph.D., Craig E. Aronoff Ph.D.
It's so very important that the generations to come back comprehend and proportion within the founder's imaginative and prescient and philosophy. Authors Aronoff and Ward support leaders detect their very own values after which they supply how you can infuse those values into the material in their company for generations to come.
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Additional resources for Family Business Values: How to Assure a Legacy of Continuity and Success
This central principle of stewardship explains more about the success of family business than any other single value. Business 40 FAMILY BUSINESS VALUES leaders who see themselves as proprietors will at some point, when they have all they need or want, have no reason to continue growing the business, taking risk, and looking for opportunities. In contrast, business leaders who value stewardship are truly committed to the perpetual growth of the business. They are motivated to continue to take risks, look for opportunities, and work extra hard, and they continually find meaning in doing so.
Meritocracy 2. Adding value 11. Openness 3. Collective good 12. Practical realism 4. Valuing input and interaction (give and take) 13. Risk taking 5. Education and development 15. Servant leadership 6. Ethical conduct 16. Social purpose 7. Focus on values and values education 17. Entrepreneurial spirit B. Fun 19. Trust 9. Justice 20. Valuing stakeholders 14. Self-reliance lB. Stewardship A SAMPLING OF WINNING FAMILY BUSINESS VALUES 31 ACCOUNTABILITY 1. Successful business families know members must be accountable for their actions to shareholders, employees, and other stakeholders in the business.
And it serves as a compass for executives seeking to empower employees and create a human, balanced leadership style. The degree to which a family business succeeds under multiple owners is often equal to the degree to which siblings or cousins embrace the principle of servant leadership. 16. SOCIAL PURPOSE A family business that sees itself as working to improve society can reap several practical benefits. The goodwill it earns can draw support from customers, employees, and lawmakers. One business family in Central America has been able to survive and FAMILY BUSINESS VALUES 38 prosper through all kinds of governmental turbulence.