Monthly Archives: November 2019

11/23/19

Understanding Values, Vision and Mission In Family Business

Many businesses write their vision and mission statement so they read similarly, just with different words. This shows a lack of understanding of these two important guiding business principles. They may also be missing a clear statement of their values; the bedrock upon which a sustainable business is built. Once clearly articulated a vision and mission statement can be crafted

It’s important to make distinction between a vision and a mission. I hold that values are what’s fundamentally important — to an individual, a family, and as an extension, to their business. A vision is what the family aspires to build. Mission is a statement of how the family and the business will impact and share with the larger community. Together they clarify intention and facilitate trust within the family, leading to profitability and success across generations.

Remember Joan of Arc’s famous battle cry: “free France” (libérer la France). She states her mission as an action. The action is the fulfillment of her vision, “a free France.” Her driving value: freedom. Built on these, her strategy was to enroll the farmers. Her tactic, to cut the British supply lines. She succeeded because her mission was larger than herself.

One way to understand the larger purpose of your business’ mission is to ask yourself whether you would share it with your stakeholders (i.e. employees, client, customers, the public, etc.)

As an illustration: A bodega owner selling foods from his home country within his New York community stated his mission was to open two more stores. Asked if he would put that on the wall behind the check-out register, he demurred. He realized that more stores in and of themselves would not add value to his customers’ lives.

After considering the distinction he recognized that his mission, larger-than-himself, was to provide his New York community with the foods they remembered and enjoyed in their home country. In making the distinction he was enrolling his customers in his mission.

11/2/19

Generosity And Connection

Sitting down to write today’s blog piece I was thinking about several concepts related to family business. Among these, the difficulty of choosing the right successor, the significance of shared family values, the importance of stewardship (the passing on of family assets—wealth, reputation, emotional well-being, spirituality—in better condition than when you received them.)

As I do at times, I turned to others for ideas. In this case I found what I was looking for in a blog by Seth Godin.

Godin’s article Bread and Book, is not intended to be a comment on family businesses. But it’s one of the best—and more tragic—stories I’ve seen of succession, family values and stewardship https://seths.blog/2019/10/bread-and-books/. It’s a story of world-famous baker Lionel Poilâne and how Godin and Poilâne met and became friends.

Describing what he learned from his time with Poilâne, Godin wrote: “Ideas, bread and books are all the same–they’re better when they’re shared. The posture of generosity and connection replaces a mindset of scarcity, and Lionel modeled this philosophy every day.” From his friendship with Poilâne Godin learned about the magical intersection between generosity and idiosyncrasy.

Tragically, Lionel Poilâne and his wife were killed in a helicopter crash, leaving behind two teenage daughters. It’s here that the story enters the realm of family business.

The elder daughter, Apollonia, immediately stepped up and took over the running of the bakery. She’s made a success of it, with no diminution of quality. And she’s recently published a book.

In Poilâne: The Secrets of the World-Famous Bread Bakery, Apollonia relates her family’s story. It begins with her grandfather and now flows to the fourth generation. She writes: “The seeds of this book were planted by my father and mother in my sister and me. They are seeds of passion, determination, and love for our craft. My sister, Athena, helped me germinate those seeds, and with the birth of her son, we now have another generation with whom to share our family story.”

Family values, succession, stewardship. It’s all there for the learning,