One thing I always have families do near the beginning of our process is identify their values, or principles upon which the company was built. All founders have a clear set of values, although they may not be written down or even articulated. By examining their work ethic, relationships with people, and their passions, patterns and fundamental values will emerge.
I challenge founders to write these values down. Solidify them. The values may be so engrained in the founder that it seems odd to go through such an exercise, but the reality is that unless they are written down they may vanish with succession. These values are what built a quality business and should be preserved.
Dr. Ron Jenson has identified 10 principles that can stimulate families to articulate their values. These 10 principles are the “MAXIMIZERS,” and without fail, they lead to stable family businesses. The next several blog posts will be on these principles.
