Mission statements are becoming an increasing priority among wealthy families. These statements articulate the family’s purpose and values—and, at their best, will guide future generations forward. But many families miss a key step in the mission statement crafting: determining what their family business means economically.
A family business’s financial policies and business strategy influence the family’s values—and are influenced by said values. For this reason, each family must clarify the economic meaning of the business.
CFA Travis W. Harms believes there are four economic meanings a family business can embody. Determine which economic meaning best represents your business in “When Family Mission Meets Family Business.”
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