Values are a family business’s north star. They guide business decisions, family relationships, and even one’s legacy. Over time, however, values become a decoration. They’re a plaque framed on a wall, but they no longer guide day-to-day decisions and behavior.
“Values are aspirational,” Russ Haworth explains. “Behavior, on the other hand, is the evidence of those aspirations.” In a family business, owners must translate their values into behavior. Instead of focusing on what the family’s current values are, owners should determine what behaviors demonstrate their values.
This article breaks down the steps to rethinking family business values—and translating values into behavior.
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