Two defining, and distinguishing, characteristics of a family business are stewardship and heritage.
Family business owners and managers are generally driven by a sense of responsibility for the stewardship of the business. They seek to manage not only the assets and performance of the business, but also the family’s most important heritage—the values that are passed on from generation to generation. Values that underpin the sustainability of the family business, and its culture.
It is clear that culture and behaviour are the driving forces behind value creation—or its loss—in family businesses. But how do you bring family values and core business values in line with each other? How do you harness the best of your family’s values while minimising the risks inherent in family dynamics?
In this thought-provoking publication prepared by PwC Netherlands, we discuss the unique and powerful connection between values, behaviour and value creation—and offer several best practices that family businesses could embed to create sustainable advantage.