Family Business Values: How to Assure a Legacy of Continuity by John L. Ward Ph.D., Craig E. Aronoff Ph.D.

By John L. Ward Ph.D., Craig E. Aronoff Ph.D.

It's so vital that the generations to come back comprehend and proportion within the founder's imaginative and prescient and philosophy. Authors Aronoff and Ward aid leaders detect their very own values after which they supply how you can infuse those values into the cloth in their company for generations to come.

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Former turnaround hero "Chainsaw AI" Dunlap adhered famously to the value of efficiency by laying off thousands of employees at companies he ran. He met his Waterloo at Sunbeam, however, when his cost-cutting hatchet fell too hard. After he was fired by Sunbeam's board amid questions about earnings quality, his successors suggested Dunlap had driven Sunbeam's staff too hard and slashed management ranks too A SAMPLING OF WINNING FAMILY BUSINESS VALUES 43 deeply in pursuit of unrealistic targets.

Chapter 3 A Sampling of Winning Family Business Values M any people assume, amid all the talk about values in political and business circles, that "values" are always something good. We see "value" as a neutral term. It is neither automatically positive nor automatically negative. Audiences are startled by one example we cite of families involved in organized crime. These families are rife with values: Only family can be trusted. Family interests must be protected at all costs-including committing murder if necessary.

Values must be piercingly simple, able to be stated clearly in just one, two, or three words. And they must be resilient. " Authentic values would survive this acid test. FINDING THE ROOT OF SYNERGY In family business, values also must be durable, resilient in changing times. The best values are robust, distinct, and powerful. They encompass as many dimensions of business and family behaviors as possible. In that, they create common ground. " As authentic as this value may be, it lacks the resiliency needed in business.

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