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Ten Of The Most Important Values For Family Businesses Globally

Updated: Aug 13

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Family businesses often emphasise values that align with both their business and familial legacy. Here are 10 values frequently cited by family businesses as being important to them and details of how these values can be embedded into the culture and purpose of a family business:


1. Integrity

Family businesses often build their reputation on a foundation of honesty and ethical practices. This value is embedded into the business culture by ensuring that all transactions, whether with employees, customers, or suppliers, are conducted transparently. It may also be reflected in strict adherence to laws, fairness in decision-making, and consistency in actions over generations. Integrity helps foster trust and loyalty, which are essential for long-term sustainability.


2. Trust

Trust is fundamental in a family business, both within the family and externally. Internally, trust ensures that family members can work collaboratively and respect each other’s roles. Externally, it manifests in dependable service, honouring commitments, and building long-term relationships with customers and suppliers. A culture of trust is often reinforced through open communication, reliability, and a focus on delivering consistent quality over time.


3. Responsibility

Family businesses often see themselves as stewards for the next generation and prioritise responsible decision-making. This includes financial prudence, ethical leadership, and environmental sustainability. Responsibility is embedded in the culture through careful planning for succession, supporting employees' welfare, and investing in practices that positively impact society and the planet.


4. Hard Work

Hard work is a value ingrained in family businesses, often originating from the founder’s vision and effort. This ethos sets the tone for a dedicated workforce and inspires employees to strive for excellence. It becomes a cultural cornerstone by celebrating achievements, encouraging perseverance, and fostering an environment where everyone is motivated to contribute their best.


5. Customer Focus

Family businesses often pride themselves on delivering exceptional customer service, viewing customers as long-term partners rather than one-time transactions. This value is embedded in the culture through personalised service, attentiveness to feedback, and a commitment to understanding customers' unique needs. A focus on quality and care over mass production is another hallmark.


6. Respect

Respect is central to fostering harmony in both family and business interactions. It is embedded into the culture by encouraging open dialogue, recognising individual contributions, and valuing diverse perspectives. For employees, this might mean fair treatment, recognition programmes, and inclusion in decision-making processes. For customers and partners, it means honouring commitments and fostering mutual respect.


7. Loyalty

Family businesses often value loyalty, both within the family and across their relationships with employees and customers. Internally, loyalty is cultivated by prioritising family cohesion and supporting each other through challenges. Externally, it is reflected in long-standing relationships with suppliers, treating employees as part of the extended family, and offering consistent products and services to customers.


8. Innovation

While many family businesses are rooted in tradition, they often embrace innovation to remain competitive and relevant. This value is embedded in the culture by fostering a mindset of continuous improvement, investing in research and development, and encouraging the younger generation to bring fresh ideas to the table. Balancing tradition with adaptability ensures long-term success.


9. Community Involvement

Family businesses frequently see themselves as integral parts of their local communities and prioritise giving back. This value is embedded through sponsorships, charitable donations, and actively participating in community-building activities. A sense of responsibility to uplift the community often drives decisions, creating a culture of empathy and social impact.


10. Legacy

A deep sense of legacy drives many family businesses, focusing on preserving the company for future generations. This value is embedded in the culture through a long-term perspective, careful succession planning, and maintaining the founder’s vision and values. Family businesses often align their purpose with ensuring continuity and making decisions that will benefit not just the current stakeholders but also future ones.


Together, these values form the core of the business’s identity and guide its decisions, fostering resilience, sustainability, and a sense of purpose.


Embedding values like integrity, trust, responsibility, and legacy into a family business offers numerous benefits that contribute to its long-term success and resilience. These values create a strong sense of purpose and identity, which helps guide decision-making, especially during challenging times. They also foster loyalty among employees, customers, and partners by building trust and cultivating lasting relationships.


A clear value system enhances the company’s reputation, making it more attractive to customers who appreciate ethical and community-focused businesses. Furthermore, these values support smoother generational transitions by ensuring alignment between the family’s vision and the business’s goals.
Ultimately, embedding such values provides a competitive edge, strengthens the culture, and positions the family business for sustainable growth and legacy-building.

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Family Business United (‘FBU’) is an unparalleled rallying point and voice for the global family business community and an invaluable source of insight into the sector.  FBU is a resource for all, family businesses of all sizes and sectors, and their advisers, helping to raise the profile of the family business sector and to encourage greater awareness of the contribution that family firms make to the global economy through employment, income generation, wealth creation and charitable endeavours.

At FBU, everything we do is about the family business, creating the best resource available to help families in business get access to the resources and support they need to continue their family business journey, wherever it will take them.

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