5 Things you Need to Know: Family Vision
A few weeks ago in “Family Business: How Do Values Fit In?” I touched on the idea of a “Family Vision”, and I’ve been meaning to get back to it, so here goes.
I’ve decided to make this one of my occasional “5 Things” pieces, much to the chagrin of my wife, who wonders why five is always my go-to number. (It just is, Dear, it just is.)
Values Should Come First
Before you do any work on a family vision, it really makes a lot of sense to do the values work first. The vision is about the future and where you want to go together.
“Oh cool, the future!” you might think, and you may be tempted to jump right in and skip over the values part, but I recommend against it.
The values are about where you are now, and hopefully what all family members agree on about where they are together.
It’s kind of important to know that before you try to figure out where you’re going to go together.
Common Vision Is What You Need
Just as it is important to understand the values that family members have in common, it should go without mentioning that a family vision is supposed to be a “common vision”, for the family, by the family.
But I am mentioning it, because sometimes there is someone in the family who needs to be reminded of this.
A family vision that comes from one person only, and that has been carved in stone by its sole creator, will not be worth the stone tablet it is printed on.
It’s about Discovery and Co-Creation
Once you’ve figured out the values and committed to the concept of the common vision, it really becomes an exercise in discovery and co-creation.
One key is just being curious about where different family members see possibilities, which can open up discussions that you hadn’t thought of before.
Discovering areas where younger family members have passions and finding ways to create a vision together can be very powerful.
If you’ve built a particular business that may or may not excite the younger family members, wouldn’t it make sense to at least hear their ideas and try to find ways for everyone to have a stake in the family’s share assets?
4. You Can’t Rush This Stuff
One of the bigger misconceptions about any of this values and vision work for families is how long it takes to actually do it in a thoughtful way.
It may sound tempting to try to schedule a few hours or even a day to do all of this. Yes, you could do it that quickly and you could conceivably get some value out of such an exercise.
Ideally, and for best results, this kind of work is NOT done quickly, or in one shot. My preference is to do the values work in two separate sessions first, before even getting to the vision.
Also, the larger the family group, the longer you should expect it to take.
Remember, “If you want to go fast, go alone, if you want to go far, go together”, as I wrote last year (Going Far? Go Together).
5. It Doesn’t Happen by Itself
One of my favourite expressions is “these things don’t just happen by themselves”, and that’s certainly the case here too.
There can actually be quite a bit of work involved just in getting a family together, and then to get them all to understand the importance of the task at hand.
Depending on their ages and their previous involvement in important family discussions, it may take some convincing for them to actually believe that their input will be welcomed and heard.
The word “intentional” really fits well here. There needs to be an intention to do the work that needs to be done to discover and co-create a family vision.
Make the Investment
In my book SHIFT your Family Business, the letter “I” in SHIFT stands for “Invest”, and it’s all about investing the time necessary to do this important work.
Of course there is a financial investment that goes along with this, but for families with considerable wealth it’s a drop in the proverbial bucket.
The time required is the biggest investment, but those who take the time to get it right will be rewarded by the resulting legacy.