In our series on Family Legacy Planning, The Blum Firm has been sharing ideas to discuss at family meetings. We recommend starting with visionary topics dealing with a family’s history, shared values, and the kind of family you want to be in years to come. The agenda then shifts to informational topics such as estate planning, business succession, and philanthropy. As learning comes together on both visionary and informational topics, the family has an enhanced understanding of who it is. Such a family is now prepared to tackle the next step: adopting a family mission statement.
The mission statement anchors a family. It sets out principles that are at the core of who the family is and what is important to it. The mission statement can go by different labels, but the purpose is the same. Whether it’s called a Family Values Statement, a Family Vision Statement, the Family’s Guiding Principles, or the Family’s Purpose, it guides the family on all major decisions. The mission should become part of the estate planning documents, guiding trustees when they exercise discretion or interpret the language of documents. All decisions should be consistent with the family’s mission statement.
The process of creating a mission statement is a unifying activity. All family members should offer input, as they will then feel a connection to it, achieving critical buy-in. A facilitator can aid the family in reaching consensus on a statement that reflects the essence of a family. The statement should be reviewed each year at an annual family meeting, and if necessary, may be periodically modified.
A mission statement can be short or long. There are no rights or wrongs. Here’s an example of one family’s mission statement: “We believe clear, constructive communication is at the core of our long-term success as a family. We encourage all efforts to further harmony, develop humor and perspective on life, and balance long-term concerns while enjoying the present; and to enhance communicative, caring and amicable relationships among family members.”
This is a family who understands that open communication is at the heart of family success. For five more examples of family mission statements, click here.
Be on the lookout for next week’s email where I’ll share the Blum family mission with you.
Marvin E. Blum