3 Must Have Values That Drive Family Business Success
Want to take your family business to the next level?
In this episode, Adam Hill dives into the heart of what really drives long-term success – love, legacy and lifestyle. Beyond profits and numbers, he shares why making decisions from a place of care, creating a sustainable future for generations to come, and crafting the life you want are equally important.
Walk away with tangible tips like using a “love vs fear” framework, developing a statement to enrich relationships, and periodically checking on non-financial progress. Discover a fresh perspective that may unlock the next stage of growth for your business and family. Listen now to learn how focusing on these core human values can fuel your legacy for years to come.
Here are some power takeaways from today’s conversation:
- How family business can shift perspectives from passion to practicality
- Making decisions from a place of love over fear
- The business as a sum of daily decisions
- How to make decisions out of love
- A legacy is not self-serving, but selfless
Episode Highlights:
[04:09] Some family businesses shift from passion to practicality over the years
Later generations in a family business may lose sight of the founders’ goals of building love, legacy and lifestyle. Instead, they only see the business as a means of security or wealth for themselves.
[05:13] Before you join the family business, examine your motives through the lens of love, legacy and lifestyle
Carefully evaluate your reasons through a framework of prioritizing love for others, building a sustainable legacy, and creating an enriching lifestyle rather than just personal gain or security.
[08:22] A business is the sum of its daily decisions
A business is fundamentally a series of daily decisions that collectively steer its overall direction over time.
[09:45] How to make decisions out of love
Look at the greater good. Remove negative emotions from the process. Act with care and compassion. Consider how the choice can connect with and spread love within the organization.
[12:16] A legacy is not self-serving, but selfless
A legacy should be focused not on yourself but on empowering future generations to survive and prosper over the long run.
[13:01] Let go and let your kids make it their own.
Loosen your grip on legacy ideas and realize that kids will make the family business their own as times change, not just copying what was done.
Resources Mentioned:
Entrepreneurial Operating System (EOS)
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