Crafting Your Family Mission Statement: Lessons from the World's Best Brands

Since the early 1900s, wealthy families have borrowed from corporate America to draft mission statements or similar declarations to define their shared values and legacy. And much like the corporate world, not everyone agrees on the term “mission statement.” Many families and advisors prefer words like purpose and vision. Whatever format the mission statement takes, it is a framework for collective decision-making and a path toward smoother generational transitions and greater financial success in the long run. It takes complete family buy-in. And like brands, a family mission statement should be a culmination of experiences and beliefs.