Business of the family

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Business of the family

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When we look at the structure of what I call the business of the family, there are some very specific things that families do. First of all, they create a vision. What do we want our family to be? What do we want our family to look like? And so when you say to family members, "What do we want our family to look like?" you're going to get some values. We want to be connected. We want to be loving. We want to be supportive of each other. We want to care about the world. So you really create a family mission vision statement, which is written. And within that mission vision statement, if they say we want to be a loving family, for example, then the next step is what are we going to do? What are the behaviors that we would do if we were a loving family?And you write down those behaviors, so that what you can do is once a year at a family meeting, say, "Let's check. Did we do what we said we wanted to do, be loving, to care about the world, to be kind, to be honest, to be ethical?" Those are all words that have behavior. So when they have family meetings, part of what the do is always defining are we doing what we said we wanted to do to be the kind of family that we want to be?

See Lee Hausner, PhD's video on Business of the family...

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Lee Hausner, PhD

Clinical Psychologist & Author

Dr. Lee Hausner is an internationally recognized clinical psychologist, business consultant and family wealth advisor. She served as the senior psychologist for the Beverly Hills Unified School District for 19 years. She is currently the Senior Managing Director for First Foundation Advisors. An acknowledged expert on psychological issues involving wealth and wealth transfer, she was a presenter at the World Economic Forum in Davos-Klosters, Switzerland, and is a frequent participant at the high wealth/private client conferences for major financial institutions. She is a frequent guest on national radio and television and a quoted expert in national publications such as The Wall Street Journal, Times, Forbes, Fortune, Privilege, Town and Country and Worth Magazine.

Dr. Hausner is the co-author with Doug Freeman of A Founder's Guide to the Family Foundation, published by the Council on Foundations and is the author of the seminal work regarding wealth and the family; Children of Paradise: Successful Parenting for Prosperous Families. In addition, Dr. Hausner incorporated her unique six-step transition model for succession in family business in the critically acclaimed family business resource book Hats Off to You 2: Balancing Roles and Creating Success in Family Business, of which she was a co-author.

Dr. Hausner is a graduate of Northwestern University (BA, Psychology), San Francisco State University (MA, Psychology), and Kensington University (PhD, Psychology).

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Transcription: 
When we look at the structure of what I call the business of the family, there are some very specific things that families do. First of all, they create a vision. What do we want our family to be? What do we want our family to look like? And so when you say to family members, "What do we want our family to look like?" you're going to get some values. We want to be connected. We want to be loving. We want to be supportive of each other. We want to care about the world. So you really create a family mission vision statement, which is written. And within that mission vision statement, if they say we want to be a loving family, for example, then the next step is what are we going to do? What are the behaviors that we would do if we were a loving family?And you write down those behaviors, so that what you can do is once a year at a family meeting, say, "Let's check. Did we do what we said we wanted to do, be loving, to care about the world, to be kind, to be honest, to be ethical?" Those are all words that have behavior. So when they have family meetings, part of what the do is always defining are we doing what we said we wanted to do to be the kind of family that we want to be?