Why you need a generational vision statement for your family business.
How to write a generational vision statement for your family business.
The guiding light for the generations who come after you.
Every family business inherits more than assets, it inherits decisions. A generational vision statement is how you make sure those decisions are guided, not left to chance.
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What Is a Generational Vision Statement?
First, let’s explain what a generational vision statement is. It is a goal statement from you that will be a powerful tool for the next generation to read. This statement is used to guide your family and help them make decisions that could affect multiple generations. See it as your family’s guiding light: “Does the decision we are about to make get us closer to our vision statement or further away from it?” The generational vision could be used both within the family and in the family business.
Why do they work?
As with any great business, a vision is set to inspire and unite employees, encouraging them to believe in and champion the cause. Why set this for your family business? Because having words from an ancestor that you and other family members can read is a very powerful and emotional tool.
Could you imagine if your great-grandfather had left you a document or text to read? How powerful would this document feel? Could it evoke a sense of duty? Could it evoke a sense of purpose? Whilst some may argue that ‘times have changed’ or ‘technology has advanced so much that the lessons from the past don’t apply’, I believe that, fundamentally, the basis of life’s rules, lessons, or guidance doesn’t change. We can all learn from past events. For example, my grandfather’s favourite saying was:
“Life lives on a story once told.”
How true this is. Technology may change around us, and lives may seem different, but people are still human. Humans still behave in certain ways and will continue to do so for many generations, no matter which generation you are in. A philanthropic person will still be philanthropic, whether they were born in the Victorian era or in 2025. A greedy person will still be greedy. I was very fortunate to be close to my grandparents, and I still remember quite a few of their sayings. If you have remembered and, better still, used these sayings, treat them as golden nuggets that could be used in your statement and/or family succession plan.
The Power of Words Across Generations
Our predecessors can have such a positive impact on us. Imagine you had a comprehensive plan, written by your ancestors, to guide you. What feelings would that evoke during tough times in your life? Or even during times of greatness, when you feel on top?
Now let your imagination go one step further. Imagine your great-grandchildren reading your plan. Documented rules, guidance and life lessons you have learnt. They have read it and are implementing what you have taught them. Your written word is helping them to thrive in life and keep your family business alive. How does that make you feel? Rewarded? Humble? Satisfying?
The First Step
Ultimately, this is your plan; therefore, it’s your statement, and you can include anything you want. However, there are some key points that must be addressed to ensure it resonates with the next generation.
- Clarity – As you may not be around to explain it, the reader must understand, without doubt, what your intent is.
2. Empathy – Demonstrating your understanding of their moment in life is crucial. Without empathy, your statement won’t sound genuine and will fall into the category of ‘times have changed’.
3. Reasoning – Combining reasoning into your statement should aim to provide an emotive drive for your successor(s).
Vision Examples
An example could be:
“We are committed to building a legacy grounded in shared values, mutual respect, and dedication to both family and business success. Our goal is to create a thriving family business that balances financial wealth with personal well-being, where every generation feels empowered, supported, and responsible for shaping the future.”
Another example:
“Our vision is to build a family business that provides opportunity, security and purpose for generations to come. We want future family members to benefit from what has been built, while also understanding the responsibility that comes with it. Each generation should be encouraged to bring its own ideas, skills and ambition to the business, while respecting the lessons, values and sacrifices of those who came before.”
Take Your Time — It Needs to Sound Like You
The initial vision will take time to get right. You might experiment with the wording to achieve the desired flow and structure, so your message lands effectively. Don’t rush this process, and enjoy creating something meaningful. Keep in mind that a polished, corporate-sounding statement may also have the wrong effect. It needs to sound like your family. A great vision will be clear today and meaningful tomorrow.
Ready to Start Writing Your Vision?
If you know your family business needs a generational vision statement but aren’t sure where to begin or how to put it into words that will still resonate decades from now — you don’t have to figure it out alone. Book your free call today and let’s talk through where to start.
Mark Bailey is a Family Business Consultant helping SMEs improve communication, profitability, succession planning and growth strategy. For more family business and small business sales support find and follow Mark Bailey on Linkedin.
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