Values

Values play a significant role in shaping individuals’ behaviour and emotions. They are defined as beliefs that shape socially and personally desirable behaviours, and are central to understanding an individual’s personal and professional ethos, decision-making process, and the behaviour of the organization they are part of. Values are also reflected in virtues which are stable acquired human qualities that enable a person to achieve the good life. Family businesses are influenced by the values of the family controlling the business, often leading to improved governance, performance, and sustainability compared to non-family businesses. Values are often seen as a vital asset in overcoming challenges, assuring long-term survival, and serving as a framework for family members to delineate the strategies and the direction of the business and attracting employees who align with them. These values play a key role in succession transitions, decision-making, and maintaining fairness among stakeholders.