When owner’s do not share their core values, it can have negative consequences. Let’s take a look at our case story, in which the ownership group has different values.

NICOLE

So now that you’ve got to know the company better, how are your thoughts developing about what it means to be a family owner?

TIM

Well I do like the idea of family values in a family business, with the owners committed to building something we can be proud of.

BUT I find it hard to argue against STEPMOM’s idea that we should keep emotions out of ownership. Isn’t the whole point of being in business to make profits, pure and simple?

STEPMOM

Of course we should separate emotions from ownership. It’s what the best investors do. Otherwise, emotions can cloud our judgement and lead us astray.

Take my late husband… he did everything for this company. He cared about it, he sacrificed himself for it. He loved it…

…more than he loved me.

That’s not going to happen to me. I am not going to give up my life for this company. It’s up to the company to give ME what I deserve.

NICOLE

So let’s get to the bottom of this. As an owner, you want to maximise the value you get from your ownership. Right?

TIM

Right.

NICOLE

What is included in the idea of ‘value’? Is it just money?

TIM

No, I don’t think so.

NICOLE

Is it also social benefits, like continuing to provide employment to people who’ve done great work for Dad, and who are almost part of our extended family?

TIM

Absolutely.

NICOLE

Is it also emotional benefits, like helping carry forward the values of Dad and our family?

TIM

For sure.

NICOLE

So let me summarize. As an OWNER you want to maximise value. But as a FAMILY OWNER you know value as not only being financial returns, but social and emotional returns. Right?

TIM

I guess so.

NICOLE

So you agree with me. Not stepmom.