Exploring Family Owned Business Mission Statement Examples

Family owned businesses are the backbone of many economies, providing not only goods and services but also making a significant impact on the communities they operate in. A well-crafted mission statement is essential for any business, but it carries even more weight for family owned businesses, as it can reflect the values, history, and aspirations of the family and the business.

What is a Mission Statement?

A mission statement is a brief description of a company`s fundamental purpose. It answers the question, “Why does our business exist?” A good mission statement should be clear, concise, and inspiring, providing a sense of direction and guidance for the company and its employees. It also reflect core values beliefs company.

Importance of a Mission Statement for Family Owned Businesses

Family owned businesses often have a rich history and a strong sense of tradition. A well-crafted mission statement can help capture these elements and guide the business to future success. It can also serve as a unifying force for the family and employees, promoting a shared vision and purpose.

Examples of Family Owned Business Mission Statements

Company	Mission Statement
Johnson & Johnson	To alleviate pain and suffering in the world.
Mars, Inc.	The world we want tomorrow starts with how we do business today.
Ford Motor Company	To become the world`s most trusted company, designing smart vehicles for a smart world.

These examples illustrate the diversity of mission statements among family owned businesses. They reflect the core values and aspirations of each company, providing a sense of purpose and direction.

Case Study: Patagonia

Patagonia, a well-known family owned business, has a mission statement that reflects its commitment to environmental sustainability:

Build the best product, cause no unnecessary harm, use business inspire implement solutions the environmental crisis.

This mission statement not only provides a clear purpose for the company but also reflects the values and beliefs of the family and the business.

Creating a Mission Statement for Your Family Owned Business

When crafting a mission statement for your family owned business, consider the following questions:

• What core values your family business?
• What purpose your business beyond making a profit?
• How you want impact your customers, employees, community?

By answering these questions, you can create a mission statement that truly reflects the essence of your family owned business.

Final Thoughts

A well-crafted mission statement is essential for any business, but it holds special significance for family owned businesses. It can capture the values, history, and aspirations of the family and the business, providing a sense of purpose and direction. By examining examples of mission statements from other family owned businesses and considering your own core values and purpose, you can create a mission statement that reflects the uniqueness of your family owned business.

Family Owned Business Mission Statement Contract

Welcome to the official legal contract for establishing a family owned business mission statement. This document outlines the terms and conditions for creating and implementing a mission statement for a family owned business. It is important to carefully review and understand the contents of this contract before proceeding.

Contract Agreement
This agreement is entered into on this day by and between the parties involved in the establishment of a family owned business mission statement, hereinafter referred to as “the Parties”.
Whereas the Parties desire to set forth the mission statement of the family owned business in order to establish its guiding principles and values;
And whereas the Parties acknowledge the importance of having a clear and concise mission statement to align the goals and objectives of the family owned business;
Now, therefore, in consideration of the mutual covenants and promises made by the Parties herein, it is agreed as follows:

Terms Conditions
1. The mission statement of the family owned business shall be drafted in accordance with the laws and regulations governing business practices in the respective jurisdiction.
2. The mission statement shall reflect the core values, purpose, and goals of the family owned business, as agreed upon by all Parties involved.
3. The mission statement shall be reviewed and approved by all Parties before being officially adopted and incorporated into the business operations.
4. The Parties shall designate a responsible individual or committee to oversee the implementation and communication of the mission statement to all stakeholders.
5. Any amendments or changes to the mission statement shall require unanimous consent from all Parties involved in the family owned business.

Conclusion
This contract constitutes the entire agreement between the Parties with respect to the establishment of a family owned business mission statement and supersedes all prior discussions and understandings, whether written or oral.
This contract shall be governed by the laws of the applicable jurisdiction and any disputes arising out of or in connection with this contract shall be resolved through arbitration in accordance with the rules of the arbitration association.
IN WITNESS WHEREOF, the Parties have executed this contract as of the date first above written.

Legal FAQs: Family Owned Business Mission Statement Examples

Question	Answer
1. Can a family owned business have a mission statement?	Absolutely! A family owned business can and should have a mission statement. It helps to define the values and goals of the business, and sets a clear direction for everyone involved.
2. Are there any legal requirements for a family owned business mission statement?	There are no specific legal requirements for a mission statement, but it`s important to ensure that the statement aligns with the values of the business and does not make any false claims or promises.
3. Can a mission statement be used in legal disputes?	Yes, a mission statement can be used as evidence in legal disputes to demonstrate the values and intentions of the business. It can help to support the business`s position in a case.
4. How often should a family owned business review its mission statement?	It`s a good idea to review the mission statement regularly, at least once a year, to ensure that it still reflects the values and goals of the business. As the business evolves, so should the mission statement.
5. Can a mission statement be changed without legal repercussions?	As long as the change in the mission statement does not violate any laws or contracts, it can be changed without legal repercussions. It`s important to communicate any changes to all stakeholders.
6. What should be included in a family owned business mission statement?	A mission statement should include the core values, purpose, and goals of the business. It should be clear, concise, and inspiring to everyone involved.
7. Can a mission statement limit the actions of a family owned business?	A mission statement can provide guidance and direction, but it should not limit the business`s ability to adapt and grow. It`s important to strike a balance between staying true to the mission and being open to change.
8. Is it necessary to involve legal professionals in drafting a mission statement?	While it`s not necessary, it can be beneficial to involve legal professionals in drafting a mission statement to ensure that it is legally sound and does not expose the business to any unnecessary risks.
9. Can a family owned business be held liable for not following its mission statement?	In certain circumstances, a family owned business could be held liable for not following its mission statement, especially if it has made specific promises or commitments in the statement. It`s important to be mindful of the language used in the statement.
10. How can a family owned business ensure that its mission statement is legally sound?	To ensure that a mission statement is legally sound, the business should have it reviewed by legal professionals to check for any potential issues or liabilities. It`s better to be safe than sorry!