Can a family become a brand in its own right?
Families have come to realise that common cause in the form of good, clear values can contribute significantly to holding the family together, but it also helps build a brand. To succeed, any brand needs a clear proposition; it must be consistent and differentiated from others. Families can articulate a set of their own values about how they will do business; with whom they will do business and what sort of business they do and don’t want to do. They can include a set of behaviours around philanthropy and their desire to contribute to the social good in addition to their return on capital.
Almost 60% of respondents thought their family was to some extent a brand in its own right. This points to the family business or financial interests having a real social purpose over and above a return on capital.
"To get people engaged you have to create a movement or a brand. A 27-year-old [in our family] is a doctor and not engaged with the business. [We ask ourselves] What would make us feel the kids are engaged and proud of this? So, what are we asking them to sign up to? It’s the values, which is why I call it a brand.”
This idea of brand in family organisations is about building unity and consensus and commitment to the future. This led to discussions around how important it was to bond families together, especially those that are large and often geographically disparate.Learn more about our services