Mission Statements

by Leslie Dashew

In our last issue, I wrote about Vision Statements. There is often confusion between the concept of a vision statement and a mission statement. A mission statement is a statement of purpose: it describes why an organization exists. A vision statement, on the other hand, describes a desired state for the organization at some time in the future.

Mission statements help to clarify and focus the attention of those who belong to the organization. Business mission statements help employees understand why the business exists and can help them to understand how their role helps to contribute to the company’s purpose. For example, a company’s mission statement might read: The Company provides premier precision manufacturing solutions for our customers in the diesel engine and affiliated markets. Through our collective efforts, we will achieve strategic corporate growth and attractive capital appreciation for all stakeholders. We accomplish this by operating our businesses with a foundation of ethics, customer focus, developing and respecting our employees, and operational excellence. More…

The Key Issues that Can Help Family Businesses Gain Control of Sibling Rivalries

The Key Issues that Can
Help Family Businesses Gain Control
of Sibling Rivalries

by Thomas Davidow and Richard Narva

Old soldiers, General Douglas MacArthur once remarked, “don’t die, they just fade away.”

Not so sibling rivalries. They have been around since the beginning of mankind–related most memorably in the biblical narratives of Cain and Abel and that of Joseph, his brothers, and the coat of many colors. And they can create nearly as much havoc in today’s family businesses as they did in the biblical tales. Some family businesses have been literally torn apart by the intensity of feelings created when one sibling feels neglected or rejected, and proceeds to walk out on the family business or go to court in search of vengeance or justice.

Family businesses can never realistically expect to completely rid themselves of problems created by sibling rivalries. The best that family businesses can hope to accomplish is to minimize the conflicts. More…