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The Many Benefits of Building a Family Brand

Originally published: 07.01.22 by Keven Prather

Nearly every company we can think of has a brand that communicates its culture and mission. But chances are, most of us have never considered what our family’s culture is all about—what our closest loved ones and we stand for as a unit.

That means we may be missing a great opportunity to apply the lessons of corporate branding to our families—to define our values and priorities in a way that can help us strengthen our relationships, improve our communities and even potentially increase our wealth.

For help on this, we reached out to Chris Smith. As the founder of The Campfire Effect, Smith has helped scores of businesses define their brands. Now he’s doing the same for families through his latest venture, The Family Brand.

Why a family brand?

Smith believes the crucial driver to creating healthier connections, better leaders, greater prosperity, and a more robust overall society is how intentional each family defines what they believe, value, and stand for.

Think about the many outside influences (such as social media) that act on us every day. If we don’t consciously define who we are and who we want to be as people and as families, the world will do it for us—and the way the world labels us might not be in alignment with what is best for us or what we want.

What’s needed is a way to build a shield to block all that out, then use that space to spell out what you and your loved ones care about as individuals and as members of a family.

Multiple benefits

Many families say they have stronger connections when they spell out their shared values—they are happier and enjoy being around each other more than they did before creating their family brand. For other families, getting clarity on their shared values and goals is seen as a way to mitigate some of the biggest threats that families today face—including divorce, depression, and drug abuse—by intentionally getting and keeping family members on the same page.

A family brand can also potentially benefit your family’s net worth. Talking with children and grandchildren about family values and responsibilities, and how money can play a role, can lay the groundwork for more thoughtful, more responsible habits around spending, saving, and investing. Armed with clarity about what matters most, children can potentially use inherited wealth not just to live more authentic and meaningful lives but also to better support their communities— instead of letting the money ruin them.

A family brand consists of three core pillars: culture, language, and experiences.

Culture is taking a stand for how you connect as a family. Make no mistake: There is a culture that exists in your home right now, even if you’ve never defined it. Your job is to identify it and then assess whether that’s the right culture for you—or whether you’d prefer to reshape it. One way to go here is to assess the mindset you bring to family situations, both good and bad. Do you approach the family with an attitude of, say, scarcity and complaints—or of possibility and creation? Important: A key part of making a family culture real is leadership and ownership. Regardless of what culture you land in, everyone has to demonstrate it through their actions. Otherwise, you never actualize your culture—it just remains words on paper or in your head. You won’t live a culture of respect, for example, if you’re constantly yelling at each other.

Language is how to take a stand for what you are committed to as a family— how you declare your values. The language we use to describe things creates our environment to a large extent. If you grew up in a home where “can’t” and “what you should be doing is…” were common phrases, one environment was created—one that is very different from the environment created in a home where “you got this” and “anything is possible” were commonly said. This aspect of family branding often looks most familiar to entrepreneurs and professionals, as it involves the creation of three key written documents:

  • A mission statement detailing what you stand for today.
  • A vision statement spelling out what you want to be known for going forward.
  • A values statement showing the principles you will live by.

Experiences mean taking a stand for what you want to create as a family. You create the experiences you want as a family by using tools such as:

A connection blueprint. In this document, you create details of specific things going on in your family when you all feel incredibly connected and when your life together seems to run smoothly and effortlessly. You know that when you do these things or when these conditions exist, you all feel better and closer.

A traditions audit. Traditions give families things they know they can count on. However, most of us are “on autopilot” with our traditions. So start by auditing what you do regularly and assess whether those actions truly serve your ideal family visions and values. Some traditions may be thought of as “should do” activities that don’t serve your family well, and you might take them off your list. Other traditions might seem small—camping in a nearby state park, for instance—but are more highly valued by your family members than “blowout” traditions like big vacations to pricey locales.

Conclusion

If you don’t define your family’s values and shape your way forward, outside forces will do it for you! So plant your flag and build your brand. Your family’s physical, emotional and financial health could all be stronger if you do.

Disclosure: Chris Smith is not affiliated with Gordian Investments, LLC. Keven P. Prather is a registered representative of and offers securities and investment advisory services through MML Investors Services, LLC. Member SIPC. Call 216-592-7314, send an email to kprather@financialguide.com or visit transitionextadvisors.com.


About Keven Prather

Keven Prather specializes in serving the complex needs of business owners through Financial Planning and Business Transition/Exit Planning. Using a Total Wealth Planning approach, Keven’s objective is to turn complex problems into actionable, understandable and manageable steps, by collaborating with business owners, their family, and strategic partners.” Keven can be reached at (216) 592-7314 or kprather@financialguide.com. www.TransitioNextAdvisors.com.

Securities and investment advisory services offered through qualified registered representatives of MML Investors Services, LLC. Member SIPC. www.SIPC.org. TransitioNext AdvisorsTM is not a subsidiary or affiliate of MML Investors Services, LLC, or its affiliated companies. Supervisory Office: 2012 West 25th Street, Suite 900 Cleveland, OH 44113. 216.621.5680. This report is intended to be used for informational purposes only. Neither MML Investors Services nor any of its employees or agents are authorized to give legal or tax advice. Consult your own personal attorney legal or tax counsel for advice on specific legal and tax matters. CEG Worldwide, LLC. is not a subsidiary or affiliates of MML Investors Services, LLC or its affiliated companies.

VFO Inner Circle Special Report By Russ Alan Prince and John J. Bowen Jr.

©Copyright 2018 by AES Nation, LLC. All rights reserved.

This report is reprinted with permission from VFO Inner Circle.

Unless otherwise noted, the source for all data cited regarding financial advisors in this report is CEG Worldwide, LLC. The source for all data cited regarding business owners and other professionals is AES Nation, LLC.


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