There are thousands of multi-generational family businesses in Australia many second generation, some third and even less four or more generations.

Over the past 30 years I’ve published over 100 family business stories and, over the last 10 have written several. In fact I am researching and writing two family business stories at the moment.

There’s two types of families when it comes to the question of whether a family business story/history should be undertaken. Those who couldn’t think of anything worse than reliving the past and those who are proud of their heritage and want to capture and preserve it for future generations.

Clearly as a professional family business historian I am in the latter camp and, sometimes I am fortunate enough to make a good enough case for why a family business should write its story to those who are not that interested.

Given that I am often asked why a family business should capture and preserve its story through a book I thought I’d share the 5 most compelling reasons to consider this for your family business.

1. If you don’t tell your story someone else will.

The reality is your family business is being told already by members of your family, your employees and clients/customers. Each of these groups and the individuals within them will all have their own version of your story unless you’ve captured and shared it and keep sharing it.

As a family business your name is probably ‘above the door’ so it’s even more

Important that the story of your business, what your values are, how you do business and why is what you determine it to be.

2.What legacy are you leaving?

I remember sitting down with my father many years ago and asking him about his life. I was lucky that I did as within a year he suddenly died. After I gave the eulogy at his funeral my older brothers asked me how I knew so much about Dad’s life. ‘Because I asked,’ was my response.

Don’t wait to be asked about your journey in the business, and certainly don’t wait to ask your own siblings, parents, other family members.

A family business is a special type of business, it’s about the long game, being a custodian of the business for future generations. That’s an important legacy and sharing the knowledge and insights from previous generations is an important part of it.

3. Family values matter

Family businesses are different. Alongside the usual business challenges is the overlay of the family over generations. Each family business has its own set of values, its driving purpose and links to the industry and community it operates in.

While major corporations have come around to the concept of a social licence to operate family businesses are steeped in values. Unless these are articulated clearly over time and consistently they will become lost. Sharing family values doesn’t happen by osmosis, although there is a bit of ‘watch and learn’.

In a world that’s changing at such a fast pace and requiring all businesses to adapt it’s your family values that act as the glue.

4. Creating connection

As a family business you have a unique opportunity to create personal and meaningful connections with members of the family not working in the business, your employees, clients and customers, suppliers and the wider community.

Your story is integral to this connection as it provides a way for all those who interact with your business to find their place in your story, to connect with you and your family.

Having written many family business histories I’ve seen first hand how the process of engaging with employees, clients and suppliers in the formation of the story creates stronger connections. And in large family businesses, where it’s not possible for one-to-one engagement the family business story becomes the connector.

5. Adding value to your brand

We live in a world where a brand with a clear purpose and demonstrated values is a strong and valued brand by everyone who is engaged with it, not just customers or clients. We’re also in a world where people are seeking out honest, real and committed companies. Family businesses have a unique value proposition – one of care across generations, of custodianship rather than corporate greed, of engagement with the community…because they’ve be and will continue to be part of it.

 

So when is the best time to start thinking about your family business story?

Many family businesses don’t think too much about their story and preserving it until a major anniversary comes around OR when the founder or when previous generations are becoming increasing frail.

The best time to start thinking and planning capturing your family business story is now.

It can be as simple as starting with an oral history program (interviewing key family members and long-standing employees) and making and effort to find and preserve company documents, photographs, marketing material, videos, old websites, advertising and more.

Of course, I’d be delighted to have a discussion with you about your family story and create a program that best suits your timing and needs.

Just don’t leave it till it’s too late.