Building Your Family Mission Statements

Wayne Cravens |

Building Your Family's Lasting Legacy

Through my career, I've come to appreciate deeply that the most resilient families aren’t bound merely by wealth or traditions but by a powerful, shared sense of purpose. Families who thrive, generation after generation, possess a clear understanding of what binds them together, what they value, and why it all matters. At Cravens & Company, we call this the family’s "why" — the driving purpose behind every decision, milestone, and aspiration.

A clearly defined family mission statement captures your collective vision, clarifies your shared values, and becomes a cornerstone for preserving your legacy. Rather than something dictated from above or created by outside advisors, a genuine family mission statement emerges organically through open dialogue and active participation from all family members. This inclusive approach not only results in a meaningful declaration but also strengthens family bonds through mutual respect and understanding.

Many years ago, prior to forming Cravens & Company, I managed a major brokerage firm in Chattanooga, Tennessee. At the time, I was also one of the youngest members of an informal association we called "The Family Business Council." The group included some highly accomplished attorneys, CPAs, and financial advisors. It also included a psychologist who specialized in supporting successful, multi-generational, entrepreneurial families. During our sessions, we discussed real-life challenges faced by these families, often complex issues at the intersection of family dynamics and business decisions. Despite the collective expertise and success among the group, the perspective we valued most was consistently that of the psychologist. It was from him that I first encountered the powerful concept of a Family Mission Statement.

Creating a mission statement is not merely an administrative task or a document to file away. It's an ongoing practice that empowers your family to navigate life’s inevitable complexities. By articulating your family’s core beliefs and ambitions, the mission statement becomes a guiding beacon—a point of reference for making major life decisions, resolving conflicts, and reassessing goals.

I recall vividly how families who lacked a clear mission often struggled, sometimes painfully, with decision-making and internal harmony. Those who invested the effort into crafting and regularly revisiting their mission statements exhibited greater clarity, unity, and resilience in the face of adversity.

However, the transformative power of your family mission statement only becomes clear when regularly revisited and honestly reflected upon. This periodic review helps families address vital questions:

  • Does our mission statement still align with our family’s current values and future aspirations?

  • Are we truly living our lives in harmony with the purpose we defined together?

  • If we've deviated from our mission, what changes are necessary to realign ourselves?

All families, without exception, experience moments when they drift from their intended course. It’s in these moments that the family mission statement proves invaluable—not by pointing out failures, but by illuminating a path back to your shared vision.

At Cravens & Company, we encourage your family to invest in defining your "why" — your mission. We believe this intentional reflection and alignment is foundational to building a lasting legacy of success, happiness, and unity that transcends generations.