A clearly defined Family Business Mission statement will include Goals and Values to realize the Vision of the Family Business.
A Mission statement is especially critical when a business starts growing, as more Family Members and employees join the Business, thus necessitating a formal management style and structure.
Consequently, a Mission statement would necessarily evolve and transform as the business grows over a period of time.
A carefully constructed Mission statement is very critical to the success of a Family Business as it promotes cohesiveness among Family Members and allows everyone to strive for success together.
Family Members understand and work towards the stated goals of the business. All working Family Members should agree with it and find it inspirational. Therein lies its essence.