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Warner Norcross + Judd LLP is a corporate law firm with over 230 attorneys serving clients in nine offices throughout Michigan. Among the largest law firms in Michigan, Warner works in virtually all areas of business law.

Michigan Law Firm - Warner Norcross + Judd LLP

“Values are like fingerprints. Nobody’s are the same, but you leave ‘em all over everything you do.”&nbsp;- Elvis Presley

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If you are an owner of a family business or a steward of family wealth, chances are you have spent a lot of time, focus and energy developing the business or managing your wealth, and discussing with your family the importance of being good stewards of these assets. But, you still may be wondering:

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“Will the business endure for another generation?”

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“Will my children manage their inheritance responsibly?”

“Will the family legacy of philanthropy be continued?”

“Will my family stay connected after I’m gone?”

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All of these questions, at their root, originate from&nbsp;values. And, to paraphrase Elvis, our individual values certainly shape what we do. Why does this matter to families? Anecdotal evidence among practitioners who work with families of wealth shows that families who are working with shared values are more likely to thrive together, for the long term. &nbsp;

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“When your values are clear to you, making decisions&nbsp;becomes easier.”&nbsp;- Roy E. Disney

Having a set of shared values provides several benefits to families. These shared values make decision-making easier because they provide the family with a common vocabulary for discussing issues germane to the family. A set of shared values also serves as a guide for making decisions, whether the decisions involve the future of a family business, participating in a shared investment opportunity or approving a charitable grant.

Values are not a set of rules designed to dictate behavior or produce a particular end-result, nor are there “right” and “wrong” values. Rather, values are deep-seated beliefs or standards that guide decision-making and motivate behavior.&nbsp;

If you were to sit down and list the top 10 values that guide you, and ask members of your family to do the same, the variety of answers may surprise you. Further, when you explore a family member’s definition of a stated value, you may find it differs from how you would define that same value; or perhaps you use different words to describe the same value. &nbsp;

So how can you arrive at shared family values when there may be discrepancy in the values as well as their definitions?

Values clarification can provide agreement on shared family values.

Values clarification is not a process to force values on others, create new values, or identify “the right” values; rather, it is a process to:

Agree on the meaning of identified values;

Arrive at values common to and shared by the family; and

Discuss how these values will guide and motivate the family.

Conducting a values clarification exercise allows family members to identify their own personal values and work together to select a set of shared values that will serve as a guide for the family as a whole. Further, spending a focused period of time really thinking about and discussing core values sparks unexpected, thoughtful conversation that often extends beyond the exercise itself.&nbsp;

Using a facilitator who is practiced in the exercise of values clarification and who is not a family member is highly recommended for this meeting because this allows all family members to be fully engaged in the process and eliminates any distraction that would be caused by leading the exercise.

If you are interested in clarifying or developing a set of shared family values, contact Susan Gell Meyers in our Private Client and Family Office practice at&nbsp;<a href="mailto:smeyers@wnj.com">smeyers@wnj.com</a>&nbsp;or at 616.752.2184 to facilitate a session for your family.

Legacy Matters

Private Client and Family Office

Partner

Susan “Susie” Gell Meyers

Trusts and Estates

The Benefits of Shared Family Values

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The Benefits of Shared Family Values

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