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ESG, purpose and values
Family values and giving back
Values are the source of your success, your commitment, and your legacy. They bring power to a business, helping to assure cohesion, address conflicts and strengthen resolve — through the natural act of passing on a legacy.
For many family businesses, responsible ownership comes naturally, so giving back yields substantial dividends — inside and outside your business. Family philanthropy is an excellent way to teach the next generation about financial stewardship and represents a positive, tangible spreading of your family’s values into the world.
Define the values and purpose of your family business
A majority of US family businesses engage in some form of social responsibility activities. This tends to involve contribution to the local community or traditional forms of philanthropy (particularly high in the US at 74% compared to 42% globally). Only a third (30%) of US family businesses feel they have a responsibility to fight climate change and its related consequences. In addition, only 23% ensure sustainability is at the heart of everything they do.
It is important to have a clear strategic plan covering the family, its businesses, family office, and philanthropic entities. An emphasis on strategic and medium-term planning can enable families and family organizations to fulfill their goals and achieve their legacy. The plan should start with a shared vision of the objectives and agreed values to guide the decision-making process required to get there.
Our team has the tools and experience to support your family’s planning efforts across generations. We can help with strategic planning to define your purpose and values and develop plans both near-term and far into the future.
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How PwC can help
PwC works closely with thousands of family businesses, family offices and families to put their values into action. We have the tools and experience to support your legacy across generations. We can help you put your values in action so you can make your mark on the world, build lasting value and create your legacy. Our family business professionals can help you with:
- Identity
- Business and investment ethics
- Family philanthropy
- Impact investing
- Family activities
- Mission statement
- Legacy planning
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