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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.
A majority of US family businesses engage in some form of social responsibility activities according to PwC’s 2023 US Family Business Survey. This tends to involve contribution to the local community (81% in the US versus 61% globally) or traditional forms of philanthropy or grant giving (65% in the US versus46% globally).
Many family businesses make it a point of pride to act in a socially responsible manner within their community. Doing good work is often a hallmark of a brand: 81% say they are contributing to their local community.
Communicating social responsibility to the public and employees is key: 81% say they have a clear company purpose and 72% say they actively communicate their purpose internally, but only 39% say they actively communicate it regularly.
It is important to have a clear strategic plan covering the family, its businesses, family office, and philanthropic entities — including a communication plan to share your impact with internal and external stakeholders. 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.
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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