Family Values and Business Culture

  • Randel S. Carlock
  • John L. Ward
Part of the A Family Business Publication book series (AFBP)


The importance of family business values was clearly demonstrated by Whitney MacMillan, the last family CEO of Cargill, when he stated, “As a company, we have believed in the same values for 125 years, even though we have changed the business every five years.” It is natural to explore family values at the start of the Parallel Planning Process because planning represents how the family perceives itself, what is important, and how it behaves. Family businesses, like all for-profit organizations, are driven by values related to competition, wealth, responsibility, fairness, and hard work. Counterbalancing these economic priorities are family values about love, cohesion, self-esteem, and caring.


Corporate Social Responsibility Family Firm Family Business Business Culture Psychological Ownership 
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Copyright information

© Randel S. Carlock and John L. Ward 2010

Authors and Affiliations

  • Randel S. Carlock
    • 1
  • John L. Ward
    • 2
  1. 1.Wendel International Centre for Family EnterpriseINSEADFrance
  2. 2.Center for Family Enterprises, Kellogg School of ManagementNorthwestern UniversityUSA

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