The document discusses the need for family businesses to have a strategic mindset and develop a clear family business strategy. It emphasizes that the strategy should define the business's purpose, goals around growth, profit distribution and control, and safety checks/boundaries. Developing a strategy helps family businesses align around shared values and priorities, balance trade-offs, and provide guidance for decision-making. An effective strategy document articulates the purpose, goals and checks to serve as a reference for managing the business with the family's objectives in mind.