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Family Business

Many family business owners do not understand that before a family business can develop a successful strategic plan for the business, there must first be a strategic plan for the family. For example, ensuring the senior generation’s financial security, independent of the business, generally is a fundamental requirement of the family’s strategic plan. Meeting this goal then becomes a critical objective for the strategic plan of the business. In other words, the economic engine (the business) is being asked to reach a specific financial goal of the family, as opposed to reaching a business objective such as ROI, or other ratios or measures of profitability. This underscores the importance for building concensus amongst the family members prior to trying to develop a strategic plan for the business.

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