You own a family business, or you’re part of a family business. Maybe you’re the founder or one of the presumed successors. Wanting the family business to grow and prosper, and hopefully thrive into future generations, are natural wishes and dreams. Reality and history show us that not many family companies survive for generations…both from a pure business perspective and because families don’t always maintain unity and support. Long-term success with family-owned businesses is rare and is generally the reward for those business leaders that understand the odds are stacked against them and take proactive measures to help ensure long-term sustainability.
There are many reasons why family business owners and senior managers sometimes hesitate or deliberately avoid strategic planning. Our experience has shown that business owners and senior managers avoid getting started on strategic planning for their family business for the following key reasons.
The last few articles before Thanksgiving reviewed the concepts that planning is not optional and that placing priorities on your goals can distinguish needs from wants and how they incorporate into long-term strategic planning for your family business. Let’s now explore the basics for long-term strategic planning.
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