Learn how to develop a family vision for the future of your family business. In this video, Eric Flamholtz defines what vision is, its importance, and how to bring all family members to agreement as to what the vision is.
- Let's discuss how to develop the family business vision.…Remember, your family business vision…is what your family wants to achieve…with the business in the future for your family.…Your family business vision is the overarching…objective of the business for the family…over a specified time period.…In other words, the vision is future-oriented.…For example, the family might want to prepare…the business for eventual sale.…Typically, the family vision is developed…for at least a five-year time frame.…
However, under certain circumstances,…it can be a shorter or a longer period.…For example, the ill health of a family business leader…can affect the time horizon of the vision.…The vision of the family business…must be articulated and agreed to.…Put it into writing as part of the family business plan,…otherwise, it can be a source of ongoing conflict.…The family business vision can be created…in the same way as the family business mission.…As a family, you need to discuss this question.…What do we want the business to achieve or become…
- Recognize the two kinds of family business issues.
- Define values in terms of a family business.
- Identify the six key areas of family dynamics.
- Summarize how to manage a business when the business leader and the family leader is not the same person.
- Recall the steps for creating values for a family business.
- Examine the importance of family business plan objectives.