In this video, Eric Flamholtz outlines the process to develop a family business plan. Learn the five steps to creating a family business: conducting a family SWOT analysis, developing the family values, mission, vision, and finally developing objectives.
- So far, we've discussed the purpose and components…of a family business plan.…Let's talk about exactly how to develop…a family business plan.…There are five steps.…The first step is to do a family SWOT analysis.…The term SWOT refers to an analysis of four things,…each represented by a single letter in the acronym SWOT,…strengths, weaknesses, opportunities, and threats.…The SWOT analysis assesses the current situation…facing your business and provides input…for developing the strategic plan.…
Now, before we go any further, please let me be clear.…We're applying the concept of a SWOT analysis…to develop a family business plan.…Specifically, you must assess the family's strengths,…weaknesses, opportunities, and threats.…I call this process family business SWOT analysis.…It is a relative of classic SWOT analysis.…The focus of the family business SWOT analysis…is on the six key family dynamics issues.…Specifically, the objective is to determine…whether your family's treatment of the business…is healthy, unhealthy, or toxic…
- 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.