Join Eric Flamholtz for an in-depth discussion in this video Next steps: From family business plan to company strategic plan, part of Creating a Family Business Plan.
- If you've been following along with this course…and the exercise files…you should now have completed the development…of a family business plan.…In order to help you visualize the plan…and make it useful to you…I've created a sample family business plan…for a fictional family I call the Wilsons.…I encourage you to review the plan and the exercise files.…Remember the family business plan articulates the plan…of the family for the use of the family business.…However, it is not a strategic plan for the business.…The family business plan is a private document…for the family's internal use.…
It captures the family's thinking and agreements…as well as their objectives and goals.…The family business plan also has another major purpose.…It provides a foundation or context…for the development of the strategic plan for the company.…In terms of creating a strategic plan…there are many different approaches.…Generally these approaches will follow a similar…but not identical process as we have used…for the development of the family business plan.…
- 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.