GOALS OF THE PARALLEL FAMILY & BUSINESS PLANNING PROCESS
Updated: Apr 28, 2021
THE FAMILY BUSINESS CONTINUITY PLAN
Securing Family Commitment
Help the family to explore their level of commitment to the business.
Identify core family values.
Agree on a Family Business Philosophy.
Develop a Family Vision.
Encouraging Family Participation
Appreciate the nature and sources of conflict and a model for improving family fairness.
Understand the importance of family meetings and the development of family agreements.
Preparing the Next Generation of Family Managers and Leaders
Recognize how life cycle influences career and management transitions.
Appreciate the challenges of preparing the next generation of family members for business and family leadership roles.
Develop systems to support meaningful family career experiences.
Developing Effective Owners
Recognize how life cycle influences ownership transitions.
Consider the choice of future ownership structures.
Develop systems to support the development of capable owners.
Prepare estate plans that address financial needs, estate taxes and future ownership considerations.
Develop an effective family and business governance system.
THE BUSINESS STRATEGY PLAN
Assessing the Company’s Strategic Potential
Assess the company’s internal capabilities in finance, marketing and organisation.
Understand the external environmental forces that will influence future opportunities and threats.
Analyze the company’s industry and markets.
Determine the company’s Strategic Potential.
Explore Possible Business Strategies
Explore whether to renew, reformulate or regenerate the business.
Assess possible business strategies for the company.
Recognize the factors that influence the choice of business strategy.
Utilize the unique strengths of family businesses in developing a business strategy.
Finalizing Strategic and Reinvestment Decisions
Apply the Family Business Reinvestment Matrix to identify planning overlaps.
Balance business and family demands in making investment decisions.
Appreciate the impact of the family’s commitment on investment decisions.
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