• Trevor Dickinson

GOALS OF THE PARALLEL FAMILY & BUSINESS PLANNING PROCESS

Updated: Apr 28

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.


FAMILY LEGACIES - Family Business Strategy

Family Legacies www.family-legacies.com is a multidisciplinary family business consulting company. Our consultants are leaders in their respective fields including; Family Business Consulting, Strategic Planning, Financial Planning, Wealth & Risk Management, Corporate Finance, Business Transitions & Exit Planning - Buy, Improve, Grow & Sell Businesses, Commercial & Family Law, Executive Coaching, Leadership Development & Facilitation, providing our clients with a professional and integrated multi-disciplinary service.



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