FREE RESOURCES PERTAINING TO CONFLICT RESOLUTION
Conflict is unavoidable, even in the closest families and the best-run companies. Successful business families learn to manage such differences. Indeed, they are apt to find that discussion of alternative viewpoints often leads to constructive change. Business owners who never developed conflict-resolution skills may hesitate to put interpersonal issues on the table for fear that the mere articulation of their feelings will damage their relationship with the other party.
PERTAINING TO STRATEGIC PLANNING
Strategic Planning for Family Business and the adoption of the Parallel Planning Process, is a new way to gather the personal, financial, and strategic priorities of both family and business and combine them into a single planning strategy for the family business.
Parallel Planning Process (PPP) integrates planning for the needs and expectations of the family and business systems. The PPP assumes that the family and business systems are interdependent and that an action or an event in either system affects the other.
Family Enterprise Continuity Plan: This aspect of the PPP is a regular review of the family’s values, talents, and commitment to the business. It is a plan, updated at agreed-upon intervals, to look objectively at the skills and commitment of family members to sustain and grow the business over time.
Business Strategy Plan: This element of the PPP is forged when all the best-identified talent of the organisation – family and non-family, gathers to review regularly the nature of the business. The questions asked in this segment of the planning process should go well beyond the simple ‘Are we making money?’; it should regularly review the course and growth of the business and always ask the toughest question: Should this business continue to be family owned?
PARALLEL PLANNING PROCESS
INTEGRATING & BALANCING THINKING & ACTIONS - It is very important for a family business to develop a business strategy that is shaped by the concerns of the family. The parallel planning process for family business becomes a tool for integrating and balancing family and business thinking and action.
USING THE PARALLEL PLANNING PROCESS
The goal of the Parallel Planning Process is to identify family and business plans that are mutually supportive of their respective needs and goals. This is accomplished by considering business strategies in the context of both the family and business expectations.
GOALS OF PARALLEL PLANNING PROCESS
FAMILY BUSINESS ISSUES FOR DISCUSSION
Some families find that discussing values is too difficult, and instead find it helpful to discuss real issues and then identify their underlying family values. The attached summarizes a list of family business issues in question form that can help the family start to think about the challenges they need to address as family business owners. The intention of the discussion is not to solve these potential issues, but rather to understand the family values that will drive a solution. But if the family takes the process seriously, this will be an honest process that reveals the strength and maturity of the family.