How do you
shape a company strategy that takes into consideration the
diverse strengths of three sons involved in the business and
the interests of an extended family?
The process
is longer than in a non-family business because it alternates
input from the family with input from the business. Planning
for and maintaining concurrence between family and business
requires joint planning. John Ward is the best author on this
topic, and I borrow from his "Keeping the Family Business
Healthy" for the following.
Obtain commitment from the family
at a family meeting
Assess the health of the business
Identify business alternatives
Consider family and personal goals
Select the business strategy
Assess the family's interests and
capabilities
Return to number one and begin
again after a period of time.
