Planning for Business Families

Every senior family member engaged in a family busines should read a book by Randel S. Carlock and John L.Ward titled 'Strategic Planning For the Family Business'

As an advisor to families in business, I am concerned by the lack of time spent on developing strategic plans that ensure the family and business objectives are mutually supportive.

In my experience there is too much time at board meetings looking at results that have already happened. One of the primary responsibilities of a board is to set the strategic direction and then delgate that resonsibilitiy to the CEO and the senior management to achieve the expected outcome.

At regular intervals, the board should take time out and hold a strategic review planning day. This should be at a location away from the usual place of work and facilitated by someone who is experienced in the process. And, there are many tools that are useful in getting great results from such a day.

Contact me if your would like any further information: billwinter@bigpond.com.au