Shaping a Business Strategy that Includes the Family

Abstract

In a family business, family issues ultimately shape the business strategy. Such issues include: Should family members in the company work together or apart? How much money does the family need from the company? Are older family members confident that their sons and daughters can run the company well? The answers to such questions will be joined to other assessments of the strength of the business and the attractiveness of the industry. These three forces— family, business, and industry, all analyzed by managers and owners during the planning process—will together produce the future strategy for the family business.