Why a pure business plan is not enough for the family-run business.
6/24/2002
While there are many books on business planning, very few focus on the special needs of a family-run business. Carlock and Ward give equal weight to family and business plans and integrating both plans. Five variables that need to be addressed in family business planning are discussed.
- Control: how decisions are made.
- Careers: how family members with differing talents and interests can pursue careers.
- Capital: how family members can reinvest or harvest.
- Conflict: how to address conflicts in business families.
- Culture: developing a business culture based on family values.