Family businesses are unique. Unlike other businesses that are concerned solely with maximizing profits, a family business cares for both profits and preserving their family legacy. But too often family businesses fall into a trap: They either focus too much on profits that they forget about the family. Or they focus too much on preserving family values and traditions that they forget about improving the business. A focus on either-or can lead to disastrous results. As they say, many family businesses fail to survive past the third generation. What can be done to fix this?
Margaret Wilson and Ann Quin argue a holistic approach through integrated planning is the key to success. Through integrated planning, the family and the business are strategically aligned. This ensures sustainability across multiple generations. However, the process of integrated planning can be overwhelming.
Read “Balancing Family Continuity and Business Strategy” for guidance on a holistic approach to family business continuity planning. Make sure you read until the end. The article includes critical questions both the family side and the business side should consider for integrated planning.
Read about a holistic approach to family business continuity planning here.
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