The most successful, long-lasting business families share one thing: they have a business family strategy. Many business-owning families focus on their business strategy but neglect developing a business family strategy.
As families grow, it becomes more difficult to unite around decisions—or even shared values. Large business families have a wider set of goals and experiences, and they may not agree on how to work together. This is where the business family strategy comes in.
Simply, a business family strategy “helps family members understand what brings them together and keeps them together across generations.” Having a strategy in place is only the beginning. The process of developing the business family strategy is even more important.
This article dives into the 12 areas families must address as they develop a business family strategy.
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