Summary of Strategic Planning for the Family Business
Parallel Planning to Unify the Family and Business
The downfall of many small businesses is the family itself.
Balancing the needs of a business and the family that controls it might seem like an overwhelming task, unless you tackle the challenge with a clear-headed plan. Randel S. Carlock and John L. Ward provide just such an approach by mapping out the strategies and structures needed to make a family business run smoothly. In so doing, they address family conflict, executive succession, ownership schemes and a host of other issues that can make or break a family business. getAbstract.com highly recommends this book for its practical and applicable methods of striking a balance between the needs of business and the needs of family.
In this summary, you will learn
- What issues pose the greatest threat to any family business;
- How to develop long-range plans that address these threats, and
- How to evaluate and secure the proper level of family commitment to a business.
About the Authors
Randel S. Carlock has some 25 years of experience as an executive and CEO. He is the Opus Endowed Professor of Family Enterprise at the University of St. Thomas in Minneapolis, and an Affiliate Professor of Entrepreneurship at INSEAD, Fontainebleau. John L. Ward is Clinical Professor and Co-Director of the Center for Family Enterprises at Northwestern University’s esteemed Kellogg Graduate School of Management. He is a founder of the Family Business Consulting Group International.
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