Are you thinking of starting with your family ? Like any business, a strategy will need to be defined from conception, so that the path ahead is clear for all participants and conflicts that put family harmony at risk are avoided .
To build the strategy of the family business it is important to first define the vision, mission, values and objectives , and then carry out an appropriate diagnosis. Without planning there is no business , especially if it is about a company growing, consolidating and remaining in the market from generation to generation.
All businesses need planning, but family businesses also have to face the task of balancing the needs of the business and the family .
There are five critical issues where the needs of the family and the demands of the business overlap and require parallel planning action to ensure that business success does not spell disaster for the family or the business itself.
- How are the financial resources of the company distributed between the needs of the family and other needs?
- Who has the decision-making power in the company and in the family ?
- How do you select the person who will occupy the position of leader or governor in the company and in the family?
- How do you prevent this natural element of human relationships from becoming the default interaction pattern?
- How are the values of the company sustained ? How are these values passed on to owners, employees, and young family members?