Want a smooth family business transition? Embrace strategic planning.
Succession planning is hard enough, but as a family business navigates the transition of leadership from one generation to the next, too many forget or forget an essential part of the process: the strategic plan. As suggested in an excellent article, Strategic vs Business Plan in Family Business Magazine (May/June 2023 issue) by Charlie Carr, there is often tremendous resistance of families to engage in a strategic plan.
A strategic plan is a long-term approach to the business — it helps anticipate both threats and opportunities to the business in the future and sets a longer-term strategy for dealing with