Bottom-Line Behavior

Want a smooth family business transition? Embrace strategic planning.

The best kind of strategic planning prioritizes long-term goals over short-term comfort.

By Denise Federer
| 5:00 a.m. July 13, 2023

Advice

Succession planning is hard enough, but as family businesses navigate the transition of leadership from one generation to the next, too many forget or forgo 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.