Developing a Cutting-Edge Strategic Plan
that Achieves Cross-Generational Approval
Family Business Quarterly
For family businesses, strategic planning “can be an exciting, compelling, energizing concept that sets your company free-a process that’s not designed to lock doors, but to open locks.” But developing a successful plan hinges on anticipating and managing the roadblocks that come with family ownership.
So said Barbara Shomaker, President of Accord Limited, a Chicago consulting firm, who recently presented a workshop on “Strategy: Planning, Design and Implementation” during an Executive Breakfast sponsored by the Northeastern University Center for Family Business. Shomaker provided a detailed written framework for family business leaders wanting to develop strategic plans, paying special attention to the challenges of developing plans for businesses that are family-run. More…
Credibility for the Family Business
Family Business Forum News
by Jim Klaes
“Business is simple,” Tom Monroy told students and others in McNeill Auditorium at UTEP’s College of Business this past June.”We over-think and make it harder than it has to be,” said the Ph.D. from Baldwin-Wallace College.
“I myself learned everything I needed to know from my grandmother, who started our family business,” be said.”It was not until 1943,” he pointed out, “that Harvard Business School taught the first course…ever…in general business management.”
Monroy named six disciplines a company leader must have to establish credibility: discovering personal strengths and weaknesses, appreciating those who do the work and supply the goods, affirming shared values, developing capacity (of the individuals and, therefore, the company), serving a common purpose, and sustaining hope that the shared goals will be achieved. More…