How Does a Family Business Make the Transition from Entrepreneurship to Professional Management?

How Does a Family Business Make the TransitionNortheastern University
from Entrepreneurship to Professional Management?

Family Business Quarterly

More often than not, less smoothly and gracefully than everyone would prefer. That was the consensus of small-group discussions at a recent Executive Breakfast meeting of Northeastern’s Center for Family Business.

William Finard, president of Finard & Co. and thespecial guest at the meeting, recalled his own experience trying to professionalize the real estate business his father had started. “There was no support at all,” he recalled. “I had exposure to the family business all my life, but no experience in it.” More…

Developing a Cutting-Edge Strategic Plan that Achieves Cross-Generational Approval

Developing a Cutting-Edge Strategic Plan Northeastern University
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…