How Family Businesses Can Use
Strategic Planning to Promote Positive Change
Family Business Quarterly
- How should strategic planning be carried out by family businesses?
- Is strategic planning different for family businesses than for companies that are not family owned?
- What can family-business leaders do to ensure that they are planning effectively?
Dr. John Ward–the Ralph Marotta Professor of Private Enterprise at Loyola University, Chicago–addressed these and other essential questions during a recent Full-Day members’ Forum on “Perpetuating the Family Business: The Ultimate Management Challenge.” He presented five key steps for stimulating innovation in well-established family companies that may have grown resistant to change. More…
Reinventing A Family
by Kitty Axelson-Berry
Tyler Young carries on the tradition of reinventing a family business in step with the times.
When Tyler Young was a 27-year-old junior account executive at an Atlanta ad agency, his dad called and asked him to come back and get into the family business. Tyler and his wife liked it in Atlanta but said OK. That was in 1987.
The day after they arrived back home in Springfield, Tyler’s 66-year-old father passed away. Three years later, Tyler became president and CEO of W.F. Young, which manufactured Absorbine and Absorbine Jr. Five years later, a thorough evaluation of the company resulted in a major step: After 104 years in manufacturing, W.F. Young moved away from manufacturing its products and refocused its efforts to their marketing. More…