How Family Businesses Can Use Strategic Planning to Promote Positive Change

 

How Family Businesses Can UseNortheastern University
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…

Reality Based: Reinventing A Family

Reality Based: UMass
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…