Shared Vision

by Leslie Dashew

In my many years of specializing in work with family businesses and families of wealth, I have found that the single most important indicator of success for these families is a shared vision. When a family shares a clearly articulated picture of the future, they have the foundation for making decisions about the use of resources, for selecting members to carry out responsibilities and for creating guidelines on how the family will function.

When members of a family understand that they are all trying to achieve the same objectives and they recognize their interdependence, they take better care of their relationships. This process is especially important for families who share ownership of active or passive assets and/or when overall leadership is shared by more than one person. More…

Little Things Can Mean A Lot (Improving Operational Effectiveness)

Doud Hausner and Associates

We often speak of our “Five Transitions” view of succession planning for family businesses. These transitions involve:the Business, the Founder (or current leader), Management, Ownership, and your Estate Plan. Experience proves that effective planning and implementation of these five transitions are the keys to finding the “success” in succession planning.

The business transition has two basic components–operational effectiveness and strategic positioning. We are going to begin at the beginning and take a closer look at operational effectiveness. Whether or not it is your family’s vision to perpetuate family ownership into the next generation, your interests are best served if you take every opportunity to optimize operations effectiveness and profitability. Not sure where to start? Here are some simple keys to getting it done. More…