The First Bank Center for Family-Owned Businesses held a webinar on August 10th, 2021 covering strategic planning as a foundation for family business succession.
Effective succession in a family business starts with a shared vision and growth strategy for the company. Doing what’s right for the business serves as the best compass on which the eventual transfer of both ownership and management authority should be built. Jim Del Carmen, Partner at Collaborative Strategies Inc, discussed key and useable concepts, including drivers of strategic thinking, central components of a strategic plan, best practices of a high impact planning process, and traction in execution. Rallying family members in the business around a shared picture of the desired future for the company and the win strategy to achieve it will go a long way in proactively preparing and engaging the next generation.
Supporting Document: Strategic Planning as a Foundation for Family Business Succession