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Strategic Planning for The Family Business

Parallel Planning to Unify the Family and Business

  • Randel S. Carlock ,
  • John L. Ward

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Part of the book series: A Family Business Publication (AFBP)

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Table of contents (10 chapters)

Front matter, understanding family business planning, the importance of planning for business families.

  • Randel S. Carlock, John L. Ward

Insights Library

Integrated strategic planning for the family business system.

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Future Family Enterprise Program at MIT Sloan

Planning for growth, unity, and continuity

The Cheshire Cat in Alice in Wonderland teases and provokes Alice, telling her that “if you don’t know where you are going, it doesn’t matter which road you take.” The Cat makes an important point for us, although I would say it positively—it helps immensely to know where you want to go in order to choose the right road to get there. But the Cat (a Zen master of strategic planning) misleads Alice by saying it doesn’t matter which road you take. Even if you are unsure of your exact destination, it does matter which road you take. If you take the “right” road, you are more likely to prosper and survive. Conversely, if you take the “wrong” road, you will need to recover from that mistake and choose a better road going forward. A series of wrong turns generally leads to misfortune and even one’s demise.

In the family business world, the Cat would tell us, it’s important for the business, the owners, and the family in business to know where they are going and to choose the right road to get there. Each of these three groups needs to have a clear mission, vision, values, and goals (a destination) and a strategy to achieve these goals and vision, live by these core values, and fulfill the mission (the “right” road). The members of each group need to be aligned on where the group intends to go and how to behave as a member of the group. When top managers or different groups of employees of a company disagree about mission, vision, values or important goals for the company, the company can become stalled or worse, come apart. The same is true when important owners of the company or family leaders disagree about these things.

Furthermore, because all three groups are interconnected—each influences and relies on the other two—their missions, visions, goals, values, and plans should be aligned, meaning they are consistent and mutually supportive. We all know what happens when the managers and owners of a company struggle over its direction or culture. Or when the family behind a company no longer supports the way the managers run the business. Experience shows that high-performance family businesses are well aligned with the owners and family. Achieving this alignment is the job of integrated strategic planning.

strategic planning for the family business

Strategic planning has long been employed to help a business determine its mission and core values, set important goals and priorities, and create policies and plans. We are comfortable using formal processes and ways of thinking in business. They are seen as indicators of professionalism.

Family ownership groups and families in business, however, are not very accustomed to thinking strategically about their interests or going through a formal process to clarify their missions, values, goals, and plans. Family ownership groups sometimes set goals for dividends but they are less likely to define their mission or vision, clarify their important goals for the business or identify their core values; these topics, however, tend to surface when the owners are disappointed with the performance of the business. Then they ask: what performance and behaviors do we expect from management, or what is it that we really want to achieve by owning this company? Instead of waiting for problems to stimulate these important discussions, it would be helpful to the management of the business, the board of directors, and the family to know the owners’ mission, values, goals, and policies and plans up front. I wish I had a dollar for each time an independent board member of a family business told me: “I wish I knew what the family (the family owners) wanted from this company.”

Likewise, it is helpful to the business and the owners for the family to be clear about the family’s mission, values, goals and plans. Families are, in fact, organizations with many of the same organizational needs as businesses, although families generally don’t think of themselves in this way. Most families in business, for example, see the family as an “organic” group that will evolve in a natural, uncontrollable way. It is true that you don’t have as many levers to control the direction and performance of a family. You have some control over who becomes a member of the family (through birth, adoption or marriage), little control over who leaves the family, and it is undeniably difficult to manage the performance of relatives. But these challenges make it even more important to develop a compelling mission, values, and goals and plans so you can motivate family members to contribute to the family’s interests. High performing families in business teach us that to be successful in business for more than a generation, the family needs this kind of guidance.

COMPONENTS OF A STRATEGIC PLAN

Strategic plans come in many forms but most include:

  • A statement of the mission of the organization—what the organization (business, family, ownership group) intends to be and how it is positioned or distinguished from others. Often, the core values of the organization (the organization’s important behavioral choices) are included in this statement. By developing this statement, groups become clearer about where they are going and if their efforts are leading to the intended destination.
  • A vision statement—how members of the organization see the organization at some point in the future. The vision often mentions the organization’s size, important activities and values, strengths and performance, and the unity of its members.
  • Key goals over the short and medium term, including financial, market, and organizational objectives.
  • A statement of the core values that are at the heart of the organization’s culture—choices the organization makes that define members’ expected behavior. An organization generally only has a small number of “core” values—members of organizations can deviate in their values beyond these central standards. A business’s core values may involve commitments to quality products, innovation, employee loyalty and teamwork. A family might stress individual responsibility, integrity, humility, honesty, and mutual loyalty. An ownership group can prefer long-term loyalty and investment, modest risk, and building a business and business culture the family is proud of.
  • The strategy of an organization is actually the sum of the organization’s actions to achieve its desired aims. To help drive out the right actions, organizations develop policies (rules and guidelines) and plans that hopefully help the organization achieve its goals and advance towards its mission and vision, while living its core values.

THE ART OF INTEGRATED STRATEGIC PLANNING

The components of the business’s, the owners’, and the family’s strategic plans need to be compared to see how aligned they are. Expect to see some differences but inconsistencies need to be examined and minimized. For example, the business may want to reinvest aggressively and want to assume higher debt to achieve its goals of growth or positioning vis-a-vis its competitors, while its owners desire higher dividends and fear higher leverage of the business. These differences can be the result of different missions, visions, goals, values, or policies between the managers of the business and its owners. It is important to understand if the disagreement is a reflection of superficial or deep differences between the two groups and where the disagreement occurs—in their missions and values, or just their policies?

In the family business world it’s important for the business, the owners, and the family in business to know where they are going and to choose the right road to get there.

In a client company I advised for years, the family (owners and non-owners) was upset with the new family leader of the business because he changed the culture of the company in a worrisome way. For decades the culture of this industrial company valued having a very clean work environment—clean floors, tools, and uniforms—and a superb record of safety. When the successor took over running the company, he relaxed the cleanliness standards, claiming that it had nothing to do with safety and also reduced profits unnecessarily. The issue came to a head in the family council where the majority of the family (including the controlling owner) saw this change as a reflection of important differences in mission and core values. Unable to resolve this difference in the family council, the issue was taken to the board where the independent directors sided with the family council and directed the new CEO to comply with the “old” core values of the business and family. When the CEO continued to violate the culture of the family (and other differences in values appeared) he was replaced.

The main point of these two examples is that alignment between the three groups is vital and that true alignment is only verifiable when there is clarity in each group about its mission, vision of the family business system, core values, and key goals. Alignment, itself, is the result of dialogue and commitment to developing a consistent system that will survive for generations.

Professor John A. Davis

John Davis, CFEG

John A. Davis is a globally recognized pioneer and authority on family enterprise, family wealth, and the family office. He is a researcher, educator, author, architect of the field’s most impactful conceptual frameworks, and advisor to leading families around the world. He leads the family enterprise programs at MIT Sloan. To follow his writing and speaking, visit johndavis.com and twitter  @ProfJohnDavis .

strategic planning for the family business

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Strategic Planning for The Family Business: Parallel Planning to Unify the Family and Business (A Family Business Publication) Hardcover – January 1, 2001

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  • Part of series A Family Business Publication
  • Print length 256 pages
  • Language English
  • Publisher Palgrave Macmillan
  • Publication date January 1, 2001
  • Dimensions 6.14 x 0.69 x 9.21 inches
  • ISBN-10 0333947312
  • ISBN-13 978-0333947319
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  • Publisher ‏ : ‎ Palgrave Macmillan; 2001st edition (January 1, 2001)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 256 pages
  • ISBN-10 ‏ : ‎ 0333947312
  • ISBN-13 ‏ : ‎ 978-0333947319
  • Item Weight ‏ : ‎ 1.34 pounds
  • Dimensions ‏ : ‎ 6.14 x 0.69 x 9.21 inches
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About the authors

strategic planning for the family business

John L. Ward

Discover more of the author’s books, see similar authors, read author blogs and more

strategic planning for the family business

Randel S. Carlock

Professor Randel Carlock is a business professor, coach, family therapist, entrepreneur, and former CEO and Chairman of a NASDAQ listed company. Randel’s passion for teaching and real-world experience as an entrepreneur helped him enter the new field of family business. As the first Opus Professor of Family Enterprise, he served as founding director of an award-winning family business research centre at the University of St. Thomas in Minneapolis, Minnesota. As the first Berghmans Lhoist Chaired Professor in Entrepreneurial Leadership at INSEAD, he then served as founding academic director of the Wendel International Centre for Family Enterprise. Randel and the Wendel International Centre won the 2008 Family Firm Institute International Award for outstanding family business education. He has now researched and taught about entrepreneurship, family business, and coaching at INSEAD for 20 years.

He holds Masters, MBA and PhD degrees and has done postgraduate training in family and marriage therapy at the Institute of Psychiatry, King’s College and psychodynamic counseling at Birkbeck College, both in London. He also completed the Art and Practice of Leadership Development at Harvard University’s Kennedy School and Strategic Family Therapy Training at the Mental Research Institute in Palo Alto.

He also advises global business families, banks and corporations on strategy, leadership development, family relationships and governance, specializing in Asia, Europe and the Middle East.

He is author and co-author of several books, articles and case studies, including his latest book A Family Business on the Moon: 24 activities to plan your family and business future, co-authored with Keng-Fun Loh, which represents a completely new style of learning and an exciting departure from his previous academic publications.

In addition, he wrote

When Family Businesses are Best: The Parallel Planning Process for Family Harmony and Business Success with John L. Ward (Macmillan, Autumn 2010).

Family Business on the Couch: A Psychological Perspective with Manfred Kets de Vries and Elizabeth Florent-Treacy (John Wiley and Sons, 2007)

Strategic Planning for the Family Business with John L. Ward (Macmillan, 2003) and

Organization Development in Successful Entrepreneurial Firms (Garland Publishing, 1994)

Achievements

- 2009 European Foundation for Management Education Case Writing Award for "From Swords to Ploughshares: Three Generations of Family Entrepreneurship, Conflict, Transitions and Connection" (with Elizabeth Florent-Treacy).

- 2008 recognized with the Family Firm Institute International Achievement Award for "furthering the understanding of family business issues through educational programs with the primary focus on the work of family businesses crossing international borders".

- Received the 2006 Family Business Network Research Award for the best published family business research article (Family Business Review, March 2005) - "Fair Process: Striving for Justice in Family Firms" (with Ludo Van der Heyden and Christine Blondel)

- Awarded the 2005 IMD-European Foundation for Management Education Family Business Case Writing Award - "The HP-Compaq Merger: A Battle for the Heart and Soul of a Company" (with Elizabeth Florent-Treacy)

University of Minnesota:

- MA in education and training (1976)

- Executive MBA in strategic management (1983)

- PhD (1991) - my doctoral dissertation explored the role of organization development in managing high-growth entrepreneurial firms.

Post graduate certification in family and marriage therapy at the Institute of Psychiatry, King's College, University of London (1998)

Certificate in psycho-dynamic counselling at Birkbeck College, University of London (1999)

Awarded a Certificate in Family Business Advising with Fellow Status (2001) by the Family Firm Institute, Boston (USA).

Personality

Randel is an entertaining and charismatic personality, who brings energy, practicality and sophisticated fun to the complex and often challenging arena of running large family businesses.

He has the ability to bring together intellectual thought leadership with the real world and has a deep understanding of the emotional complexities that often exist, in particular across generations. His extensive training in psychotherapy provides him with the all-important skills to facilitate, with all personalities involved, towards a workable strategic plan.

Randel's expertise allows him to clearly interpret the issues that so often create tensions in family businesses. He has the ability to quickly identify and demystify the challenges and to find and apply innovative and practical strategic solutions with his unbiased external advice and expertise.

The main theme in Randel’s work is the power of learning and personal development in creating deeper meaning in our lives. He believes that we learn 3 ways when we teach: First, from the class we learn how to motivate others; second, we learn about what we are teaching; and last, we learn about ourselves. It’s only when we learn new skills, and more importantly, about ourselves and what we value, that our trajectory towards leadership and making a difference climbs exponentially.

Randel now lives in Singapore. When he’s not teaching on INSEAD’s campuses in Asia (Singapore), Europe (France), and the Middle East (Abu Dhabi)—and now its facility in San Francisco, he tries to connect with his three adult daughters, who live and work in New York, Minneapolis and Muscat, Oman (respectively), at their family cottage in California.

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Plan a Smooth Succession for Your Family Business

  • Amy Castoro
  • Fred Krawchuk

strategic planning for the family business

Research shows that 25% of failed transitions are the result of an unprepared heir.

A central concern of family business leaders is assessing the readiness of the next generation to take over the business. This is critical, because research shows that 25% of failed transitions occur due to a lack of a prepared heir. Taking time to co-design what readiness looks like enables both parties to align and have confidence in their ability to step into leadership roles. Families must bolster the participation of the next generation by giving them more autonomy, embedding high-trust behaviors, and adhering to clear standards of readiness. When done effectively, succession plans provide a pathway for future stability and ease the transition of next generation leaders. Engaging the next generation in business transition planning promotes greater alignment, collaboration, and perhaps most importantly, trust in each other and a shared vision for the future.

In many family businesses, the tension between the eagerness of the next generation’s leaders to take control, and the founding generation’s willingness to relinquish control , is the source of many failed relationships and companies. The founder does not trust the next generation to take on the responsibilities of the business, and the next generation does not sense the empowerment to do so. So, they find themselves at an expensive impasse with family harmony and the future of the business at risk. A lack of a co-designed transition plan can create havoc for a family business when, for example, a founder suddenly suffers a medical limitation that impairs their ability to function optimally, or the next generation throws in the towel because they don’t feel included in the future growth of the business. Based on our research of more than 2,500 families and our collective experience as family business consultants, we’ve found that the following strategies can help family businesses best manage the transition to the next generation.

  • AC Amy Castoro is president and CEO of The Williams Group, a family coaching and consulting firm, and co-author of Bridging Generations: Transitioning Family Wealth and Values for a Sustainable Legacy . Amy advises ultra-high net worth families how to build trust, navigate the challenges of inter-generational wealth transition, manage conflict, design governance strategies, and build sustainable succession plans. Amy is a graduate of Adelphi University, Strozzi Institute, and has trained extensively with Dr. Fernando Flores.
  • FK Fred is a senior family coach and management consultant with The Williams Group. A former U.S. Army Special Forces Colonel and U.S. Department of State Fellow, today Fred draws on his thirty years of experience in over thirty countries to provide relevant expertise to families to improve their strategic thinking, strengthen results through collaboration, and develop resilient ventures that will thrive in today’s fast-paced global environment. Fred is a graduate of the United States Military Academy, Harvard University, and IESE Business School.

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Strategic Planning for The Family Business: Parallel Planning to Unify the Family and Business

  • Managerial Economics, Decision Sciences and Operations

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  • 10.1057/9780230508750

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  • Family Social Sciences 100%
  • Family Business Social Sciences 100%
  • Planning Social Sciences 100%
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T1 - Strategic Planning for The Family Business

T2 - Parallel Planning to Unify the Family and Business

AU - Carlock, Randel S

AU - Ward, John L

N2 - From small start-ups to giant multinationals, from the Mom-and-Pop-owned barbershop to Ford Motor Company, family owned businesses continue to dominate the world economy. Regardless of size, running a successful family firm presents unique challenges, and many fail to survive the transition from one generation to the next. Here is a practical, comprehensive guide to ensuring success through effective strategic planning. The authors provide a wealth of tested, easy-to-follow tools and techniques for mastering strategic planning for family-owned firms. Filled with real world examples, case studies, checklists and planning worksheets, the book shows how to deal with a host of emerging challenges –from new technologies to global markets– by integrating family values and dynamics into sound planning and management.

AB - From small start-ups to giant multinationals, from the Mom-and-Pop-owned barbershop to Ford Motor Company, family owned businesses continue to dominate the world economy. Regardless of size, running a successful family firm presents unique challenges, and many fail to survive the transition from one generation to the next. Here is a practical, comprehensive guide to ensuring success through effective strategic planning. The authors provide a wealth of tested, easy-to-follow tools and techniques for mastering strategic planning for family-owned firms. Filled with real world examples, case studies, checklists and planning worksheets, the book shows how to deal with a host of emerging challenges –from new technologies to global markets– by integrating family values and dynamics into sound planning and management.

U2 - 10.1057/9780230508750

DO - 10.1057/9780230508750

SN - 9780333947319

BT - Strategic Planning for The Family Business

PB - Palgrave Macmillan

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– John L. Ward There have been many studies that speak to the value of strategic planning within businesses as an indicator of more and greater success. John L. Ward, mentioned above, did research with family businesses in 1987, over 36 years ago, that still holds true. Ward tracked companies from the 1920s and studied their progress over a period of 60 years. Through this analysis, he uncovered that planning, adapting, and the ability to change within these businesses appeared to be indicators of greater success and business longevity.

Ward’s research helps to show that many owners seemed to lack a conceptual framework to be able to assess their company and plan for its future. If, however, they embrace the idea of strategic planning, his research shows us that the owners were better able to renew and regenerate their businesses.

Family enterprise practitioners and owners typically recognize that first-generation family businesses, often started by the classic entrepreneurial “founder” personality, generally tend to grow organically and according to the founder’s interests and strengths.

The results of Ward’s study may also reflect the belief by founders that long-term planning for the business and its ownership can be too formal and inflexible. It often isn’t until leadership transitions to the second generation that we find a greater interest in more structured strategic planning. In some cases, it is not until the third generation that the family and the business embrace such planning. “If… [family businesses] embrace the idea of strategic planning, [Ward’s] research shows us that the owners were better able to renew and regenerate their businesses.” As a corollary, when I first entered this field in Toronto, Canada, I joined the local small business organization called the Canadian Federation of Independent Business (CFIB). It was there that I learned the statistics at the time, which indicated that only 10% of independent business owners had a written strategic plan, 40% of independent business owners had a plan “in their heads,” and 50% had only a year-to-year operating plan guiding them. Of course, the larger the business, the more likely it was to have a long-term plan.

Through my work with enterprising families, I have noticed several factors that help to promote strategic planning in an early generation family business. One factor is if the founder has come from a background in large organizations, where planning is more the norm. Another factor is if the founder or second generation have a background, training, or education in business strategy. These two groups seem much more open to the idea of strategic planning and are therefore willing to take the time to work “on the business” as well as “in the business” in a meaningful way.

Suggestions for a practical approach to strategic planning

Family business owners often want a simple and understandable model for strategic planning, to make efficient use of the limited time available to work on their businesses. To match this need for expediency, I have simplified this planning model over time and taken lessons from other industries.

FFI Practitioner: November 13, 2019 cover

According to Mark Twain, “The secret of getting ahead is getting started.” In that light, Rochelle Mendelsohn shares an article that explores the reasons why family enterprises without a strategic plan should consider developing their first and outlines seven tips for advisors working with these organizations throughout the process.

  • Sales and Business Development or Customer Attraction
  • IT and Technology
  • Building Culture and Strategy
  • Succession Planning
  • The Finance Department
  • Human Resources/People Practices
  • Quality and Process Enhancement

Sample One-Page Strategic Plan Summary

Ward, J.L. (1988). The Special Role of Strategic Planning for Family Businesses. Family Business Review, 1 (2). 105–117. https://doi.org/10.1111/j.1741-6248.1988.00105.x

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Strategic Planning For The Family Business: Parallel Planning to Unify the Family and Business

Translated into Spanish. Ediciones Duesto, Bilbao. 2003.

This book introduces the Parallel Planning Process (PPP) - a new way to gather the personal, financial and strategic priorities of both family and business and combine them into a single planning strategy for the family business. The parallel process integrates theory from three fields: (1) commitment (family systems), (2) strategic potential (business strategy) and (3) investment decisions (finance). The authors believe that this is a tool for both improved strategic performance and greater family satisfaction (harmony).

The book is separated into four parts: Part I: Understanding Family Business Planning explores the challenges of business families, discusses how families and businesses are influenced by life cycles and explains how parallel planning can not only help, but transform the family enterprise. Part 2: Planning for the Family reinforces the theme that Family Commitment and a Shared Future Vision are essential for long-term family business success. This series of chapters explains how to plan family participation, and prepare the next generation for leadership and ownership roles. Part 3: Planning for the Business focuses on management content for the business planning process. It shows how to assess the firm's overall Strategic Potential, identify possible market strategies and closes with advice on how to finalize strategy and investment decisions. Then it explains how to unite both working and non-working family members in adoption of this strategy going forward. This section addresses the important question families always have to deal with: Is it appropriate to harvest, invest, sell to or buy out family members with different agendas? Part 4: Integrating the Family and Business Plans is a summary section that shows how an effective board creates a critical link between the views of management and the family throughout the Parallel Planning Process.

strategic planning for the family business

Randel Carlock

Emeritus Senior Affiliate Professor of Entrepreneurship and Family Enterprise

strategic planning for the family business

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Family business, strategic planning and corporate entrepreneurship

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Strategic Planning in the Family Business of the Chinese Community of Mexicali, Baja California, Mexico

Entrepreneurial behavior of family firms in the indian community: adoption of a technology platform as a moderator.

Purpose This study aims to investigate the generalizability of Daniela Weismeier-Sammer’s (2011) replication study on entrepreneurial behavior and extended the model by considering the adoption of a technology platform as a moderator in the Indian family entrepreneurship community. Design/methodology/approach The earlier replication study was conducted in Austria, and this one has been conducted in India with 372 respondents of Indian family firms. The study has used the structural equation modeling technique for analysis purposes. The study has also used multi-group analysis for understanding the moderator impact. Findings Willingness to change, generational involvement, perceived technological opportunities and corporate entrepreneurship for the Indian family business community, along with strategic planning, as a moderating factor, formed the earlier model. In the context of strategic planning, this study observes a similarity, but due to the consideration of the additional moderator, the role of generational involvement has become insignificant. Research limitations/implications This study adds value to the overall body of literature on the family business community, digital entrepreneurship and technology adoption in the family business community. The study provides valuable inputs on the digital entrepreneurship and family business firms which could be used by entrepreneurs, policymakers and practitioners for different purposes. The sample size is small and India specific so the proposed model cannot be generalizable. Originality/value This study has used replication and validation techniques in the digital entrepreneurship community and new venture creation in the Indian context. Very few studies have explored the digital entrepreneurship phenomenon in the Indian family business community context. Also, the use of adoption of technology platform as a moderator enhances the model from the earlier study. Thus, this study is deemed to be a unique research study.

Megatrends in Family Business

The past decade has brought changes in our understanding of family businesses. This article identifies 10 “megatrends,” which are evolving changes fundamental to understanding and working with family businesses. Identified trends include focusing on generational transitions rather than business succession; team management and ownership as a developing norm; the increasing importance of strategic planning in family business; increasing financial sophistication; increasing managerial professionalism; refining retirement; expanding roles for women; increasing sensitivity of professional service providers to family business; and increasing availability and quality of family business education and consulting.

Modelos de planeación estratégica en las empresas familiares (Models of strategic planning in the family business).

<p><strong>RESUMEN</strong></p><p>Esta investigación presenta una revisión de la literatura sobre los modelos de planeación estratégica en las empresas familiares. La planeación estratégica en la empresa familiar es un proceso de diagnóstico, metódico, introspectivo y colectivo, de toma de decisiones, con relación a las actividades actuales y el rumbo que la familia empresaria debe tomar en el futuro para ajustarse a los cambios y demandas del entorno y de su estructura familiar, lo cual ayudará a su continuidad con el paso del tiempo, con resultados empresariales exitosos.</p><p>Toda empresa familiar desea que la familia permanezca como dueña del negocio de generación en generación, para ello se debe planear qué van a hacer para que este deseo se convierta en realidad. Este plan no puede ignorar el plan estratégico de la empresa ni el plan estratégico de la familia, con el fin de que ambas logren, en forma conjunta, las metas que se proponen. Existen varios modelos de planeación estratégica en las empresas familiares que ayudan a la continuidad del negocio familiar.</p><p>  </p><p><strong>ABSTRACT</strong></p><p>This research presents a literature review on models of strategic planning in family businesses. Strategic planning in family business is a decision-making diagnostic process, methodical, introspective and collective, about the current activities of the family business, and the path it should take in the future to adjust to the changes and demands of the environment and the family structure, in order to keep the continuity over time with successful business results.</p><p>Every family company that wants the family to remain as owner of the company from generation to generation, should plan what they will do to make it possible. This plan cannot ignore the strategic business plan and the strategic family plan, so that both jointly achieve the goals proposed.</p>

Research Note: Family Business Consultants—Who We Are, What We Do, and How We Do It

This research note compares data from two surveys of members of the Family Firm Institute conducted during 1990 and 1991 and relates these data to the issues confronting family business as an emerging field. One survey, sent to all Family Firm Institute members, requested demographic data and information pertinent to the Family Firm Institute strategic planning committee. The second survey, sent to those members of Family Firm Institute who self-identified as service professionals, was designed to investigate practice methodology. Prospects for the development of the field are discussed.

Strategic Persistence in Family Business

Using a behavioral theory framework, we argue that family firms are more persistent (less likely to engage in the strategic renewal form of corporate entrepreneurship) in their strategic behaviors over time than nonfamily firms owing to their goals of maintaining family tradition and parsimony. We also argue that family firms controlled by founders or having a family member as Chairman or CEO are more likely to be persistent in their strategies than family firms with different governance structures. Panel regression based on a sample of 8,748 firm-year observations of S&P 1500 manufacturing firms from 1996 to 2013 support our hypotheses.

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How family businesses can cultivate resilient growth

US EY Private Family Enterprise Business Services Managing Director

Experienced advisor to multi-generational, family controlled, upper middle market companies. Husband, father of four, grandfather of two. Enjoy travel, performance cars, shooting, history and wine.

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Trusted advisor to business-owning families who are focused on building larger, more valuable businesses for next generation ownership and beyond.

Robert (Bobby) Stover, Jr.

Show resources, family businesses are operating in a new economic environment that requires rethinking business strategy to deliver ongoing growth and profitability..

  • To grow over the long term, family businesses need to reexamine their strategic positioning within a rapidly changing business environment.
  • Awareness of new S-curve trends, including supply chain disruption, exponential technologies and talent constraints, are creating a new competitive arena.
  • Businesses should refocus strategic planning and reassess needed capabilities for growth to avoid interference from the new S-curve and related megatrends.

T he extent and speed of change are now upending long-held assumptions about global economics, competitive environments and business models. This is especially relevant for family businesses, whose owners wish to build businesses for the long term. Since the pandemic, almost unnoticed, a new economic S-curve has replaced the post-World War II S-curve.

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A line chart depicting the new S-curve. The x-axis ranges from 1950 to 2030. The y-axis depicts the US average age of fixed assets in years, ranging from 19 to 28.

The post-war S-curve is gradual, starting off slow at the bottom of the "S" as new technologies are introduced. It then shoots up dramatically in the middle of the curve as adoption becomes widespread, representing a period of high growth. Finally, it levels off at the top of the "S" as the market becomes saturated and growth slows.

The new S-curve is much more dramatic, starting after the COVID-19 pandemic and rising rapidly. It is driving a global reset in which long-term trends, once viewed over a distant horizon, are transforming every domain from consumer behavior to the nature of work.

It is now accelerating and bringing new challenges that affect the growth or profitability for many family businesses. While the challenges will be different for any given company, it’s clear that family businesses are now operating in a world that requires a reexamination of strategic priorities to avoid disruption, remain competitive and to fulfill their owners’ long-term ambitions.

“Family businesses that act now to address macroeconomic and operational changes in their strategic planning will be better positioned to support increased resilience and sustainable growth,” says Bobby Stover, EY Americas Family Enterprise and Family Office Leader.

Disruptive trends 

The new S-curve trends impacting business growth strategy include regulatory burdens or lapses, changing customer and vendor expectations, ESG emphasis from capital providers, deglobalization and decivilization, shifts in the geopolitical climate, shifts in monetary policy, and demographic changes. Three trends are highlighted and discussed in this article: technology advances and disruption, supply chain disruption, and talent management and succession.

Three key S-curve trends

Although a business growth strategy should account for any of the relevant new S-curve challenges, many family enterprises are assessing these three trends to more effectively compete in a rapidly changing world.

1. Supply chain disruption

Deglobalization, growing geopolitical unrest and tightening international trade regulations are impacting businesses and their ability to compete and maintain reliable supply chains. Such trends are forcing countries and regions to consider shifting where their goods are made or to better secure their food and energy sources, which can require choosing new suppliers or trading partners.

Restrictive tariffs, embargoes, import/export regulations, and the threat of conflict in regions that produce key minerals, raw materials and component parts critical to the manufacture of domestic products present a challenge to businesses in forecasting and planning efficient supply chain operations.

2. Technological advances and digital disruption

The advances and convergence of exponential technologies including generative artificial intelligence (GenAI), machine learning (ML) and other new technologies have introduced faster, more cost-efficient automation tools and robotics to streamline repetitive and time-consuming tasks with accuracy and efficiency. These new technologies are disrupting business-owning families through the reshaping of consumer behavior, use of automation and artificial intelligence, digital transformation, cybersecurity concerns, and industry-specific technological advancements. These disruptions present both challenges and opportunities, requiring businesses to understand, adapt, innovate and embrace technological advancements.

GenAI and ML algorithms enable businesses to automate various processes, reducing human intervention, while robotics has facilitated physical automation, allowing for repetitive and labor-intensive (and often dangerous) tasks to be performed with greater speed, accuracy and consistency. Further, data-driven decision-making that uses AI platforms to analyze vast amounts of data and identify patterns, trends and insights that humans may not easily detect will be required to remain competitive.

Assessing how automation can be harnessed to augment human capabilities, retrain employees for higher-value tasks, overhaul or streamline businesses processes, and ensure a smooth transition for their workforce in the face of technological disruptions will be required to remain competitive in today’s rapidly evolving business landscape.

3. Talent management and succession

Changing demographics, including the reshoring of jobs at the time of a retiring baby boomer workforce, the US population migration and shifting generational preferences have an impact on the availability of talent — and their expectations. Technology advancements and evolving job requirements to meet the enterprise’s future competitive and strategic needs have also created a widening skills and experience gap.

To remain competitive for talent, family businesses should prioritize establishing a strong employer brand, providing opportunities for employee development and advancement, cultivating a positive work culture with a focus on employee engagement and retention, embracing flexible work arrangements, nurturing a strong leadership pipeline through training and cross-functional experience, and seeking continuous feedback and adaptation. By prioritizing these actions, businesses can attract and retain top talent while enhancing their competitive advantage in the market and driving long-term success.

Four tips to adapt to new S-curve trends

Refocusing the traditional strategic planning process to emphasize the impact of new S-curve trends can equip family enterprise leaders for these challenges and others, while helping their businesses to endure and stay in the family for generations.

1. Assess current capabilities

As part of the strategic planning process, it’s important to assess your current capabilities relative to the rapidly changing environment and your future aspirations. By examining the enterprise’s strengths and weaknesses, you will be better able to determine what skills and resources are required to meet your future aspirations. Make certain that persons involved in your strategic planning process are using the right internal and external data to form their vision.

2. Mitigate supply chain disruption

Examine your supply chain risk with an understanding of challenges posed by deglobalization, regulatory barriers and geopolitical threats. Consider shortening and/or diversifying the supply chain to mitigate the impact of supplier-related risks and develop a more reliable and resilient supply chain.

3. Understand and leverage new technology

Determine what skills or resources may be enhanced or augmented by adopting new technologies while retraining employees for higher-value tasks. These can include GenAI tools, software and robotics, such as algorithms and ML techniques, to automate processes and remain competitive.

4. Develop talent and plan for succession

Make sure your business and operational governance systems are focused on implementing flexible talent management and training systems that oversee the entire employee lifecycle and work-life balance, from recruitment to performance management, professional development and succession leadership. These systems can support retention and prepare leadership for periods of transition.

Cultivating a more valuable and resilient family enterprise in the new S-curve environment is required for ongoing business growth and minimized disruption. In turn, developing a business growth strategy to meet these challenges starts with assessing your current capabilities relative to your future aspirations, using relevant data when examining the enterprise’s strengths and weaknesses, and determining what skills, resources and technological tools will be required for future aspirations to be realized. With that information, a family enterprise can clarify strategic priorities, opportunities and challenges and build an action plan that can help achieve increased resilience and sustainable growth.

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Examples logo

Family Strategic Plan

familyimage

To prepare plans for your family ahead of time is undeniably a wise decision. Anything can happen, good or bad, at any time without warning. Considering all that, it is always better to be safe than sorry. There are a multitude of things you can do to prepare for your family’s future financially, health-wise, and calamity-wise. The things you will see and read below are some of the strategic plans you can acknowledge as guides for you to be able to have a better, healthier, and happier life for your family.

Family Strategic Plans Templates and Examples

1. family fatherhood strategic plan.

family strategic plan fatherhood

Size: 8.4 MB

Everybody knows being a mother is no easy task, but being a father is not a walk in the park either. This family strategic plan aims to provide fathers the support they need to properly be the man of the house. To balance out the required professional life for the sake of financial security, and the family, personal life for the sake of strengthening your family’s bond.

2. Family Mental Health Strategic Plan

family mental health strategic plan2

Mental health is a very serious topic, but some people put a stigma on it that a lot of people end up being not comfortable talking about it. Children with mental health issues find it difficult to open up to their parents, and that’s what this strategic plan is trying to fix. Parents should always open up their ears, hearts, and arms to their children who are suffering from mental health problems.

3. Strategic Plan for Family Business

strategic planning for family business1

Size: 559 KB

A family business is a great way to support your family and secure your financial future. A family business is not an easy thing to sustain, however. Reading up on family business strategic planning may just help you keep that business afloat, and maybe, hopefully, make it become successful in the future.

4. Family Support Strategic Plan

family support network strategic plan1

Size: 1.8 MB

This strategic plan aims to support the families on their necessities to be able to get by. In the beginning, not everyone is blessed with enough resources to fully sustain their family. This strategic plan provides opportunities, plans, health and safety options for families to adhere to.

5. Children and Families Strategic Plan

children families strategic plan1

Size: 21 MB

Handling children, especially for first-time parents, is a super stressful and difficult task. Your infant’s time table can be very unpredictable and they always require immediate comfort or else they will keep crying all night and, in turn, will keep you up and awake all night. These parents who find difficulty in handling these children will need support, thus the purpose of this strategic plan. Keep in mind, it may be difficult to handle an unsettled child for now, but know it will all be worth it in the end.

6. Family Strategic Plan

family strategic plan1

A family strategic plan that aims to help solve some of the most prevalent roadblocks and issues in raising a family in a proper and healthy manner such as poverty, and the importance of education . To secure our family completely is to start fixing the things that need fixing starting from the bottom up.

7. Territory Family Strategic Planning

territory families strategic plan1

Size: 6.7 MB

This family strategic plan from the northern territory families is a 3-year plan, mostly to support and protect the children of the household. This is a good strategic plan to adhere to, because your children is always the staple of your family. Fathers and mothers work hard to provide for their children so they can grow up to be responsible, successful adults who are beneficial to the community.

8. Family Hotel Business Strategic Planning

family hotel business strategic planning1

Size: 278 KB

A hotel business can be a good source of financial stability for your family. Keeping that kind of business, however, can be a very ambitious notion. Like all family businesses or just businesses in general, the beginning of a business is crucial to its eventual fate. So make sure you can handle the business early on, as that can indicate whether the hotel business you started out to help support your family is sustainable in the long run.

9. Family Support and Child Protection Strategic Planning

family and child strategic plan1

Size: 477 KB

This family strategic plan puts the welfare of the family for the sake of their children’s protection at it’s forefront. Though there are a lot of ways to protect your children, there is no arguing in saying that the parents need to be capable financially, mentally, physically, and spiritually in order to really keep their children and the entire family safe.

10. Family Strategic Plan for Early Childhood Development

strategic plan for early childhood dev1

Size: 744 KB

How a child is treated in his or her early years can be a major influence on how that child will grow up to be. That is why parents must be extremely careful of their treatment to the child. And although it is not intentional, some parents can mess up one way or another in this stage simply because they lack the knowledge and experience. Understandably, that is not entirely their fault. Reading up on strategic plans such as this can really help the parents to get better in that aspect.

Keeping their family safe is a parent’s most important mission. To keep them safe from harm, sickness, and starvation. A family is something you build up from nothing, so do not wait for an unfortunate event to happen before you start acting upon it. Do something about it before the unfortunate event happens, and you may just save yourself from a massive predicament. Being financially, mentally, and physically secure are just some of the things you need to be in order to protect your family. Be sure to read up and adhere to family strategic plans not only for yourself but your spouse and children.

strategic planning for the family business

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College of Nursing

Driving change: a case study of a dnp leader in residence program in a gerontological center of excellence.

View as pdf A later version of this article appeared in Nurse Leader , Volume 21, Issue 6 , December 2023 . 

The American Association of Colleges of Nursing (AACN) published the Essentials of Doctoral Education for Advanced Practice Nursing in 2004 identifying the essential curriculum needed for preparing advanced practice nurse leaders to effectively assess organizations, identify systemic issues, and facilitate organizational changes. 1 In 2021, AACN updated the curriculum by issuing The Essentials: Core Competencies for Professional Nursing Education to guide the development of competency-based education for nursing students. 1 In addition to AACN’s competency-based approach to curriculum, in 2015 the American Organization of Nurse Leaders (AONL) released Nurse Leader Core Competencies (updated in 2023) to help provide a competency based model to follow in developing nurse leaders. 2

Despite AACN and AONL competency-based curriculum and model, it is still common for nurse leaders to be promoted to management positions based solely on their work experience or exceptional clinical skills, rather than demonstration of management and leadership competencies. 3 The importance of identifying, training, and assessing executive leaders through formal leadership development programs, within supportive organizational cultures has been discussed by national leaders. As well as the need for nurturing emerging leaders through fostering interprofessional collaboration, mentorship, and continuous development of leadership skills has been identified. 4 As Doctor of Nursing Practice (DNP) nurse leaders assume executive roles within healthcare organizations, they play a vital role within complex systems. Demonstration of leadership competence and participation in formal leadership development programs has become imperative for their success. However, models of competency-based executive leadership development programs can be hard to find, particularly programs outside of health care systems.

The implementation of a DNP Leader in Residence program, such as the one designed for The Barbara and Richard Csomay Center for Gerontological Excellence, addresses many of the challenges facing new DNP leaders and ensures mastery of executive leadership competencies and readiness to practice through exposure to varied experiences and close mentoring. The Csomay Center , based at The University of Iowa, was established in 2000 as one of the five original Hartford Centers of Geriatric Nursing Excellence in the country. Later funding by the Csomay family established an endowment that supports the Center's ongoing work. The current Csomay Center strategic plan and mission aims to develop future healthcare leaders while promoting optimal aging and quality of life for older adults. The Csomay Center Director created the innovative DNP Leader in Residence program to foster the growth of future nurse leaders in non-healthcare systems. The purpose of this paper is to present a case study of the development and implementation of the Leader in Residence program, followed by suggested evaluation strategies, and discussion of future innovation of leadership opportunities in non-traditional health care settings.

Development of the DNP Leader in Residence Program

The Plan-Do-Study-Act (PDSA) cycle has garnered substantial recognition as a valuable tool for fostering development and driving improvement initiatives. 5 The PDSA cycle can function as an independent methodology and as an integral component of broader quality enhancement approaches with notable efficacy in its ability to facilitate the rapid creation, testing, and evaluation of transformative interventions within healthcare. 6 Consequently, the PDSA cycle model was deemed fitting to guide the development and implementation of the DNP Leader in Residence Program at the Csomay Center.

PDSA Cycle: Plan

Existing resources. The DNP Health Systems: Administration/Executive Leadership Program offered by the University of Iowa is comprised of comprehensive nursing administration and leadership curriculum, led by distinguished faculty composed of national leaders in the realms of innovation, health policy, leadership, clinical education, and evidence-based practice. The curriculum is designed to cultivate the next generation of nursing executive leaders, with emphasis on personalized career planning and tailored practicum placements. The DNP Health Systems: Administration/Executive Leadership curriculum includes a range of courses focused on leadership and management with diverse topics such as policy an law, infrastructure and informatics, finance and economics, marketing and communication, quality and safety, evidence-based practice, and social determinants of health. The curriculum is complemented by an extensive practicum component and culminates in a DNP project with additional hours of practicum.

New program. The DNP Leader in Residence program at the Csomay Center is designed to encompass communication and relationship building, systems thinking, change management, transformation and innovation, knowledge of clinical principles in the community, professionalism, and business skills including financial, strategic, and human resource management. The program fully immerses students in the objectives of the DNP Health Systems: Administration/Executive Leadership curriculum and enables them to progressively demonstrate competencies outlined by AONL. The Leader in Residence program also includes career development coaching, reflective practice, and personal and professional accountability. The program is integrated throughout the entire duration of the Leader in Residence’s coursework, fulfilling the required practicum hours for both the DNP coursework and DNP project.

The DNP Leader in Residence program begins with the first semester of practicum being focused on completing an onboarding process to the Center including understanding the center's strategic plan, mission, vision, and history. Onboarding for the Leader in Residence provides access to all relevant Center information and resources and integration into the leadership team, community partnerships, and other University of Iowa College of Nursing Centers associated with the Csomay Center. During this first semester, observation and identification of the Csomay Center Director's various roles including being a leader, manager, innovator, socializer, and mentor is facilitated. In collaboration with the Center Director (a faculty position) and Center Coordinator (a staff position), specific competencies to be measured and mastered along with learning opportunities desired throughout the program are established to ensure a well-planned and thorough immersion experience.

Following the initial semester of practicum, the Leader in Residence has weekly check-ins with the Center Director and Center Coordinator to continue to identify learning opportunities and progression through executive leadership competencies to enrich the experience. The Leader in Residence also undertakes an administrative project for the Center this semester, while concurrently continuing observations of the Center Director's activities in local, regional, and national executive leadership settings. The student has ongoing participation and advancement in executive leadership roles and activities throughout the practicum, creating a well-prepared future nurse executive leader.

After completing practicum hours related to the Health Systems: Administration/Executive Leadership coursework, the Leader in Residence engages in dedicated residency hours to continue to experience domains within nursing leadership competencies like communication, professionalism, and relationship building. During residency hours, time is spent with the completion of a small quality improvement project for the Csomay Center, along with any other administrative projects identified by the Center Director and Center Coordinator. The Leader in Residence is fully integrated into the Csomay Center's Leadership Team during this phase, assisting the Center Coordinator in creating agendas and leading meetings. Additional participation includes active involvement in community engagement activities and presenting at or attending a national conference as a representative of the Csomay Center. The Leader in Residence must mentor a master’s in nursing student during the final year of the DNP Residency.

Implementation of the DNP Leader in Residence Program

PDSA Cycle: Do

Immersive experience. In this case study, the DNP Leader in Residence was fully immersed in a wide range of center activities, providing valuable opportunities to engage in administrative projects and observe executive leadership roles and skills during practicum hours spent at the Csomay Center. Throughout the program, the Leader in Residence observed and learned from multidisciplinary leaders at the national, regional, and university levels who engaged with the Center. By shadowing the Csomay Center Director, the Leader in Residence had the opportunity to observe executive leadership objectives such as fostering innovation, facilitating multidisciplinary collaboration, and nurturing meaningful relationships. The immersive experience within the center’s activities also allowed the Leader in Residence to gain a deep understanding of crucial facets such as philanthropy and community engagement. Active involvement in administrative processes such as strategic planning, budgeting, human resources management, and the development of standard operating procedures provided valuable exposure to strategies that are needed to be an effective nurse leader in the future.

Active participation. The DNP Leader in Residence also played a key role in advancing specific actions outlined in the center's strategic plan during the program including: 1) the creation of a membership structure for the Csomay Center and 2) successfully completing a state Board of Regents application for official recognition as a distinguished center. The Csomay Center sponsored membership for the Leader in Residence in the Midwest Nurse Research Society (MNRS), which opened doors to attend the annual MNRS conference and engage with regional nursing leadership, while fostering socialization, promotion of the Csomay Center and Leader in Residence program, and observation of current nursing research. Furthermore, the Leader in Residence participated in the strategic planning committee and engagement subcommittee for MNRS, collaborating directly with the MNRS president. Additional active participation by the Leader in Residence included attendance in planning sessions and completion of the annual report for GeriatricPain.org , an initiative falling under the umbrella of the Csomay Center. Finally, the Leader in Residence was involved in archiving research and curriculum for distinguished nursing leader and researcher, Dr. Kitty Buckwalter, for the Benjamin Rose Institute on Aging, the University of Pennsylvania Barbara Bates Center for the Study of the History of Nursing, and the University of Iowa library archives.

Suggested Evaluation Strategies of the DNP Leader in Residence Program

PDSA Cycle: Study

Assessment and benchmarking. To effectively assess the outcomes and success of the DNP Leader in Residence Program, a comprehensive evaluation framework should be used throughout the program. Key measures should include the collection and review of executive leadership opportunities experienced, leadership roles observed, and competencies mastered. The Leader in Residence is responsible for maintaining detailed logs of their participation in center activities and initiatives on a semester basis. These logs serve to track the progression of mastery of AONL competencies by benchmarking activities and identifying areas for future growth for the Leader in Residence.

Evaluation. In addition to assessment and benchmarking, evaluations need to be completed by Csomay Center stakeholders (leadership, staff, and community partners involved) and the individual Leader in Residence both during and upon completion of the program. Feedback from stakeholders will identify the contributions made by the Leader in Residence and provide valuable insights into their growth. Self-reflection on experiences by the individual Leader in Residence throughout the program will serve as an important measure of personal successes and identify gaps in the program. Factors such as career advancement during the program, application of curriculum objectives in the workplace, and prospects for future career progression for the Leader in Residence should be considered as additional indicators of the success of the program.

The evaluation should also encompass a thorough review of the opportunities experienced during the residency, with the aim of identifying areas for potential expansion and enrichment of the DNP Leader in Residence program. By carefully examining the logs, reflecting on the acquired executive leadership competencies, and studying stakeholder evaluations, additional experiences and opportunities can be identified to further enhance the program's efficacy. The evaluation process should be utilized to identify specific executive leadership competencies that require further immersion and exploration throughout the program.

Future Innovation of DNP Leader in Residence Programs in Non-traditional Healthcare Settings

PDSA Cycle: Act

As subsequent residents complete the program and their experiences are thoroughly evaluated, it is essential to identify new opportunities for DNP Leader in Residence programs to be implemented in other non-health care system settings. When feasible, expansion into clinical healthcare settings, including long-term care and acute care environments, should be pursued. By leveraging the insights gained from previous Leaders in Residence and their respective experiences, the program can be refined to better align with desired outcomes and competencies. These expansions will broaden the scope and impact of the program and provide a wider array of experiences and challenges for future Leaders in Residency to navigate, enriching their development as dynamic nurse executive leaders within diverse healthcare landscapes.

This case study presented a comprehensive overview of the development and implementation of the DNP Leader in Residence program developed by the Barbara and Richard Csomay Center for Gerontological Excellence. The Leader in Residence program provided a transformative experience by integrating key curriculum objectives, competency-based learning, and mentorship by esteemed nursing leaders and researchers through successful integration into the Center. With ongoing innovation and application of the PDSA cycle, the DNP Leader in Residence program presented in this case study holds immense potential to help better prepare 21 st century nurse leaders capable of driving positive change within complex healthcare systems.

Acknowledgements

         The author would like to express gratitude to the Barbara and Richard Csomay Center for Gerontological Excellence for the fostering environment to provide an immersion experience and the ongoing support for development of the DNP Leader in Residence program. This research did not receive any specific grant from funding agencies in the public, commercial, or not-for-profit sectors.

  • American Association of Colleges of Nursing. The essentials: core competencies for professional nursing education. https://www.aacnnursing.org/Portals/42/AcademicNursing/pdf/Essentials-2021.pdf . Accessed June 26, 2023.
  • American Organization for Nursing Leadership. Nurse leader core competencies. https://www.aonl.org/resources/nurse-leader-competencies . Accessed July 10, 2023.
  • Warshawsky, N, Cramer, E. Describing nurse manager role preparation and competency: findings from a national study. J Nurs Adm . 2019;49(5):249-255. DOI:  10.1097/NNA.0000000000000746
  • Van Diggel, C, Burgess, A, Roberts, C, Mellis, C. Leadership in healthcare education. BMC Med. Educ . 2020;20(465). doi: 10.1186/s12909-020-02288-x
  • Institute for Healthcare Improvement. Plan-do-study-act (PDSA) worksheet. https://www.ihi.org/resources/Pages/Tools/PlanDoStudyActWorksheet.aspx . Accessed July 4, 2023.
  • Taylor, M, McNicolas, C, Nicolay, C, Darzi, A, Bell, D, Reed, J. Systemic review of the application of the plan-do-study-act method to improve quality in healthcare. BMJ Quality & Safety. 2014:23:290-298. doi: 10.1136/bmjqs-2013-002703

Return to College of Nursing Winter 23/24 Newsletter

IMAGES

  1. The Importance of Strategic Planning for a Family Business

    strategic planning for the family business

  2. Family Business: Strategic Planning at its Core

    strategic planning for the family business

  3. Family Strategic Plan

    strategic planning for the family business

  4. Integrated Strategic Planning for the Family Business System

    strategic planning for the family business

  5. Strategic Planning for The Family Business

    strategic planning for the family business

  6. (PDF) Strategic planning for the family in business

    strategic planning for the family business

VIDEO

  1. It Takes a Village to Close a Loan: Build Strategic Partnerships

  2. Why Hasn't the Market Collapsed in 2023?

  3. Financial Advice: Family Planning

  4. Family planning

  5. Worst Case Scenario Estate Planning Situation #shorts

  6. The Importance of Family Businesses & The Purpose of The Forum

COMMENTS

  1. Strategic Planning for The Family Business

    Strategic Planning for The Family Business: Parallel Planning to Unify the Family and Business | SpringerLink Book © 2001 Strategic Planning for The Family Business Parallel Planning to Unify the Family and Business Home Book Authors: Randel S. Carlock , John L. Ward Part of the book series: A Family Business Publication (AFBP) 1589 Accesses

  2. Strategic Planning for the Family Business

    Strategic Planning for the Family Business: Parallel Planning to Unite the Family and Business Randel S. Carlock, Craig E Aronoff Palgrave Macmillan, Apr 21, 2001 - Business & Economics -...

  3. Integrated Strategic Planning for the Family Business System

    Strategic planning has long been employed to help a business determine its mission and core values, set important goals and priorities, and create policies and plans. We are comfortable using formal processes and ways of thinking in business. They are seen as indicators of professionalism.

  4. Strategic Planning for The Family Business: Parallel Planning to Unify

    Amazon.com: Strategic Planning for The Family Business: Parallel Planning to Unify the Family and Business (A Family Business Publication): 9780333947319: Carlock, Randel S.: Books Books › Business & Money Buy new: $70.98 List Price: $79.77 Details Save: $8.79 (11%) $3.95 delivery August 2 - 4. Details Select delivery location

  5. How Strategic Planning Can Boost Your Family Business

    Strategic planning is a process of setting long-term goals, analyzing the current situation, and developing actions to achieve the desired outcomes. For family businesses, strategic...

  6. Plan a Smooth Succession for Your Family Business

    Plan a Smooth Succession for Your Family Business. Summary. A central concern of family business leaders is assessing the readiness of the next generation to take over the business. This is ...

  7. Strategic Planning for The Family Business: Parallel Planning to Unify

    T1 - Strategic Planning for The Family Business. T2 - Parallel Planning to Unify the Family and Business. AU - Carlock, Randel S. AU - Ward, John L. PY - 2001. Y1 - 2001. N2 - From small start-ups to giant multinationals, from the Mom-and-Pop-owned barbershop to Ford Motor Company, family owned businesses continue to dominate the world economy.

  8. Strategic Planning for The Family Business: Parallel Planning to Unify

    "Strategic Planning for the Family Business is a very thoughtful and valuable book. It offers a superb kaleidoscope of the dynamics of the family business. Professors Carlock and Ward's notion of the Parallel Planning Process turns out to be a highly original and extremely effective way of diagnosing and intervening in such complex ...

  9. Strategic Planning for the Family Business, Parallel Planning to Unify

    During the gradual involvement of the successor in the family business, knowledge related to the vision of the family and the implementation of the strategic goal is passed on to him, i.e.,...

  10. Strategic Planning for The Family Business: Parallel Planning to Unify

    PART 1: UNDERSTANDING FAMILY BUSINESS PLANNING The Importance of Planning for Business Families The Parallel Planning Process PART 2: PLANNING FOR THE FAMILY Securing Family Commitment Encouraging Family Participation Preparing the Next Generation of Family Managers and Leaders Developing Effective Ownership PART 3: PLANNING FOR THE BUSINESS Assessing the Firm's Strategic Potential Exploring ...

  11. Developing a Winning Strategy for Family and Business: The Parallel

    Parallel planning for the family and the business will ensure that the strategic direction of the business is aligned with the overall goals of the family. When a family has a long-range vision for itself as owners of a business that is strategically positioned to support its goals for generations to come, patient capital is more readily made ...

  12. A Simple Model for Strategic Planning in Family Businesses

    Strategic Planning - for both business and family - can help to strengthen the family enterprise and extend its lifespan. - John L. Ward There have been many studies that speak to the value of strategic planning within businesses as an indicator of more and greater success.

  13. Strategic Planning For The Family Business: Parallel Planning

    Translated into Spanish. Ediciones Duesto, Bilbao. 2003. This book introduces the Parallel Planning Process (PPP) - a new way to gather the personal, financial and strategic priorities of both family and business and combine them into a single planning strategy for the family business.

  14. PDF Strategic Planning in Family Business: A Powerful Developmental Tool

    Strategic planning is an explicit and ongoing organizational process (Armstrong, 1982) that includes several stages in large corporations: plan-ning guidelines, drafting a business plan, discus-sion with corporate, revising the business plan, setting an annual capital and operating budget, Strategic Planning in Family Business 241

  15. Family business, strategic planning and corporate entrepreneurship

    This article argues that family business centers need to align themselves with their universities' missions through strategic planning. It further argues that in most cases this means building the program on an academic base of either teaching or research. Part of establishing that base includes analyzing the balance among teaching, research ...

  16. Strategic Planning

    What we do Strategic Planning Your family and business have different goals. Plan for both. Families are about people and businesses are about money, so tensions between the two are inevitable.

  17. How family businesses can cultivate resilient growth

    It is now accelerating and bringing new challenges that affect the growth or profitability for many family businesses. While the challenges will be different for any given company, it's clear that family businesses are now operating in a world that requires a reexamination of strategic priorities to avoid disruption, remain competitive and to fulfill their owners' long-term ambitions.

  18. Strategic Management of the Family Business: Past Research and Future

    In general, this literature is dominated by descriptive articles that typically focus on family relationships. However, the literature does not usually address how these relationships affect the performance of a family business. Taking a strategic management perspective, we outline a new set of objectives for family-business research.

  19. Strategic planning for the family business : Randel S. Carlock : Free

    Strategic planning for the family business by Randel S. Carlock Publication date 2001 Topics Family-owned business enterprises -- Planning -- Handbooks, manuals, etc, Businesspeople -- Family relationships -- Handbooks, manuals, etc Publisher Palgrave Collection inlibrary; printdisabled; internetarchivebooks Contributor Internet Archive Language

  20. PDF The Special Role of Strategic Planning for Family Businesses

    Strategic planning—for both business and family—can help to strengthen the family enterprise and extend its lifespan. Strategic planning for family-owned businesses differs from planning for other types of companies largely because the family firm must incorporate family issues into its thinking.

  21. The strategic way to do your planning

    Barbara Spector is Family Business Magazine's editor-at-large. Family businesses face extra challenges when it comes to strategic planning because they must address family as well as business issues. Too many family firms schedule multiple planning meetings and still end up with a failed plan, because they didn't approach the process properly.

  22. Strategic Planning for The Family & Business

    Strategic planning is a common best practice in business today. Family businesses pursue strategic planning processes like those found in other companies. Professional managers work closely with boards of directors to develop the vision, mission, and goals of the business.

  23. Strategic Planning for the Family Business: Parallel Planning to Unify

    Strategic Planning for the Family Business: Parallel Planning to Unify the Family and Business. By Randel S. Carlock John L. Ward, MBA '69, PhD '73. Palgrave Global Publishing. 2001. Help for business families who strive for improved strategic performance and family harmony. Related Related.

  24. Family Strategic Plan

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