Faculty Publications

Strategic Planning for the Family Business: Parallel Planning to Unify the Family and Business
by Randel S. Carlock and John L. Ward

Family-business planning has traditionally centered on two issues—estate planning and succession. These goals are far too limited for today's family firm. Business families want to turn the business not only into a tool for profit, but one for self-expression, innovation, and legacy. The authors introduce the new concept of the Parallel Planning Process, explaining how to integrate the needs and expectations of the family and business systems in order to create an organic and entrepreneurial unit. This new model of family business thinking demonstrates how the family's commitment and the business' strategic potential influence the family's investment decisions. Planning and decision-making templates are included as well as studies of well-known family businesses.