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Palgrave Macmillan

Preparing Your Family Business for Strategic Change

ISBN 9780230303614
Publication Date December 2010
Formats Ebook (EPUB) Paperback 
Publisher Palgrave Macmillan
Series A Family Business Publication

Strategies for family firms, unlike those of other businesses, can and should incorporate family factors. Responsible and disciplined strategic integration of family and business goals, strengths and values produces powerful results.


In Preparing Your Family Business For Strategic Change, you'll learn:

* How to reach your family business's strategic potential

* How to make change your tradition

 * How to prevent past successes from limiting future ones

* How to recognize and use your family business's advantages

* How to overcome family business disadvantages

* How to depersonalize successes to benefit the business and the family

* How to create a strategic culture


Creating and implementing successful family business strategy is no abstract planning process.  It requires family business leaders to understand the real reasons for success, to create a culture of change, and to manage incremental strategic experiments in ways that consistently stimulate strategic thinking. Preparing Your Family Business For Strategic Change shows you how.

Craig E. Aronoff is Co-founder, Principal, and Chairman of the Board of The Family Business Consulting Group, Inc., the founder of the Cox Family Enterprise Center and current Professor Emeritus at Kennesaw State University. He invented and implemented the membership-based, professional-service-provider sponsored Family Business Forum, which has served as a model of family business education for universities world-wide.

John L. Ward is Co-founder of the Family Business Consulting Group Inc. He is Clinical Professor at the Kellogg School of Management and teaches strategic management, business leadership and family enterprise continuity.

PREFACE - Shorter life expectancy of strategies - The Family Factor * PART 1: REACHING YOUR FAMILY BUSINESS' STRATEGIC POTENTIAL The leader's job is no longer just to create strategy.  The leader's job is to ensure that the organization stays fresh strategically.  The difference is profound. - Sorting through Mixed Signals - Understanding the Family Business Strategic Path - Getting to the Next Phase * PART 2: DEMYSTIFYING PAST SUCCESS Once the business starts taking off, the factors that brought success tend to become institutionalized into a rigid strategy and structure.  That dampens, not enhances, future growth. Unleashing Strategy and Structure - Loosening Rigid Strategies - Making Change Part of Tradition * PART 3: PREVENTING PAST BUSINESS STRATEGY FROM LIMITING FUTURE SUCCESS Paradox: How you define your business and what brought it success determine your ability and freshness to see ways to do business.  A narrow definition of the business and its success factors can lead to paradigm paralysis Just What Business Are You In? - Getting Over Resistance to Planning - Developing Strategic Skills - Making Change Less Threatening * PART 4: RESPONDING TO FAMILY AND BUSINESS NEEDS As the business and the family members mature, their needs, expectations, and goals may conflict.  It's imperative for the current leader to sort through and address these needs. The Power of Family Values - Reducing Personal Financial and Emotional Insecurity - Matching Family Factors with Business Strategy - Assessing Risk Tolerance of Family Members - Developing Stewardship * PART 5: STRATEGIC LIBERATION AND RENEWAL Strategic planning is not necessarily a simple, objective process in a family business.  Current and future leaders who understand this spare themselves, their managers, and their families considerable frustration. New Models for Strategic Succession - Appreciating Inherent Family Business Advantages - Understanding Inherent Family Business Disadvantages - Turning Disadvantages into Advantages - What Have You Done for the Business Lately? - Depersonalizing Disagreements about Succession or Strategy - Getting Input from the Outside * CONCLUSIONS: GETTING FROM HERE TO THERE To navigate your way to where you want to go (Phase 5), you need to know where you are now * Appendix: Exhibits of Financial Performance Over the Family Business Strategic Path * Index


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