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

MY RATING SYSTEM: * - if you have to chose between torture and reading this book, then you might want to consider reading the book - although it depends on just how severe the torture would be. ** - if you've lost your job and have quite a bit of free time on your hands, and don't have anything else better to do, then you might want to consider reading this book; don't expect to learn much or really be entertained. It will however, help you pass the time until your death. *** - meh...I'm indifferent. Reading this book will not alter your life in any significant way, yet it is not so horrendously dreadful that your taking the time to read it will be a complete waste of time. **** - Good book to great book zone here. You should probably read this book if you have some spare time. This book could be interesting, entertaining, or informative. ***** - Outstanding book! Make time to read this book - you'll learn or be entertained or intrigued. The book might even be good enough to provide original or helpful insights into the world that we live in. REVIEW: I have read extensively about family businesses, including just about everything by Professor Ward, and Strategic Planning for the Family Business is perhaps my favourite guidebook for family businesses. Rather than being merely a 'story book' about the successes and failings of other family businesses (don't get me wrong, these sorts of books are immensely helpful in assisting families in identifying their own problems and relating to those of families in similar situations), this book provides mountains of practical information that can help families in business plan and prepare for the demands of being involved with a family business. Unfortunately, most families do not take the time to consider and address even the most simple issues that can destroy their business and their family. This book serves as an excellent reference guide for families that want to be proactive about dealing with the issues that have the potential to cause severe damage. Go through the exercises in the book together - - there is probably no better way to begin ensuring the future success of your family business A must read for anyone in a family business - it has the potential to stimulate a lot of discussion. Also highly recommended for those working in consulting/professional relationships with family businesses.

I picked this book up because I was getting ready to consult with a family-owned firm about their strategy. My previous strategy consulting work has been with startups, small and medium sized and Fortune 500 firms. I knew that helping senior managers develop their business strategy might be an entirely different matter when the firm was a private, family held enterprise. This book opened my eyes to the unique challenges of family businesses. It helped me understand the compromises that must be made when looking at the business strategy options for family firms. Most importantly, it helped me understand that the health of the family and the relationships between the generations was more important than pure business strategy thinking. This is exactly the insight that I was looking for. I learned much more than I expected and am deeply appreciative of the authors' exceptional insights and recommendations. What I did not expect was that this would also be a first rate book for thinking about strategy. If you know nothing about strategic planning, this book is a great primer. If, however, you know a lot about strategic planning, and I started my career with McKinsey & Company in 1981, you will be amazed at how well the authors have summarized and simplified a wide range of very powerful idea. Their goal was to help family members with different levels of business expertise understand some of the most powerful thinking about strategic planning so they could participate in spirited discussions about the future of their family firm's strategy. This book reminds me of Porter's Competitive Strategy as the authors have made strategic planning accessible to the masses while retaining the power of the analytical tools that are at its heart. You will find that this book is a treasure trove of powerful insights in a very compact package. Thank you for doing such an outstanding job, John and Randel. I don't know you, but I really appreciate your gift to business owners, family members, business school professors, consultants and students.

Balancing the needs of a business and the family that controls it might seem like an overwhelming task, unless you tackle the challenge with a clear-headed plan. Randel S. Carlock and John L. Ward provide just such an approach by mapping out the strategies and structures needed to make a family business run smoothly. In so doing, they address family conflict, executive succession, ownership schemes and a host of other issues that can make or break a family business. We from getAbstract highly recommend this book too for its practical and applicable methods of striking a balance between the needs of business and the needs of family.