FAMILY STRATEGY FORMULATION:
Develop Long Range Plans
Values – Common values shared by the whole family, and the foundation of the Family Strategy.
Mission – A statement of who the family is and why they are together as a group.
Vision – A statement of where the family wants to be in 10 years, where the business is going to be, and what the family will have done to become the best possible partner with the business so that both business and family achieve their strategic objectives.
Objectives – Outline of major plans to achieve Family Vision.
FAMILY STRATEGY IMPLEMENTATION:
Putting Strategy in Action
Programs – required to meet strategy Objectives.
Budgets – Defined costs to meet the Family Vision. There will likely be costs associated with family meetings, education, and personal growth in order to achieve the Family Vision.
Procedures – Steps and actions required to deliver the Programs.
FAMILY STRATEGY EVALUATION:
Performance – A process to track and report Program success.
This is a key to ensure that modification can be made to strategies or programs based on ongoing feedback. Any recommendations for changes or additions are aligned back to the values.