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 into not only a tool for profit, but for self expression, innovation and legacy. The authors introduce the 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. Planning and decision making templates are included as well as studies of well known family businesses.
RANDEL S. CARLOCK is the first Berghmans Lhoist Chaired Professor in Entrepreneurial Leadership at INSEAD and the Opus Endowed Professor of Family Enterprise at the University of St. Thomas in Minneapolis. He has over 20 years of executive and CEO experience and has completed postgraduate certification in family and marriage therapy. - JOHN L. WARD is the Wild Group Professor of Family Business at IMD, Clinical Professor and Director Kellogg School Center of Family Enterprises, Northwestern University and founder of the Family Business Consulting Group International. He is recognized as one of the world's leading authorities on the family business.