Ten Steps to Effective Strategic Planning

PWC recently rolled out the 8th edition of their biannual Family Business Survey. One of the major themes of the study was a shocking inattention among family business to planning for the future, both strategically and in terms of succession. In fact, only 52 percent of the firms who plan to change hands in the next 5 years anticipate keeping the business in the family, a marked drop from previous editions of the study. For businesses that do want to keep things in the family, the study offers 10 steps to planning strategically over the medium term so that the business stays in the family for the long term.