Many business stories are easily shared with a timeline. For family business entities, the life cycle is complicated and cannot be reduced to a simple line graph marking key elements in its history. The dynamics of family, ownership and business merge into a complicated web and make a family business life story so much more fluid, intricate, and tangled.
Defines the Experience Level & Engagement of Family Members in the Business Entity.
Identifies the Key Stakeholder(s).
Single owner makes all decisions. With succession planning, a new generation can be viewed as the “founder” charting a new course.
Founded on entrepreneur model and founders’ ability to offer a product or service. Looking to preserve gained ground.
More mature ownership model that includes extended family through multiple generations.
Extension of the initial family circle to include and facilitate family succession.
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The Evolution of the Business as it Relates to the Development of Goods & Services that are Offered to the Marketplace.
Founded on entrepreneur model and founders ability to offer a product or service. Looking to preserve gained ground.
Growth & Formalization
New levels of competition as the company leaves the niche market and enters larger more competitive areas. Requires strategic planning and management that may also engage outside professionals and more formal operating processes and procedures.
Maturity & Stabilization
Focus on development of organizational talent and creating a structurally flexible framework to rapidly manage threats or take advantage of opportunities that arise in meaningful ways.
Key stakeholders face a strategic choice between further growth and maturity. If growth or reinvention is not prioritized these businesses have a heightened risk of decline.