Each business sets its strategy. This strategy is then delegated to the Board who then hires the CEO to effect the plan to achieve that strategy.

Today, instead of business strategy, let’s speak about the strategy for the family. What is this and what does this mean?

A: Two questions to consider:

1) What are the long term values and aspirations for the family?
2) What legacy does the family wish to be remembered for when the founders are long gone?

Some families to consider for what their family strategy was:
– the Kroc family: customer service and affordable meals
– the Rockefellers: philanthropy in NY
– the Gates: health care and education the world’s neediest places

The family strategies are often and should be lofty, yet achievable, and more importantly focused on the long term. Determining the family strategy is often started by the founder. Input from family members, especially following generations will keep the vision congruent for the family and looking towards the long term.

What is your family’s strategy? Its vision and values?

Learn, think, apply!