September 03, 2010

Is it Time to Re-engineer Family Biz?

If you’ve been waking up around 3:00 a.m. and lying there wondering how you’re going to keep your family business on track, I can suggest an approach. It’s called re-engineering, and in technical terms it means "examining and altering a system to reconstitute it in a new form and the subsequent implementation of the new form.â€

For a business-owning family, re-engineering works in three distinct but closely related sequential phases, and the process recognizes that the family, the business and the future are actually interdependent components of one whole system.

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