Strategic planning is a key element of the family business succession process. You may not use such this expression in your daily discussions, even thinking it belongs exclusively to Fortune 500 companies, but strategic planning is what you’re doing when you plan beyond the next twelve months – consistently rolling your planning ahead of you as you go. Family business strategic planning is also about management training and leadership development for your successors so they’ll be ready to assume full responsibility when the time is right.

Is your family business looking at succession? Are you planning strategically for 2011? Read more here.