Articles and opinion
The death of Huang Jung- tu, Taiwanese founder of Mayfull’s Food corporation, tragically resulted in a board room shootout and the death of two of his sons, following a bitter dispute over dividing the business empire. In light of this, Rosalyn Breedy examines the importance of a strategic plan for family businesses.
Rosalyn explores all the angles a strategic plan needs to consider, including:
Who will ensure the continued success of the business?
- Should all family members be given the opportunity to join the business?
- Can sibling rivalry be harnessed for the benefit of the business rather than becoming a destructive force?
- How will you provide for family members who do not play an active role in the business?
- How will money be distributed?
Rosalyn also considers some of the challenges that family businesses will face and advocates taking a modular approach to ensure flexibility is built in and can adapt if the environment and family needs changes.