When a family owns a valuable asset, such as a business, their relationships can become
much more complex. Deliberate planning is required to preserve the natural bond that
exists in families and to make it possible for them to develop a shared vision for their
mutual enterprise. Carlock and Ward describe a parallel planning process where “. . .
viable business strategy is still the outcome, but it is an outcome shaped by the concerns
of the family.”112 Figure 24.2 illustrates the parallel processes leading to the simultaneous
development of a Family Enterprise Plan and a Business Strategy Plan.