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Numerous articles in academic publications as well as practitioner oriented journals have recognized the importance of planning for family owned businesses. Yet there is surprisingly little empirical work that has examined the techniques, tools, and approaches to planning that are actually being used in these types of firms. The present study is designed to fill this gap by reporting the results of a survey of 128 smaller family-owned businesses. Specifically, it seeks to determine (1) the types of objectives being used by these firms, (2) the external factors that serve as inputs to the long-range plans, (3) for those firms who plan for growth and expansion, how they intend to achieve such goals, (4) the types of financial planning undertaken by these companies, (5) the extent to which performance is periodically reviewed, (6) whether outside consultants are used to assist in the long-range planning process, and (7) the extent to which mathematical or computer models are utilized.
Rue et al. (Fri,) studied this question.