The fourth section of the plan is where you develop your STRATEGIES. This is where you choose which tools (media) you will use to reach your target audience. With many marketing tools available for businesses, choosing the right ones can make a big difference in your bottom line. Using the information gathered in the first three sections of the marketing plan template will make the step of deciding which media tools to use easier.
Perhaps the most powerful illustration of succession's importance inside the family firm is the staggering number of family businesses that plan to hand over control to the next generation in the short_term. For instance, in the US alone, 40% of family business CEO's are planning to transfer power to the next generation within the next 5 years. When viewed in combination with the factors surrounding succession, this statistic truly represents the importance of the succession process not only within the firm, but also on a macroeconomic level_family_owned businesses have served as the backbone of society since the times of the ancient Greeks.