Phase One: The entrepreneurial/start up phase

In this first stage, the founder of the family business has an idea, and he or she builds a business around it, taking it from concept to action. Throughout this early phase the thrust is predominantly on achieving immediate, short term goals. The owner may require access to initial capital, along with suggestions for selecting an appropriate corporate structure and insights regarding vendor relationships. Cash flow projections and other financial reports help the founder monitor and manage the company’s growth.