![]() ![]() Family businesses are not tied to the cycle of seasons. First, what time is it? Second, how are we managing financial risk? What Time Is It?įor farmers, the changing of the seasons dictates whether it is time to plant or time to harvest. You can discern the basic plot of your family business by answering two questions. But for those who know what they are looking for, the statement of cash flows reveals what a company is really up to. The statement of cash flows is the least understood financial statement, so family leaders often ignore it when attempting to communicate financial results to their family shareholders. More than any other financial statement, the statement of cash flows reveals the basic plot of your family business. Yet, despite their many unique attributes, there are only a few basic underlying plot structures that family businesses follow. Like stories, no two family businesses appear the same, as demonstrated by the old saw that if you have seen one family business, well, then you’ve seen one family business. Booker’s thesis is sound or not, but we have long suspected that something similar is true for the family business. With respect to literature, we have no idea whether Mr. ![]() ![]() While details of character, narrative perspective, setting, and the like can make stories appear quite different from each other, any story can ultimately be reduced to one of a handful of basic plots. According to author Christopher Booker, all stories fit into one of seven basic plots. ![]()
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