How long should we expect to spend on the process?

Several meetings over a two- to three-month window should be sufficient. If you're missing pieces of information, give people the responsibility to locate them and bring them to the next meeting. It's important to keep up the momentum and move toward conclusion. Too many companies fall into a trap of “discussing and discussing and discussing.” In itself that could be a virtue, but strategy is about choices. Reaching closure is important.

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