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Based upon our collective experience of working for many years with family businesses, we know that no two are the same, nor are the economical or competitive pressures that effect them. For that reason, we customize our services to the specific needs of the family and the business involved in each engagement.
Our services can be broken down into three main areas:
Developing a Family Strategic Plan
A family strategic plan can provide a solid foundation upon which the future business and other economic strategies and decisions can be based upon. Such a plan can significantly improve the chances of survival for a family business.
This outlines the ground rules governing the families relationship with and responsibilities within the business. It can, when well written, replace much of the uncertainly of the future with the certainly of a fair and equitable structure created in advance of any issue arising.
A family strategic plan requires a high level of commitment from all concerned and a willingness to talk to one another honestly and openly.
Family Harmony through Communication
When the emotional, sub-conscience needs of a family emerge within the context of a business, family relationships can be difficult. The conflicting parties become entrenched and arguing becomes more important than the issues. It can carry on for years, draining the business of strength, vitality, and eventually it's life blood.
In such cases, it is important that the difficulties are put into perspective and depersonalized. This can only be accomplished by providing an environment within which family members are able to air their viewpoints and be open and honest with each other without dwelling on the past. Effective communication is the key.
Succession Planning
To survive family businesses must recognize that business growth and successful leadership transition ultimately require change from an entrepreneurial environment to a professionally managed organization that plans for the future.
When planning for succession it is important to consider the health, state and size of the family business and its competitive environment. Other issues relate to the availability of family and non-family successors, as well as the needs and expectations of the family and individuals within it. External constraints such as estate and income taxes must also be evaluated.
Since this process involves overcoming powerful psychological barriers many owners of family businesses fail to plan and manage success adequately. The succession statistics speak for themselves.
Call us at 1-800-254-5567 for a no-charge, no-obligation conference where we can discuss your business and family planning needs. We will help you determine where you can profit from our assistance. |
