Family Business Issues
Families that own businesses need to come together over a host of uniquely complex issues. Typical business issues are made more complex by family expectations and dynamics. Among the problems we help families come together to address are:
Business Succession
Transferring a business from one generation to the next presents unique and difficult challenges. Questions of readiness, timing, and transition all plague the owners and successors alike. From intial planning to managing the succession plan, many businesses need consulting help to ensure that the transition is smartly designed and effectively executed.
Transferring a business from one generation to the next presents unique and difficult challenges. Questions of readiness, timing, and transition all plague the owners and successors alike. From intial planning to managing the succession plan, many businesses need consulting help to ensure that the transition is smartly designed and effectively executed.
Sibling Teams
How siblings form effective teams is both an art and science in itself. We work with families to ensure that siblings, their spouses and the senior generation resolve any existing problems and then gain clarity around roles and expectations of each family member and that effective working agreements and communication processes are in place to effectively address potential issues before they become problems.
How siblings form effective teams is both an art and science in itself. We work with families to ensure that siblings, their spouses and the senior generation resolve any existing problems and then gain clarity around roles and expectations of each family member and that effective working agreements and communication processes are in place to effectively address potential issues before they become problems.
Compensation and Payouts
Among the trickiest issues in family business is how to address questions of compensation for work done by family members in the business and the often competing interests of active and passive investors. We help families understand the true economics of the family business and then work with stakeholders to create workable plans that balance or resolve these competing interests.
Among the trickiest issues in family business is how to address questions of compensation for work done by family members in the business and the often competing interests of active and passive investors. We help families understand the true economics of the family business and then work with stakeholders to create workable plans that balance or resolve these competing interests.
Governance & Board Development
Creating effective boards that understand the nature of the business, have outside perspectives and ensure that the interests of active and passive participants in the business are balanced and fair. This can make the difference between a business surviving and being torn apart by competing interests. We help families design and develop effective boards.
Creating effective boards that understand the nature of the business, have outside perspectives and ensure that the interests of active and passive participants in the business are balanced and fair. This can make the difference between a business surviving and being torn apart by competing interests. We help families design and develop effective boards.
Non-Family Members in the Business
Often the success of a family business depends on the ability of the business to attract, motivate, develop and retain key non-family employees and executives. We understand these issues and help families and their key non-family employees design and implement workable solutions that meet the needs of all parties and ensure the ongoing success of the business over generations.
Often the success of a family business depends on the ability of the business to attract, motivate, develop and retain key non-family employees and executives. We understand these issues and help families and their key non-family employees design and implement workable solutions that meet the needs of all parties and ensure the ongoing success of the business over generations.
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Roles and Boundaries
Stressed family members can create lots of problems for business owners. One important way to manage family anxiety is to help family members understand their roles with respect to the business and develop practices that allow family members to participate appropriately and at the right level in the governance model the family chooses to adopt. When the family understands these roles and come to clear expecations and commitments around them, the family functions more effectively and with less stress.
Stressed family members can create lots of problems for business owners. One important way to manage family anxiety is to help family members understand their roles with respect to the business and develop practices that allow family members to participate appropriately and at the right level in the governance model the family chooses to adopt. When the family understands these roles and come to clear expecations and commitments around them, the family functions more effectively and with less stress.
