Balancing up what’s best for the family and what’s best for the business can mean different things to different people at different times.
While some may see the family business as being there to provide income, others may see it as more about capital growth. Some may expect it to provide jobs for the family, while others consider a meritocracy to be more important. Some may be involved day to day, others may be less active.
As a business passes down the generations, the need for a shared vision and purpose becomes increasingly important. So taking the time to work together to grow into a cohesive group of shareholders, and to plan for the future, will be critical to the long-term success of your family enterprise.
Not only will this help create clarity and manage expectations but, through carefully designing governance and pre-agreed guidelines, a family will be in a strong position to deal with the future challenges that will inevitably arise.
But these conversations can be challenging and many families find having an external facilitator to be beneficial, to help guide the family and manage the discussions. Independence, objectivity and fair process is key and we have worked with family businesses of all shapes and sizes to help them clear their blockages and plan for the future.
We work with families on a number of areas including:
• Aligning vision and values
• Building family business governance
• Creating a family constitution
• Drawing up succession plans
• Developing responsible owners
• Family philanthropy
Family Business Client Cases
To contact us about our services, click here.