If a family business is intent on surviving with growth and stability and intends to pass the business to future generations it requires the ability to develop a defined strategy coupled with the flexibility to deal with emerging issues that will arise in this ever-changing and dynamic environment.
Helping the family navigate at the crossroads of the determined strategy an emerging issue requires diligent accountability and implementation with the courage to ask the difficult questions.
In using this intentional approach, a family business has the benefit of taking into account the family dynamics of ownership, leadership and succession planning coupled with the businesses non-family management and team members. The focus should be primarily on the family and how they manage their communication, planning process, business management, and still enjoy the mutual encouragement and support of the family.
When discussing with you advisors it is important that the family focuses not only on tangible business or financial issues but also focuses on other factors that interfere with business issues and on the interpersonal challenges the family business faces as they function as a family in a business that has become a way of life. In this way, the process develops a safe environment to discuss these difficult issues.
Subjects that should be discussed with your family business advisers include:
- Succession Planning
- Facilitation of Family Meetings
- Executive Team Development
- Organisational Governance and Structuring
- Key Leader Assessment and Developmental Plan
- Non-Family Leadership Development
- Plan Implementation Accountability
- Organisational Development
Contributed by the Family Business Office Regulator, Dr. Nadine Lia