Family Business

What decisions would you make differently if you had financial security?

There’s an old but quite brutal expression ‘clogs to clogs in three generations’. As with alot of these old sayings they have been around for along time because they are often true.

So often the drive and passion of the founder of a business is missing when it gets passed down through the generations. It is rare to come across businesses that are continuing to prosper beyond the third generation.

Every family business is different but some of the common challenges are

• Lack of long term succession planning .
• It is assumed that the next generation will willing take on the harness.
• The founder has created a job where they work the longest and hardest and the expectation is that will continue.
• The business is the pension for the retiring owner.
• The owner hands over the reigns but never really hands over the power.
• The owner gets out of touch with modern practices but insists on making all the decisions.

The list can go on. Often in a family situation family ties and loyalty never really allows the ‘elephant in the room’ to be mentioned let alone discussed.

As with so many things, the first step can only be taken once the reality is faced.

Here at Team Results we are experts in helping families name the elephant and help the family put in structure and practices to allow all interested parties to be comfortable with the resolution.

Area such as family constitutions, wills, inheritance planning, successions planning and training are all covered within this service.

By the nature all family businesses are different and it can’t be a long size fits all but so often the issues and emotions are common.

In our Library you will find a section on Family Businesses and Succession but you may want to have a look at The Poison Chalice as a good introduction.

For more information Contact Us