Our clients have one thing in common.
They are all successful businesses with family members in the business.
They share a common set of challenges
- Little discussion of the “family” in the context of the business — roles, policies, procedures, vision.
- Unfamiliarity with “best practices” of multi-generational family businesses
- Lack of professionalization
- No understanding of the need and value of thinking in terms of generations ahead
Failure to address these factors, taken alone or in combination, can prevent the growth of the family business beyond its original owner-centric (hyperlink) form, and discourage ongoing innovation (hyperlinks) necessary for maintaining competitiveness in the marketplace.
Family businesses and family wealth are not self-perpetuating.
Worldwide, approximately 85% of all businesses are family businesses. Yet only about 10% survive past the third generation. Without careful planning, a hard-earned fortune and legacy can easily dissipate within a generation or two.
A wide rage of attitudes can contribute to this failure to survive
Do any of these sound familiar?
“Building a family business so that it continues
takes ongoing dialogue across generations about their vision for the company.”