Family businesses are unique. They offer a real sense of mission and legacy, while often providing both flexibility and success. In a family business, owners, managers, employees and family members must learn to balance their roles, expectations and communications for the “common good” of the family and the business.
Sometimes, however, the balance is tough to keep. Uncertainty about the future, strained working relationships, communication problems, confusing roles, family conflict, frequently opposing perspectives, compensation issues and a lack of succession planning are just a few of the many potential obstacles to success.
- Our consultants can work with your family and team of advisors to more clearly define the future, get everyone on the same page, work through obstacles and create a more positive environment that promotes growth and stability.
- We hold confidential interviews and facilitate meetings that allow our consultants to gain a detailed knowledge of your business and both the family and market issues impacting its success.
- A consulting and educational process based on your family business’ specific situation can help you move your organization and family forward with common goals.
If your business, like 80 to 90 percent of all American businesses, is family-owned and operated, you may find it unsettling to discover that a majority of family-owned companies are doomed to a life span averaging 24 years, with most being sold or liquidated after the founder’s death. To ensure that your business makes a smooth transition to the next generation, let the consultants at hb&k help you prepare your business for long-term success.