Family businesses often have challenges such as succession, family conflict and disputes in addition to the same day to day issues as other business structures.
At the beginning of every day all of the people of involved in the family business must leave their other roles, Father, Mother, Son, Daughter, Brother and Sister at the door. The situation can become even more complex when extended family members are involved in running or being employed in the business.
Having established a business it is not unusual for the the first generation to be worried, concerned or even reluctant to let go and hand over the reigns to next generation. Sometimes this is because of a weak or poorly defined structure or even lacking confidence in the skills of younger members in the business. The result is an undefined succession and exit plan.
The need for a clear vision that drives business strategy and planning is even more important in a family business as is the need for a Constitution Agreement which sets out roles and responsibilities and other rules.
Family Business Expertise
I have twenty years extensive experience of advising, mentoring and training family businesses and have developed specific programmes and business support options for family businesses. Take a look at the flexible range of Family Business Development Programme options and Contact Us today to discuss how your family business could gain rapid benefits from participating.