The 8 Step Family Business Consulting Process

The 8 Step Family Business Consulting Process

The following process is specifically designed to address the 8 critical areas that families in business need handle as they move from survival to success to succession.

1. People Dynamics & Communication – In any family business issues can arise due to ineffective communication. It’s important to know how do to get the best out of the team, how to motivate them, how to best communicate with them. This stage is about understanding the player’s behavioural styles and how to use this knowledge to resolve communication barriers that often arise in family business.

2. Team Learning & Development – All successful teams learn as they go. Training and development of people is critical. This stage is about ensuring that skills are fine tuned and attitudes and values are geared for success.

3. Creating a Common Uniting Vision & Purpose – This step is a critical in creating a successful family business. The vision must be absolutely clear to all and there must a united commitment to its achievement. Once this is in place we can use the Mindshop One Page Plan to develop a powerful, easy to use plan that identifies strategies and actions.

4. Family Business Ground Rules – As a family business grows it faces challenges that arise from combining two separate and distinct value systems. In this phase we help families develop a set of rules that’s right for each particular family. By clarifying these we can ensure that everyone knows the rules of the game

5. Maximising Business Value – Using the internationally recognised Mindshop Process we assist clients to clearly identify the factors that drive business value and assist them to prepare their business for succession or sale.

6. Handling Transitions & Change – Change often represents a challenge. Though some of us are better at dealing with it than others, progress can be inhibited it there isn’t a positive approach to change. A successful team must always plan for the next transition. If the business is to continue this also involves planning for succession.

7. Instructing Advisors – Implementing these plans will require the assistance of accountants, solicitors, financial planners and others. In this stage we assist clients prepare clear instructions for their advisers.

8. Maintaining the Process – At this stage we build in feedback mechanisms to ensure that the process remains on track. Though this sounds easy, unless review and update procedures are in place a lot of hard work could be wasted.

Tools & Processes

Step 1 – Family Business Ground Rules	Mind mapping/Pareto Checklists Governance Rules of the Game
Step 2 – People Dynamic & Communication	Magic Wand - Key Issues One-on-one interviews Communication Workshop Family Meeting
Step 3 – Setting the Framework	Now/Where/How Vision Setting - Draw your World Values & Beliefs Key Performance Measures
Step 4 – Maximising Business Value	Financial Insight Strategic SWOT Sustainable Competitive Advantage One Page Plan
Step 5 – Team Learning & Development	Locus of Control Team Development Life Balance Personal One Page Plan
Step 6 – Handling Transitions & Change	Change Potential Continuity Process Leadership Development Retirement Planning
Step 7 – Instructing Advisors	Buy Sell Agreements & Wills Structures & Tax Planning Strategic Planning & Budgeting Business Development Financial Planning
Step 8 – Maintaining the Process	One Page Plan Team Communication Annual Review PDCA Cycle