Families in business combine two of the most important things in people’s lives: love and work.
As a consequence, when they are working well, families can bring a level of commitment, long range investment, rapid action and love of the company that non-family businesses yearn for but rarely achieve.
On the other hand, when they are working poorly, families can create levels of tension, anger, confusion and despair that can destroy good businesses and healthy families amazingly quickly’ 

                                                                                                                                                      K.E. Gersick 

Family businesses face the same business issues that confront all businesses but at the same time they deal with a range of volatile issues that arise from injecting family values, and the passions that go with them, into a business environment.

As a consequence business families have to deal with a number of critical issues not faced in the corporate world.

As family business facilitators, we work with families in business to help them improve their outcomes in both the family and business dimensions. Success in both is not negotiable as failure in either, can lead to the collapse of both the business and the family behind it. 

From working in the field with over 100 family businesses we have identified 9 key areas that successful family businesses get right -

1. Maximising Business Value
2. Professionalising the family business
3. Creating Highly Effective Family Teams
4. Communication and Conflict Management systems
5. Developing a Family Constitution or Charter
6. Planning for Succession and Business Continuity
7. Leadership Development
8. Personal Retirement Planning
9. Contingency Planning

Operating a successful business is a fundamental requirement for family business success. Whether your ultimate objective is to pass the business onto the next generation or sell, the business must be profitable, professional and capable of generating future cash flow.

Using the resources of the international Mindshop network we are able to assist you ensure your business is in the best possible shape to be succeed. We work with a specialist advisory team that can help you address the key issues in your business.

How we can help –

As businesses move from the entrepreneurial stage to sustainable growth there is a need to professionalise the structure, systems and processes. This involves establishing separate governance structures for both the business and the family so that they can thrive interdependently, without losing the enormous advantages presented by being a family business.

How we can help –

It is stating the obvious to note that the family business team must function effectively for the business to maximise its opportunities. Does your family work as an effective team? Developing the family team and integrating it with the rest of the business team is a fundamental step.

How we can help –

In our experience 80% of the interpersonal issues in a family business can be solved if family members communicate! But it must be open, honest, constructive communication about the important issues.

Conflict management systems are also important. Differences of opinion are a key strength, and conflict will invariably occur. Managing it productively and ensuring that it does not become debilitating is the key.

How we can help –

As a family business grows it faces challenges that arise from combining two separate and distinct value systems – family & business. Developing a set of rules for dealing with these issues in separate forums is the key. How the family interaction with the business can be codified into a Family Charter so that you can ensure that everyone understands the ‘rules of the game’.

How we can help –

Business success is dependant on exploiting the opportunities presented in a changing world. In a family business this often means balancing tradition with the need for change. This is particularly so when the time comes to transfer the business from one generation to the next. When is the right time to let go? How can you ensure both the business and the family continue to prosper into the future?

How we can help –

If you plan to build a sustainable family business that will remain in family hands you will need to ensure that you have willing and able successors. How will you develop and mentor future leaders? How will you select your next leader if there is more than one to choose from? How will you provide opportunities for other children?

How we can help –

Business transition goes beyond the mere transfer of a business. It involves a major life transition for the exiting owners. For most people the dream of endless travel and rounds off golf is not enough in the long term. What will you do to make your future exciting, meaningful and productive?

How we can help –

Building businesses and handling the family dynamics are all well and good but have you protected what you already have? Ensuring safeguards have been built into your systems, that you have adequate insurance cover, wills and shareholder and commercial agreements are in place is critical.

How we can help –