We have advised family and closely held business for over 40 years to reconcile the non business issues from the business issues.
Family businesses present a unique set of challenges and opportunities. Family members not only have to learn to deal with each other in and out of the business, but they face many more challenges. Family members frequently wear a number of different hats and struggle to understand which hat they wear at a particular time. There are the needs and concerns of the family; the role as a shareholder, as a member of the Board of Directors, as a key executive, or as an employee and any number of combinations of these roles. To complicate the family issues more, the business needs to attract, motivate and retain professional non family members.
We usually will meet with the family both in a group and individually seeking to understand the dynamics of the organization and the family. This leads to a definition of issues and development of a course of action. Regular ongoing meetings help to address and resolve the issues and move the family to becoming a professionally managed organization leading to increased productivity, enjoyment and profitability and making the participation in a family business a better experience and leading to stronger family ties.