Family Owned Business -- Why Use Outside Experts

Every business confronts challenges as the business matures. While market conditions drive business strategies,  family values and considerations shape the firm’s philosophy, decision-making and management style. Family Owned Businesses incorporate their family’s values, dynamics and relationships into their business structures.  

Family Business Solutions recognizes that answers must simultaneously fit the constellation of family relationships, market conditions and management structures.  Competing personal demands, misalignment of business and family life cycle, employment of a non-family management professional, all call forth challenges to the business owner, and their family. 

As family business consultants, we help the family “unravel” organizational leadership, business succession, strategic planning, family history and relationships. We impact the business decisions, ownership and management structures, including the question of professional management, and generation and gender nuances families may have. 

Family Business Solutions charts decision-making within the family and business.  Whether considering different options, creating roadmaps for families, or explicating family dilemmas, Family Business Solutions prepares the family for the challenges it and the business face.

The Who in Family Owned Business Problems

Family Business Solutions is sensitive to the reality that business decisions and strategies impact the family. Interaction among family members requires business solutions that optimize the situation.  For example, succession triggers concern from many stakeholders: 

For the business succession means potential conflict among family members, key employees, vendors, customers and the community. Shall the business continue?  Shall we sell it?  What about an outside manager? 

For the parent succession means loss of stature, financial independence (perhaps for the first time in their life), and making difficult choices which may hurt family members. 

For the successors the transition is loaded with emotions: guilt about replacing parents, unresolved conflicts from childhood, uncertainty about the leadership role, and conflict and competition for authority and status. 

For key employees the transition means uncertainty.  While they have a loyalty to the founder, this may not easily transfer to the successor.  Further, the new boss may feel differently about this key person.  This means uncertainty for all, and hence heightened anxiety.

What Are the Crucial Dynamics of Family Owned Business?

Resolution of the nagging problems of family owned businesses comes from legal, accounting, insurance and social science.  Utilizing powerful diagnostic and assessment tools, and the guidance of Family Business Solutions, the family owned business charts a course for the family firm.  Understanding the myriad influences that the intermingling of family and business interests creates, Family Business Solutions guides the firm to continued viability, at home and in the office. 

To achieve these solutions, we work closely with the family and management structure to develop the following competencies: 

Solving Family Owned Business Problems: the How 

To help families achieve their goals for the family Family Business Solutions utilizes the following strategies in collaboration with the family: 

  P.O. Box 756, New Brunswick, NJ 08903
  Telephone: (908) 359-3686

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