Family Business
Consulting
Combining families and business is complicated.
The path to maximize your potential, build continuity, and strengthen your family strategic plan doesn’t have to be complicated. Business Consulting Resources has over 40+ years of experience working with family enterprises as expert advisors on family, businesses, and the successful transfer of leadership and ownership from generation to generation.
An Emotionally Intelligent Path to Family Business Success.
Kyler Gilbert had the incredible opportunity to team up with friend and colleague, Isaiah Pickens, PhD (he/him), to co-host a webinar on “An Emotionally Intelligent Path to Family Business Success.”
In their conversation, they explore the critical role that emotional intelligence plays in navigating the unique challenges of family businesses and draw invaluable insights for anyone looking to build a sustainable, thriving business rooted in strong family values.
Family Focused Tools
Answers to Key Questions Every Family Business Should Know
Should the rising generation be required to work outside the family business for a period of time before they come to work for the family business?
Really, the answer depends on if you want the incoming generation to have work experience before they participate in the family business.
Many families do require the rising generation to work outside the family company for a specific period of time. Some families even require them to achieve a promotion in their external job before they can consider coming into the family company.
If you don’t have a clear set of requirements for the rising generation there can be misunderstandings and unfulfilled expectations.
Business Consulting Resources will help you create a clear plan of action for your family business and the incoming generation to support a thriving legacy.
More Family Business Questions to Consider
- Who should be included in our next generation of owners?
- Is employment in the business a condition for family share ownership?
- Is there a means to treat family members fairly without granting share ownership? Who can own shares in the family company? Is it limited to blood descendants of the founders, what about adopted family members, what about married in family members?
- How should contingencies such as death, disability, divorce, retirement, resignation or termination be addressed?
- Should an independent board of directors or advisors or family council be considered?
- Should professional counselors be employed to navigate these complex questions?
- How does the generation coming into control of the company finance the purchase of it?
- What does life look like for the generation in control once a succession plan has been implemented?
- What does plan B look like if succession and keeping the business in the family does not work out?
