Family Business Services
Helping family businesses flourish
All family businesses are different, but all share a unique interaction between the business and its owners – the family. At the heart of our work with family businesses is our appreciation of the key challenges that can arise when families and business collide. Our specialists work with some of the largest and most diverse family businesses in the world to help solve some of their most complex family business issues.
Our unique approach helps family businesses review and optimise the key factors which contribute to sustained growth and longevity. From supporting families with the alignment of their family vision, values and goals, and helping to define a profitable business strategy, to designing a business structure which meets both family and commercial objectives, and helping to achieve strong business performance whilst ensuring the family remains committed and strong through the generations. Our aim is to help family businesses manage the constant shifts in perspectives, goals and interests as a result of the ever-evolving, complex lifecycles of the business, the family and the individuals within it.
Alignment
An aligned family and business strategy often forms the foundations of long-term success of a family business. From alignment of the values by which the family operates, the vision of the family and the family enterprise, and the family legacy, to aligning talent management systems and reward structures to these values, visions and goals.
Key Considerations:
Strategy
Strategic planning is essential to profitable growth in any business and often includes a review of the competitive landscape to help make informed decisions around market opportunities and a review of the options for financing growth. However, family businesses must also incorporate family preferences and issues during the planning process such as alignment with the family vision, and planning for family events and generational changes.
Key Considerations:
Structure
It goes without saying that organisational structure is important for any growing business. For family businesses, this can mean structuring the business to meet both family and commercial objectives; carefully considering ownership shares, rights and responsibilities; designing and implementing appropriate management incentive structures; and continuously reviewing structure effectiveness – whether that be your Board structure, structuring to maximise tax reliefs, or realigning structure with a reorganisation or acquisition.
Key Considerations:
Performance
To be successful as both the company and the family grow, a family business must achieve strong business performance and ensure the family remains committed to and capable of carrying on as the owner. This means developing the next generation of family business leaders, and keeping your best talent engaged - both family and non-family members, managing risks such as issues with succession and those that can harm the family reputation, and helping to ensure shareholder expectations are met through rigorous reporting and benchmarking.
Key Considerations:
Purposeful governance
While the operational demands of running a family business can be all-consuming, it is important to take the time to consider how instituting purposeful governance practices can help overcome the challenges many family-owned enterprises face. With the right frameworks in place, family governance systems and structures can help facilitate communication between family members, aid decision-making and problem-solving, and can be key in helping a family business to run effectively over time.
Key Considerations:
Our thinking
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