Helping Manage the Business and Avoid Conflicts
Family run businesses present their own set of unique challenges due to the emotional aspects that are sometimes hard to separate. Owners of family run businesses often have a difficult time making decisions or may find themselves making compromises in order to avoid conflict.
Services for Family Run Businesses Include:
- Family Meeting Facilitation
- Goal Setting and Accountability
- Audit, Review and Financial Statement Compilation
- Tax Planning and Return Preparation
- Managed Accounting
- Family Wealth Planning and Gifting
- Succession Planning
- Creating a Family Board of Directors
Issues Often Confronting Family Run Businesses
- Which family member should be made President?
- Who will be more responsible in managing the financial aspects of the operation?
- Are there relationship differences to address?
- How is each family member compensated?
- How is company stock allocated to family members?
Clarity and Expectations
Family run businesses often need a non-family member to objectively provide direction to support the family members leading the company. We help set goals for individuals, monitor performance and make sure family members involved in management have plans to achieve the company’s goals.