Family Business Consultants

Who Needs Family Business Consultants And Why?

admin — Thu, 23 Apr 2009 12:45:59 +0000

According to the results of a recent survey, most family-owned companies need family business consultants, primarily because of “succession planning” or actually the lack of it.

And because the vast percentage of all companies, up and down every street in every town are considered “family owned”, it means that the majority of all companies face the distinct likelihood of losing their life’s work because they have not kept their eye on the ball when it comes to succession planning.

That’s right – succession planning is critical because it is a process that unlocks cash from the business for the departing generation of owners and creates an environment where the next generation can begin taking over.

This process requires a different set of advisors – or at least a new member or two of the company’s advisory team. One of the many things that a good family business consulting team can do is help with those very important plans – creating business management transition and ownership transition simultaneously. The success of the company for future generations depends upon it.

In companies large and small, succession planning involves aligning the visions of – in most cases the founders of the business although it could be the children or even grandchildren of the founders, stakeholders and gradually handing off decision-making authority to the next generation of managers.

In order to do this successfully, training and identifying potential leaders is necessary. That’s just one of the areas that family business consultants can help with.

It is far too easy to let personal opinions about children, grandchildren or other family members get in the way of choosing someone that actually has potential.

Often we see our children as we saw them when they were kids, leaving their roller skates in the driveway, forgetting to lock the car at the Mall, or leaving the forklift out of gear on the loading dock. A neutral family business consulting team can look at factors that people on the “inside” may not be able to see.

100% of the businesses in the survey said that the continued involvement of family members in managing the company was important. After all, the owners of family businesses often have virtually all of their assets tied up directly or indirectly in the business – so they want folks who are committed stewards of their years of hard work.

Even so, 61% said that they had spent little time on succession planning, possibly confusing succession planning with estate planing, something everyone seems to put off too long. Even CEOs that planned to retire within the next seven years were unsure about “who” would take over after they retired, maybe because the only person they see when they look at their potential successors are the people they were and not the people they have become. Six months or even a year is not sufficient time for making a successful transition. Even ten years may not be long enough.

The survey indicated that there are other areas in which a family business consulting team could help, as well. For example, 13% of owners surveyed said that high profits were not important – remember the higher the “profits” the higher their taxes become. With that ages old mindset business owners often take unwise shortcuts of all kind instead of seeking advice that can help then maximize their profits and minimize their taxes simultaneously.

Family business consultants can help those members who see making a profit as being less than savvy, greedy or undesirable in some way. Making a profit is what any business-leader should focus on.

When the economy is doing poorly, the idea of hiring a family business consulting team may seem unaffordable. Or they choose the less desirable candidates thinking they can get them on the cheap, maybe because there aren’t as many consulting engagements around as there are when the economy is booming.

In fact it is during recessionary times that the help of the most desirable candidates is most valuable – because they are committed to the long term success of their client’s business and not solely motivated by the paycheck today. Again, it’s about being neutral.

None of the owners surveyed said that they expected to fire or lay anyone off over the next year. Why would they say that they might fire someone – especially since they are undoubtedly related to them? Yet, there are probably a number of employees in those companies that should, in fact, be replaced or, at the least, counseled concerning productivity.

The business owners know they are not just firing their lazy nephew – they are firing their families too. In family owned companies nothing and no one is neutral and in a vacuum, everyone is connected to everyone else, so it’s easier and a lot less painful to give that nephew less responsibility and hope he won’t cause too much damage than it is to face your brother over the dinner table.

Seeing the big picture is often difficult when you are on the inside, that’s where family business consultants can help, if you’ll let them. They can call for changes you feel compelled to make, because you are smart and you hired them because they are smart. If you are both smart then the decisions made must be followed even if they are painful.

There are many challenges that family business consultants can help owners overcome. It’s easy to put things off until it’s just too late to make a difference.

Technorati Tags: Family Business Consultants, Family Business Consulting, family business succession planning, family succession planning, Succession planning

Family Business Consultants Want To Help Improve Your Business

admin — Thu, 19 Mar 2009 00:50:59 +0000

Can Family Business Consultation Improve Your Business

Do you know what family business consultation is?

First let me tell you what it’s not: family business consultation is not therapy.

Instead of focusing on the past and all the problems of the family, he focus is on improving the function of your business (which may of course also improve family relationships).

We don’t go deep into your childhood or sibling rivalries. The results of this work are measured by improved business performance in the here and now.

In my work with family businesses, there are four components that I have found to be crucial. These include managing conflict, succession, communication, and roles.

Manage Family Conflict

As part of a family business, you know how quickly conversations can degenerate into conflict. Arguments are more likely in a family business because family members are more comfortable with each other (and therefore less censored) than regular co-workers. Not only can workplace conflict hurt relationships among family members, it can reduce your credibility and professionalism with other employees.

To get better results and enjoyment from your business, you and your family can:

• Recognize the causes of business disagreements.

• Change the course of communication before conflict develops.

• Better understand family member’s views on business issues.

• Assertively state your thoughts and opinions.

• Develop a system for handling disagreements in a private office (not in front of employees).

Do you think you and your business will perform better with lower conflict? I bet so.

Plan for Change in Business Structure & Succession

Your business will eventually change over time. You may consider bringing on junior partners, promoting someone, or creating new titles and responsibilities for people. Family members, business partners, or investors may consider a change in the business structure. Planning for succession is a key component to the success of a family business.

To effectively plan for your business’s succession, you should be able to:

• Openly discuss issues related to succession.

• Learn how people really feel about taking over the business–don’t assume that your son or daughter really wants to or feels comfortable telling you how they truly feel.

• Address potential challenges to a new partnership or business structure up front.

• Anticipate family members’ and employees’ positive and negative reactions to changes.

• Ensure a smooth transition into your new business structure.

Enhance Family Business Communication

Many of the family businesses I have worked with surprised employees (and even me!) by how much they argue. In your family, it may feel normal to have disagreements or even a heated argument. It may blow over and no one is bothered much by it.

Even when this enters the workplace, it may still feel natural to you and you may not even notice

- but other people do. And it often makes them feel uncomfortable. Simple conflicts and communication difficulties can block your business’s ability to thrive. The good news is that these challenges are easy to address. Family business consultants helps to:

• Point out communication problems.

• Coach family members on developing new communication patterns.

• Establish regular times for family business members to have meetings.

• Make meetings more effective and efficient.

Clarify family member business roles

The fourth key point is role clarification. A common problem in many family businesses is that individual roles and responsibilities tend to get blurred. Have you experienced this? You and your family members step on each other’s toes and it isn’t clear who’s in charge of what or whom?

Business roles are different from family roles. This can become confusing – not just for family members, but also for your employees, and even customers. An absence of role boundaries often results in communication difficulties and conflict.

To have a thriving family business you need to:

• Clearly identify and label specific business roles for each family member and employee.

• Ensure that each individual is content with his or her business role.

• Outline job descriptions and responsibilities for each individual.

• Create clear roles for new hires.

• Establish the organization’s hierarchy and determine who reports to whom.

As a family business, you have a unique opportunity to thrive. In my experience, family businesses have more passion, creativity, and loyalty than the average business.

Once you harness these things and address the four components of conflict, succession, communication, and roles, your business will thrive. And on a final note, don’t forget to spend quality non-work-related time with your family members.

Larina Kase, PsyD, MBA, is a business psychologist who helps family businesses across the U.S. to survive and thrive. She was raised in a family business herself and has served as a family therapist.

Dr. Kase is regularly featured in media such as Inc. and Entrepreneur magazines, and The New York Times, and is the author of 6 books. Dr. Kase can be contacted through http://www.pascoaching.com

Article Source: http://EzineArticles.com/?expert=Larina_Kase

Technorati Tags: business succession, Family Business Consultants, family business succession, Larina Kase

whre do I find a mentor for my small business in pharmaceutical consulting services?

admin — Fri, 05 Mar 2010 04:10:21 +0000

I have started a small business which provides consulting services to pharmaceutical companies and I want to be able to secure independent contracts with these companies and to employ other consultants. I would like to get in touch with a mentor who can help guide me on the right path.

1. Start with your contacts in the pharmaceutical industry. Do you know of anyone enjoying a top position in the pharmaceutical business who is willing to guide you and open doors for you? The more clout your business mentor has, the better for you.

2. Now is the time to network aggressively. Is there an organization you can join where players in your field are present as well? Participate actively, contribute to committee work and just basically talk to others in the group and you might find someone to mentor you.

3. Check out SCORE http://www.score.org which is an organization of mostly retired business people and entrepreneurs. Their main work is to provide advice, and you might just be able to find someone knowledgeable of your industry

I am studying to become a (CFA) and want to start my own business I need some creative help!?

admin — Fri, 05 Mar 2010 04:10:17 +0000

I want to start a non profit investment consulting Group focusing on middle to low income families. Providing them awareness and financial security for retirement and other things. I know there are a lot of companies that do the same thing but what are some ideas that would set my “idea” company apart from the rest.

Put together a quality Power Point presentation and hold a free seminar on building financial security. Since it’s free, and especially since you’re thinking non-profit, you can probably get free publicity through local newspapers and perhaps other media such as radio if you plan far enough ahead (radio stations do PSAs for free but often they want them in their hands a couple of months in advance.

You can also probably post flyers in various places such as senior centers or small, locally-owned businesses.

At the free seminars, have a stash of business cards and nice but inexpensively produced brochures to give away to every attendee.

Best of success.

Just started my own business & I am up for any advice?

admin — Fri, 05 Mar 2010 04:10:13 +0000

I just started as an independent consultant and I don’t want to have to bug my family about throwing parties or classes, who should I aim for I just moved so I don’t really have a lot of friends either. HELP!!!
Its a business that will not allow you to hang flyers or make commercials, its all on me. Its not mary kay or avon, its skin care products that actually work, I don’t want to get my family in the middle of my work, and I just moved to a new town and I really don’t know anybody, help!!!

Hi,

In response to your question . . .

You question is pretty general and would take me years to cover everything. Perhaps if made your question more specific I could. When starting a business, you need to understand marketing, budgeting, incorporating, business software, and it goes on and on and on.

So here is what I am going to ask you . . .

Do you have a web site or blog?

If you do or not, you should consider the following:

The Design Dashboard has a Point and Click system, make easy for beginners and intermediates to create their own web site, selling products and/or services. It extremely EaSy to navigate without having to learn the technical aspects to site building. Its a must-see product. Which enable you sell on any search engine such as, eBay, Yahoo, MSN, Google, etc.
The instructions will guide you every step of the way until your project is done. Go check it out.

Take Care and Good Luck!!!

PS – The same company also has the Marketing Dashboard Point and Click System. Also a must-see for your business.

(business consultant) | (small business consultant)

admin — Wed, 03 Mar 2010 12:56:09 +0000

http://www.homepartyplansuccesstips.com

503-454-0940
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Duration : 0:6:0

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David Karofsky on the Challenges in Family Business

admin — Wed, 03 Mar 2010 12:56:07 +0000

David Karofsky, President of Transition Consulting Group discusses the challenges of working in a family business.

Duration : 0:2:59

Technorati Tags: business, Challenges, david, family, Karofsky, TCG

What Now? Brain recovery Lessons Part 2 of 2

admin — Wed, 03 Mar 2010 12:56:05 +0000

For more information on this DVD and the Book visit http://www.healingintopossibility.com

Have you or a family member suffered from a stroke or a brain s brain injury?

What Now? Sharing Brain Recovery Lessons: A wonderful, short film designed to inspire and encourage. View the film here by clicking on the name of the film. If you wish a DVD of the film, please email us to find out how to obtain one.

info@healingintopossibility.com

Narrated by Alison, the film features interviews with five stroke survivors who have inspiring stories to tell. More about this DVD and the Author Alison Shapiro:

Alison Bonds Shapiro, MBA

Alison Bonds Shapiro had two debilitating and nearly fatal brain stem strokes in her early fifties. She was profoundly disabled and, she believed, without a productive future. Today, after a remarkable recovery, she is a motivational speaker, an active business consultant, artist, writer, college board chair, and engaged grandmother.

In the process of facing the depth of her injuries, Alison discovered that her attitude could and would change everything. She came to understand this simple truth: It’s not what happens to us that makes the difference. It’s how we deal with what happens to us that will determine the rest of our lives. Difficult times come to all us. We each can discover possibilitiies in any circumstance.

An eloquent speaker and gifted storyteller, Alison’s speaking engagements inspire and teach. Over and over again her audiences tell her that she has changed their lives and given them tools to face their challenges.

Alison’s published art and illustration includes: Just for Today, The Adventures of Tigy and Elly, and the primary image for Mind Matters Research.

Her published writing includes Healing into Possibility; The Transformational Lessons of a Stroke and various articles.

Sought after for her advice on a wide range of topics, both business and personal, Alison is the owner of Illuminating Solutions a consulting firm specializing in small family businesses. Her work leads her clients in the discovery and implementation of creative solutions.

Among her many volunteer activities, Alison chairs the Board of Trustees of Saybrook University.

For more info visit http://www.healingintopossibility.com

Duration : 0:8:24

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Martin Howey Introduces TopLine Business Solutions Small Business Consulting Program – Part 2

admin — Wed, 24 Feb 2010 11:22:07 +0000

http://www.TopLineBusinessSolutions.com. The TopLine Business Solutions Marketing and Business Development Consulting opportunity is one of the fastest ways to get a significant work-from-home income. Martin Howey, CEO and Founder of TopLine Business Solutions introduces TopLine in this short clip and talks about the experiences his consultants are having in the small business building, marketing, and promotions market.

Duration : 0:1:46

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Offshore Services Strategy by Thetabiz Offshore Services

admin — Wed, 24 Feb 2010 11:22:04 +0000

http://www.offshore-services.biz The main purpose of offshore business planning is protection of your assets, your life and your business. THETABIZ S.A. provides offshore structures and business consulting with business principles in mind to protect your domestic and global assets, your domestic life and family and your business anywhere. We provide offshore solutions which helps you make more assets, more income, provide better life and have prosperous business in the future. But we also strive and provide domestic protection which helps you freely use the income and values generated by the offshore business. Contact us http://thetabiz.tel for offshore business strategy and solutions.

Duration : 0:5:49

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