FAMILY BUSINESS ADVISING
One of the most rewarding business models is family business. The bond of blood and shared history can unite a company to move in ways that “regular” businesses can only dream of. It can also be one of the most challenging business models because, let’s face it, we are all human. Families can be messy. Layer family issues with business issues, and sometimes you get a bonfire.
Most family businesses fit somewhere between those two extremes, and more often than not, family business owners feel stuck. They want to grow, but they also know they are already stretched as far as they can go. How do you gain the capacity to grow your business? Open Aperture can help you evolve from working in your business to working on your business. We can help you transition from an being an operational leader into a strategic visionary. This transformation will provide you with greater job satisfaction, better life balance, and will take the constraints off your business so it can grow.
Open Aperture can help you work through the issues that hold your business and your family back.
Succession Planning
Most family businesses understand the importance of succession planning, and yet failure to plan well is one of the top reasons family businesses fail. Why? Because it never seems urgent, and it’s uncomfortable to think about. It requires the current generation of leaders to think about a day when they are no longer in the business. When your identity is tied up in leading the business, it’s just not pleasant to think about the day when you lose that identity. And when you are wrapped up in the day-to-day work of the business, planning for something that seems deep into the future can wait for another day.
Keep scrolling to understand the Family Business Advising Process.
THE PROCESS
Determining who the successor will be is critical. Preparing that person for the role is even more critical. But the single most important factor in family business succession is determining when the current generation of leaders will depart the business and how they will do that.
Open Aperture’s process begins with asking good questions. Every family business is unique. Understanding the issues and personalities involved is critical. We can then reconcile the needs of the business, the needs of the family, and best practices in succession. By doing that, you give your business the best chance of beating the odds to be successful for generations to come.
Some elements that we can assist with include:
Helping the current generation leave with their legacy intact.
Evaluating the next generation to determine ability to lead the business
Evaluating options if there is no suitable heir
Creating a plan to prepare the next generation to lead the business
Mentoring/coaching the current generation and the next generation in executing transition plans
Explaining best practices in succession to prevent conflict/failure in the future
Establishing a board of directors
Leadership development