Family Office Advising
Making Sure Your Family is Prepared to Take Over the Business
It's not always easy to transition a family business. Family office advising is here to help. Before your family is put into the position of taking over your family business, there has to be a plan. Here's what you need to know.
Preparing Your Family for the Transition
Transparency and communication is of vital importance. It's not always possible to give everyone the same benefits and roles, but there are roles to which people are more suited, or may enjoy better. Speak directly with your family early on so they can know what to expect and they can hash out any disagreements before the transition actually begins.
Consider a car company in which there are two children, both interested in vehicles. If the eldest finds out that the company is transitioning to the youngest, they will undoubtedly have questions. But if these questions are met upfront with the help of a family business consulting agency, they will be better understood.
Coaching Your Family in the Business
Because family members often grow up within a business, they learn things organically over time. But that isn't necessarily the best way to learn everything within a business, and it holds with it some issues, such as generational gaps in knowledge. If you're preparing your family for business, you should often have an outside consultant, and make sure that they get their information from leaders within the field. Professional and educational study of the business is usually enough for an infusion of education and skills.
It may be time for family office advising. A family business consulting firm can work with you to ease the transition, and to help you communicate the decisions that you're making. Schedule an appointment with Telos Group to find out more.