“Why,” said Greg, “should we invite an outsider into our family discussions about our business plans?”
It’s a fair question, on the face of it. And yet it misses the point.
Greg and his family were preparing to navigate a major transition in their business; and they assumed that what got them here would get them there. Thing is, that overlap of family and business creates great complexities, and often a big emotional charge. Factors like shared history and unspoken assumptions can cloud judgement and bog down discussion. From the inside, it can seem like there’s no way through. Most businesses could benefit from an outside perspective and a fresh set of eyes.
Most businesses contain opportunities to do better, hidden in plain sight. Most businesses need help with the intricacies of legal, tax, HR/IR and other matters. All this is true of family businesses, of course. But the special strengths, opportunities and complexities of family business come from the combination of family and business systems. So much so, that the Australian/NZ peak body for family business offers a one-year accreditation process, and ongoing PD, to ensure that advisors are best equipped to help their family business clients. My own accreditation journey has given me data, tools and insights that greatly extend my
ability to help families in business.
So ideally Greg’s lawyer, accountant and other specialist advisors will be accredited.
What about when we get to something really big for Greg and his family, such as:
- Getting an outside investor
- Appointing the first non-family CEO or GM
- Handing over to the next generation
- Selling or listing the business
- Major pivot, restructure or revamp
- Meeting a big new competitive threat.
The thing about these is, they are multi-disciplinary. It will go best for Greg and his family if they work with someone who can pull all the specialist threads together, plus the needs of the family and the business, and help them develop a plan with the crucial success ingredients. Someone whose experience covers the financial metrics and business strategy, but who also gets your family’s values and aspirations. There’s your family business advisor, right there.
This is what I do. Will I be the right person to help your family business? Let’s have that conversation and find out! If you’re in Greg’s position, call me and we’ll get clear on whether I’m the right advisor for you, and vice-versa. Either way, don’t leave this
to chance. The risk is too great.
