Our family business expertise helps you navigate the potentially troubled waters of leadership succession planning and ownership transition planning. We help you create an effective foundation for your family business that will last for generations.
Family Business Leadership Succession Planning
The captain of the ship doesn’t sail the seas forever. At some point, it will be time to hang up the hat and move on. When it comes time to change hands in your family business, it helps to have an expert there to provide guidance and stability during succession planning. The process can be difficult, but Family Business Consultants provides firsthand insights and outlines the steps you need to take before you can comfortably retire, move on to a new company, or simply hand over the reins to the next generation.
Changing leaders can be a challenge for many companies because it impacts processes and priorities. With our guidance, you won’t succumb to common pitfalls that come with leadership succession planning, and those that take on their new leadership role will have a greater level of confidence in their position and understanding of the business before fully manning the helm. This can include leadership evaluation and development recommendations, personality profile, work styles, cognitive abilities, 360 profile assessments, and reports.
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​This may also include recruiting and on-boarding or selecting a non-family executive leader or additional team members to support the family executive.
We ideally create a plan that spans out at least five years with key milestones to shoot for. By checking in regularly each party will stay well informed on how to achieve the next step and what is expected.
Family Business Ownership Succession Planning
Leadership and Ownership transitions often occur at different stages. The time comes in which every owner must consider their exit and thoughtful planning for the next in line is critical for financial and operational continuity. Properly handing (selling) the business on to the next person(s) requires time, commitment, and an understanding of the processes that lead to a successful ownership change.
Family Business Consultants is dedicated to finding the optimal path to a smooth ownership transition in your family business. If you are evaluating an exit plan to another family member or the next in line is ready to take over, you need a clear roadmap to prevent mistakes and risks from interfering with what is often opposing needs, wants and desires. Our network of advisors will guide you through various options and steps of ownership transfer, help you plan for the future, and outline the most important tasks for you to get the plan rolling.
Generational Transition Planning
Transitioning responsibilities from one generation to the next comes with its own set of hurdles. You’re getting ready to retire while they’re getting ready to take over the family business. They have big shoes to fill and a lot to learn and on their mind, it is best o have a dedicated plan in place to follow that makes the transition process smoother. This is where Family Business Consultants comes in.
We have a proven process to help simplify the switch so you can move into the next stage of your life with as little stress and the most confidence as possible. We help you organize your business priorities, outline training and plans for the newcomer, and set them up for a clear understanding and preparation for an escalating set of responsibilities to ensure a successful outcome.
Family Business Governance Development
Everyone has their own struggles to overcome, especially in a family-owned business. A family business governance plan will balance family interests with business objectives to find the ideal middle ground. This can include development of an ‘Advisory' Board or a ‘Fiduciary' Board of Directors. These are a key set of advisors that can help guide and shape the business and weigh in on the tough decisions - not just golf buddies that know a thing or two about business.
Family Business Consultants has years of experience to tap into when helping you create your personalized family business governance plan. This includes a Family Council, Family Employment Policy and a Family Creed - Guiding Principles etc. and most importantly, Buy/Sell Agreements, which we can help with. We aid you in creating a long-term sustainability plan that will help future generations adjust during transitions, balance the needs of the company and the family, and create solid goals to work towards.
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These documents can develop overtime or at a Family Business Retreat. Often the starting point is determining if the business is to be ran as 'Business First' or 'Family First'.
ESOP Advisory
Employee Stock Ownership Plan (ESOP) is a special ownership structure that allows employees to hold some or all of a company stock. An ESOP transaction can be used as a way to better incentivize employees, increase employee engagement, and boost retention. Not only does it show you care, but it shows you’re confident in the success of the company. ESOPS are complex and come with heightened regulatory and compliance obligations but a tremendous tax benefit for exiting owners if done right. ESOPs are regulated by the Department of Labor and subject to ERISA requirements. Full or partial ESOP options can be evaluated as we create your plan together.
If this sounds like a benefits package you want as part of your family business legacy but don’t know how to start the process, Family Business Consultants is here to assist. We can show you the key considerations, how it affects your business and your employees, and how much this would impact your company in the long term. With tax hikes and inflation constantly rising, ESOPs afford you a stable exit strategy that benefits everyone.
Board of Directors Development and Advisory
Your board of directors is one of the most important factors of your family business and should be handled with expert care. If used properly Board of Directors can oftentimes help shape the success of the business and align with shareholder objectives and business interests in a formal way without leaving the burden on one or two leaders or family members.
It can be difficult to create or manage a board of directors without professional insights. Family Business Consultants provide expert advice for creating, managing, compensating and maintaining a board of diverse and skilled directors for your family business needs. Now you have a foundation for your business that offers stability and goal-oriented initiatives.
Speaking Engagements
Drawing upon his personal experience and through the use of storytelling, Brad has delivered curriculum and keynote addresses on a wide variety of topics surrounding best practices and challenges at the intersection of family and business.
