Families in Business

Family Business Best Practice - A Life Transition Process to Renewal by Planning.

All Families in Business have ‘life stages’.

Best practice families have a transition plan to succession and renewal - perhaps achieved with the assistance of external facilitation - living and breathing it daily.

So where are you now – and do you know where you want to be?

Take a look at the table below and see how many you can tick.

Stages	Family	Business	Activities
1. Qualitative Fact Finding – the Human Aspects			The Family Business Dynamic - Individual, Family and Business facts, perceptions, needs, interests and interaction. Importantly conflict resolution, relationships, communication, generational issues
2. Visioning			Develop agreed, shared visions for the long term future of the Family and the Business
3. Strategy Plans			Develop agreed, shared strategic plans for the long term future of the Family and the Business
4. Structures			Establish Family Council, Family Constitution and Family Forum. Succession, Exit and Retirement planning
5. Business Transition Plans			Develop detailed, operational business plans, including: financials, corporate/tax structures, individual roles and responsibilities including non family members, business valuation, leadership and management transition plans
6. Implement			Plan, train for and facilitate the painless implementation of all above plans and structures
7. Monitor/Mentor			Monitor implementation and progress. Mentor individuals and provide support as required
8. Celebrate			Enjoy the fruits of your success in the Family and the Business. These should include: happiness, health and wealth, business stability and sustainability, family business continuity.