Running a business requires lots of hard work and ingenuity. Running a successful family business requires even more. If your family name has been attached to a company for generations and you want it to stay that way for years to come, there’s a little something more at stake.
No matter how knowledgeable a person maybe or how determined, a family business owner is going to need external help and guidance along the way. This is where you may benefit from the services of a family business advisor. Colorado businesses understand that when day to day operations become so overwhelming that planning for the future becomes an impossibility, these advisors can help.
Family business advisors generally provide a few different services for their clients.
One of the main functions of family business advisors is to ensure a smooth transition as a business is passed down from one generation to the next. Often times, during such a transitional period, conflicts can occur as the younger generation takes on more of the day to day responsibility; older generations may feel disempowered. A business advisor helps to ease these tensions by mediating between generations. She also helps to set a timetable detailing when the transition should begin and end, and helps construct the means by which control will be transferred (An outright purchase or bequest).
Once ownership is transferred within the family, the new owner/operator may need help keeping the company on track, as they may have no prior management experience. The advisor provides invaluable consulting services and guidance to help the business get off to a fast start under the lead of the new ownership. They help teach management skills and leadership styles to help make better bosses and leaders.
No matter how prepared one is, running a business is a difficult challenge. It requires a variety of different skills that a person just doesn’t develop overnight. Furthermore, running a family business can be all the more challenging, after all, you want to continue your family legacy of success. A family business advisor is truly an invaluable asset for any company who is, or will be, transferring ownership within the family.