The Family Business Advantage
"Family companies live longer, are more stable and are less risky ... their excellent long-term results may be driven, at least in part, by the long-term perspectives of family owners."
U of T's Rotman School of Management Study - April 2018
What Might be the Key Factors Driving this Advantage?
- Owner's values are often embedded into organization's values
- Family businesses enjoy stronger relationships with customers, employees & suppliers
- Owners think and decide based on decades, rather than quarters or years
- More meaningful contributions to local communities and have stronger reputations
- Flatter organization structures and quicker decision-making
Think of some of your unique family business advantages ... How are you supporting and building these over time?
Long-term Strategy & Succession Planning - A key tool protecting Your Family Business Advantage
We work with you to develop a unique Strategy Road map and will help you navigate through it with as much or as little support you feel you need.
Phase 1 – Discovery and Collaboration
- Initial meeting(s) with ownership
- Discovery questionnaire for each key stakeholder
- Online individual assessments - identifying the core strengths and creative problem solving styles for each member
- Team collaborates to create a SWOT worksheet for your business (Strengths, Weaknesses, Opportunities and Threats)
- Family workshop – 2 half-day workshops with the family members in the business
- Follow-up 1-1 sessions with all current and future leaders ensuring alignment to plan and other family workshop outcomes.
Phase 2 – Work the Plan
Creating a plan is hard but putting it into action and ensuring the plan stays on course according to your schedule is even harder. This is a critical service we provide as we know that the whirlwind in your business doesn’t slow down. We act as a key project manager and will give you the confidence that the process will continue while you continuing working hard inside your business.
- Document all requests, ideas and concerns about the strategy / succession plan
- Initiate conversations with your external accountant and lawyer, if you have trusted relationships in place. If need be, we can recommend trusted professional accountants and lawyers with the expertise and approach you require
- Schedule regular check-point meetings with all stakeholders
- Regularly work with you and your team through a proven Creative Problem Solving process on some of the SWOT items identified in Phase 1.