Family businesses are often passed down through generations, but many families struggle to keep the business alive after the death of an owner. Family Business Advisors help families plan for succession and ensure that the business will continue to run smoothly after the owner dies.
What Are Family Business Advisors?
A Family Business Advisor (FBA) is a professional who works with a family to develop a strategy for running the family business. An FBA helps the family identify its strengths and weaknesses as well as potential risks and opportunities. The FBA also helps the family set goals and make decisions about how to manage the business.
Why Should You Hire One?
You have an entrepreneurial spirit and want to take control of your own destiny. And you want to pass that value down to future generations. But your kids and grandkids may not have the same “fire in the belly” that you do. That creates conflict.
A Family Business Advisor can help bridge this gap and bring your family together over a common goal of maintaining the family business. The FBA will give you the support you need to build a successful business.
How Can I Find A Good Family Business Advisor?
Finding a good advisor is not as easy as you might think. You should start by asking yourself some questions. First, what kind of advice or help do you need? Most of our clients have some sort of family conflict that they want help resolving. Then they want help creating a system of family governance so the family can make decisions going forward.
Second, who would you trust? You want someone with experience working with similar families and family businesses.
Third, how much money are you willing to spend? A good FBA is not cheap (in the short run). But they will help protect the integrity of the family and the enterprise for future generations. In the long run, it is good investment.
Are You Ready To Set Your Family Enterprise Up For Future Success?
See if you qualify for our services. Just book a Strategy Session and let’s talk. If for some reason we can’t help, we will point you in the right direction.
(This article was written by attorney Paul Deloughery of Sudden Wealth Protection Law.)
