At Strategic Initiatives, we believe there is nothing greater than a successful family business controlled by a healthy family. We also know that family businesses often become places of enormous heartache and stress for family members, in-laws and non-family executives. All families and family businesses are unique. They bring their particular heritage and legacy. We are interested in learning what has made this family great. What have been the driving principles of success? We look at the difficulties as well. Where has this family struggled and why?
These are countless families that have been torn apart through avoidance of dealing with such critical issues as succession, empowering the next generation, separating executive from ownership issues and conflict resolution. In working with family businesses and wealth we look at four central areas; the family, the business, each individual and the family’s wealth. Just like when a person enters the Dr.’s office because they don’t feel well, so it is with our clients. Because the stress is felt in one part of the family or the business – does NOT mean that this is the cause. A careful diagnosis assesses and differentiates the causes from the symptoms of the stress.
The Assessment typically includes in-depth private interviews with all family members and their spouses. We like to include non-family members who know the family well and this may include outside board members, non-family top executives, and advisors such as attorneys and financial planners. The Assessment also includes specially designed instruments (questionnaires) that help identify key strengths and trouble spots. We look at various financial, marketing and strategic business data. Often we attend Executive, Management and Board of Directors Meetings to assess the effectiveness of these meetings.
After gathering this data, we develop a seminar for the family that both reviews the best practices in the field for the family and provides initial family building exercises.
The Seminar concludes with identifying the goals that this family needs to reach and how they can best reach them. We provide a timeline for the family to complete the process in an efficient way and call this “The Roadmap”.