Family Business Services
In addition to the problems that every business faces, family businesses have unique concerns, some of which can threaten the business existence as well as the harmony of the family. Owner-managers frequently deal with the following questions -
- How can we avoid conflict among family members?
- How can we affect management succession to the next generation?
- How can my estate be planned to protect the business, when some of my children are active in it, and some are not?
- How should my family members be paid?
- How do I attract my children to enter the business?
- What if they do not perform?
- How do I motivate employees who know that they will never own shares or be the boss?
What must a Family Owned Business Do?
To achieve its full potential, the family-owned business must -
- Understand the peculiar challenges facing it as a family-owned business
- Be able to diagnose the dynamics and special issues surrounding the founder, the family and the firm
- Identify the specific problems and issues confronting it
- Resolve problems in a positive and constructive manner
- Employ appropriate strategies and tactics to enhance the growth and development of the business, and the transfer of power and control within it
- Develop and implement plans to promote future success
How We Can Assist
The fact that a business is family owned can be its primary strength and its principal weakness at the same time. A family business can have very special problems and needs because of its specific nature and ownership structure.
Until recently, little attention has been paid to this situation. Fortunately, over the past decade, most notably within the past five years, this situation has begun to turn around. A number of professionals and organisations have started to research the issues confronting family-owned businesses to develop ways to help them.
The MBA Partnership is one of these organisations. Family-owned businesses constitute a significant portion of our client base.
As a service to our clients and to promote the continued success of those family businesses that are so central to the structure and future of the Australian economy, we have developed various programs including planning guides and seminars. These programs facilitate greater insight into the issues and provide proven strategies to give families a better chance of dealing with those issues successfully.
No two families or businesses are alike and there are no rules that apply to everyone. Our team asks searching questions, meets family members, suggests options and explains consequences of each option. The result is that the family goes forward with a carefully thought out plan rather than a trust to luck approach that can be disastrous to the family business.
Why Use MBA?
- We understand Family Business
- You are serviced by a member of our Family Business Consulting Division who has extensive experience in family business, particularly in understanding the very special issues that confront family businesses and the need to provide proven strategies to resolve those issues
- The twin objectives of business success and family harmony will be met
- Our past records support our claims of the twin objectives
- You receive practical business advice
- The service you receive is timely, efficient and we are conscious of costs
Links
More information?
Geoff Missen, FCA
Director
e gmissen@mbapartnership.com.au
t 07 5557 8700