Passing the business on to the next generation is the biggest challenge in any family-owned business. The transition from one generation to the next can be difficult, both for the company and for the family members. Anita works with you to plan for a smooth and effective handover, every step of the way.
Mentorship and coaching
The most successful entrepreneurs in the world swear by having a mentor and/or a coach. Anita will guide and challenge you, bring a fresh pair of eyes to the situation, give advice from her 20+ years of business experience and give you the confidence you need to make the big decisions.
Fundamental to the success of a business is how it is professionalised and governed and for family to discuss difficult things in the open. Ever thought about creating a Family Charter/Plan/Constitution? Difficult situations could arise, and issues can be addressed, agreed and written down in a living document as a point of reference.
Mediating between family members
It’s very rare that folk can speak their minds in an honest and frank way without worrying about the repercussions. Even the closest of families can struggle to communicate when there’s a difference of opinion about the family business. What’s more, the rift between family working in the business and those outside of it can widen and potentially damage the business.
Shareholdings & ownership
It’s all about perspective. There are many different options for ownership and control for family firms to consider. Whether you want to be running the show, appoint non-family executives to run the day-to-day operations, or simply just want a ‘job’, Anita can help you achieve your goals.
It’s proven that having a Family Constitution (or Charter) can make a family business more successful. A document whereby all stakeholders agree on – and sign-up to – a set of ‘rules’ about the business in order to protect the family. The process of compiling a Family Constitution is, in itself, a fantastic exercise to bring about better communication between family members and hear everyone’s true thoughts. Anita will manage the whole process sensitively from start to finish and you will be presented with a document to guide you and your family business for years to come.
PREPARING BUSINESS FOR SALE/EXIT
There may come a time when you’re ready to step away from the business but you don’t know what you’re options are. Anita can come and talk to you about passing it down to the next generation (if there is one), selling it to your staff, a trade sale, merging with another company or perhaps setting up a management team to run the company whilst you still own it. There are so many options but it’s important to choose the one that’s right for you and what you want to do next.