The success of family businesses is often a result of capitalising on the trust, shared vision and selflessness that can exist between family members, to gain an edge over competitors.
The goals of a family business are varied but often may include a combination of:
- Providing financial return to the family and its members
- Strengthening relationships and trust within families
- Using family members strengths, skills and abilities
- Providing a legacy for the family
- Unifying the family to a common purpose
Family businesses often have a leader that has been the head of the family and/or business for some time or may consist of a group of family members.
Each family business and family is unique and must be considered as such. Based on the individual family, Foundation Family Business Advisory combine customised tailored solutions, and tried and tested methodologies to maximise value to our clients.
Examples of areas that influence the solution are:
- the number of generations that have worked in the family business,
- the type of the business,
- the size of the business,
- the size of the family
- the level of trust within the family,
- the financial state of the business,
- and the culture of the family.