Running a family business is a hallmark of the American Dream. Doing this lets you work with your family members to create a shared dream together.
However, running a business can bring many challenges that your family may not be prepared for. These challenges can take several forms, from family business succession to economic issues. Facing these problems alone may be more than your family can handle.
That’s why a family business consulting group is so helpful! These services can do several things to help you plan for the future with family business coaching and consulting.
If you’re unfamiliar with these services, don’t worry! We’ll give you the seven things you need to know about these businesses in the guide below. Let’s jump right in!
1. Family Business Succession Planning
One of the most critical services these businesses provide is executive succession planning. Each year in America, roughly 100,000 companies pass on their executive positions to another family member. These businesses include restaurants, construction companies, and real estate agencies.
Businesses need a succession plan to do this effectively. When a business executive plans to retire, they must decide which person will take over their position. This planning process involves many steps to succeed.
That’s why family business succession planning consultants can help you. These strategists simplify the process to help you find the best successor for your business.
2. Provide Insights Into Best Practice
Family businesses often begin with a big vision. They plan to create the best restaurant in town or provide the top pet kennel in the county. The trouble is, they may not know how to build this successful business.
Once again, a family business consulting team can help you. These experts know the best practices for businesses in your industry. As such, they can help your family make informed decisions on how to proceed with your work.
Specifically, they help you with many technical issues, such as:
- supply chain logistics
- operation management
- risk exposure
These issues are often bigger than family businesses can handle alone. So, find the best consultant team to help you navigate these challenges.
3. Assistance with Mergers and Acquisitions
One facet of continuity family business consulting is handling mergers or acquisitions. As your company grows, you may have the resources to acquire other small businesses. Alternatively, another business may want to merge with yours.
Business consultants can make this process more straightforward. They provide critical insights on minimizing taxes for these processes. They also help you maximize your business value to make mergers more beneficial for you.
4. Assistance with Business Disputes
Owning a family business sounds like a dream come true. Most of the time, you may enjoy working on business challenges together.
But, sometimes, working with your family can be more of a nightmare than a sweet dream. Family struggles creep their way into your business operations. Business issues come up at holiday gatherings.
Unfortunately, family businesses can cause discord. Moreover, they’re also open to the same sorts of in-house hostilities as other businesses.
When these situations arise, it can be challenging to maintain distance and perspective. Too often, business owners take sides in these disputes.
This threat is another reason for working with a family business consulting group. They provide an outside perspective and objectivity for dealing with workplace disputes.
These teams help secure your workplace peace and prevent hostilities from growing out of control. If you’re dealing with these problems, consider working with a team to sort them out.
5. Does This Business Work in Your Industry?
The previous sections primarily discussed what services these businesses provide. However, not all family business consulting teams are created equal. Some have better credentials than others to help your company grow.
So, as you look for a family business consulting group, find one that works in your industry. As mentioned before, one benefit of these consulting groups is their expertise. They understand the best practices in your industry to help your business grow.
Working with a group that has extensive knowledge of your industry already can help you. So, narrow down your search to those who’ve worked with other businesses like yours.
6. Does Your Business Consulting Group Provide Affordable Rates?
When you choose a business consulting group, it’s best to find one whose rates you can afford. Differing companies offer varying rates depending on their size, services, and the industries they work for.
So, spend some time searching for a business whose rates you can afford. Many businesses may offer package deals that include more services and resources with a higher payment. Find the package that works best for your company!
7. Family Business Consulting Certification
Another critical thing to check before working with a company is their qualifications. Business consultants undergo several courses to receive the training they need to help businesses with their challenges.
So, before you work with a consultant team, check on their certifications. One of the most common small business consultant certifications comes through the Association of Accredited Small Business Consultants (AASBC).
The AASBC offers one of the world’s leading educational programs for small business consultants. A consultant group with this certification is likely to provide excellent service.
You can also find certified business consultants through online catalogs. Many of these provide information on certified groups, along with their locations and industries. These services may help you find the best consultant for your business.
Working With a Business Consulting Group
A business consultant group offers several services to benefit a family company. So, use these tips to find the consulting team your family needs!
If you need a team of consultants, consider our work! We’ve worked with businesses in many industries, giving us an array of experiences to help your company. We also hold the necessary qualifications to help you through a family business succession. If that appeals to you, then excellent! Contact us today to learn more about what we can do for your business.