Who Do You Turn To?
31st August 2017
You know your business better than anyone. But that doesn’t mean you have all of the answers all of the time. So where can you turn when you need support?
Fellow Family Business Owners
Every family business is different, so there is no one size fits all answer to the challenges that owners can face. But it can be helpful to remember that whatever challenge you may be facing, another family has already been through it. Whether it’s how to encourage your children to take an interest in your business, or how to deal with a difficult family member, someone else will have found their way through it. Talking to other business families, and hearing how they have overcome their challenges, can help you find the right path forward for you and your family.
Having a Board, which includes independent directors, has many advantages – including providing you with a source of expertise you can call on for advice and guidance. Your Board can help bring new ideas to the business, as well as providing another viewpoint when it comes to assessing investment and growth decisions.
Evidence shows that employees in family businesses feel a greater sense of loyalty than those who work in other types of businesses. Part of this is due to the fact that they are more likely to regard their managers as good at responding to suggestions and allowing them to influence final decisions. Building an environment that encourages employees to communicate with you can be a great way to harness the new and innovative ideas that will help your business to continue to grow.
As well as those you may already turn to – lawyers, accountants, etc - there is a growing network of professional advisers who can support you with many of the common issues that family business owners face. Family businesses have a different set of complexities, and getting the wrong advice could be expensive and damaging. So before you engage an adviser it’s useful to make sure they have experience of working with family businesses, and you all understand what it is you are working towards.
One of the key advantages of family business is the long-term family involvement, and the knowledge that is built up within the family. So call on family members for their input, make use of their experience and their passion for the business and family.
Remember – you are not alone!
Whatever issue you are facing, remember you are not alone. There are plenty of people you can turn to for advice on all sorts of issues. The IFB is always here to offer support, and to help you make the connections you need to address your challenges and find new inspiration.
Contact us at firstname.lastname@example.org