Family Business Consulting Services

Name: business management consulting services
Address: 101, New Chandralok CHS, Ground Floor, Near, Veer Savarkar Marg, Tembhi Naka,, Mumbai, Maharashtra, 400601
Telephone: 9198 2001 4999
Price range: contact me

Family Business Governance

One of the best mechanisms tor ensure that a family business is professionally run is to establish and implement Family Business Governance Structure. Create the roles and incorporate it in the Family Business Structure to establish rules and create boundaries.

Family Constitution

A family business needs to have ground rules for managing the family and business interface better. Such drafted & documented rules are commonly referred to as a Family Constitution. They provide guidance to the family members & business executives and clearly defines the principals and practices

Family Mentoring

An outsider might mentor family members in a family business to bring new ideas and skills. An external mentor can share industry trends, best practises, and new ideas that can help the business develop and flourish. External mentorship offers objective counsel and guidance.

Family Business Strategy

Strategy is the heart of business success, more so for the family business as it involves not only business strategy, but also needs to deal with the ever-evolving ownership and family challenges. Some of them being: Separating family and business issues, Buy-in from all family members…

Family Business Mission

What the family stands for and what it aspires for are very critical questions. Clarity on the same helps develop harmony among the family members as well as gives them a sense of belonging for what they stand for. A mission statement is a tool that helps the family achieve this purpose. During the process, the family discovers their core values and principles on which it operates, which becomes the guiding force for all decision making for the family in personal as well as in business life.

Family Business Succession Planning

An important factor for the survival and continuation of a family business is a well-thought-out succession plan. The fact remains, those who are running a family business today will not be able to continue in their role forever. If the aim is to survive through generations, the time to start planning for eventual succession is today, when the current team is active and away from retirement and the next generation is in its productive years

Mortaring for Family Business

Mortaring in a family business is bringing together different generations of family members to improve ties and work together to achieve goals. Any family business relies on family members’ collaboration to succeed. Mortaring can be difficult since it involves family members from different generations with diverse business goals, viewpoints, and tactics. However, it is necessary for corporate success and family harmony.

Managing Conflicts

The root of disagreements starts with dilemmas and deviations which are the seeds for disagreements. Long pending disagreements culminate into conflicts. Hence the family must learn to manage the conflicts and resolve them faster, so it does not pose harm to the family business. Every family business faces conflict at one point or another.

Family Business Council

Communication is one of the keys to the success of a family business. Family business council is one of the mechanisms that foster communication and help the family plan and develop the family business better.

Shareholders Agreement

Transfer of ownership is one of the triggering events for disputes. To have clarity on the sale, transmission, and transfer of business ownership among family members calls for guiding principles. The same can be achieved through a Family Business Shareholder Agreement.

Family Business Advisory Board

Family Business Advisory Board consists of individuals who are not affiliated with the family business, but who have extensive business experience. Utilizing an Advisory Board can be invaluable for a family business, as it promotes governance within the business.

Family Business Importance of independent Board

A Board of Directors is a group of individuals who are either elected or appointed to oversee the operations of a business and make important decisions on behalf of the business. They have an important role to play in terms of approving the strategic business plans in line with the long-term business direction of the business.

Wealth Management

The major beneficiary of the family business is the family itself. Generally, the family is heavily invested in the family business. But as the business grows larger, they will have to start thinking about creating personal wealth and creating a suitable mechanism to build a moat to protect their wealth. Effective wealth management strategies include succession planning, managing and administrating wills, estate planning, and creating various mechanisms to manage personal wealth through trust and family office.

Family Business Contracts

As the business and family evolve, newer and newer challenges emerge for the business owners, many times they are not equipped to handle those challenges and things can get complicated. While hiring an employee, we typically enter into specific agreements that specify their role, responsibilities, and deliverables from them against the compensation that they will draw. However, family-owned businesses often ignore the need to have a formal agreement with family members who work for or otherwise are affiliated with the family business.

Family Retreat

Communication and transparency are the corner stone of any successful and sustaining family business. As the family grows and the number of family members increase, the family needs to plan events to be together – where they can understand each other, communicate their views, and develop a shared goal for the family and the business. This is an important activity, as the family now comprises of people from different age group, with different life experiences, possesses different skill sets, and has different exposure.

Exit Strategies

Selling a family business can be a complicated and emotional matter, with many pieces and moving parts. It is part of a sustainability exercise where owning a family’s decision plays an important role. If you decide that it’s time for a change, various options should be reviewed before you decide on selling your family business. The family needs to be convinced about why the sale or should they pass it on to a new set of family successors? How the sales proceeds will be utilized or invested?