Entrepreneurs, families in business and families of wealth face many unique issues. Careful planning is required to address these often personal issues. Through facilitated sessions, we can help you to create comprehensive plans for:
Statistics show that, despite the owner's intention to transition out of the business, proper succession plans are not being developed. Without effective plans, many businesses are set to fail.
A succession plan is more than just a tax plan. An effective succession plan takes into account, not only the owner's objectives, but also the objectives and perspectives of other stakeholders. Based on these objectives, a comprehensive plan can then be created and successfully implemented.
A well structured governance system promotes harmony within the family and the business. It can be an effective conflict resolution mechanism, and also help improve communication, promote accountability and generate a sense of direction.
Good governance can also be responsible for organizational effectiveness, which often leads to increased profitability. A recent study found that the top 25 "best governed" Canadian corporations achieved a 74% three-year rate of return on investment, compared with a 19% return for the 25 worst governed corporations. (report published in Canadian Business magazine, 2002).
Good communication, despite sounding easy, is often difficult to achieve. Some common pitfalls in achieving good communication include the fear that communication will make things worse, patterns of communication and conflict styles, hidden personal issues and misinterpretation.
Open communication is vital to achieving success. Developing good communication habits requires practice. We can provide you with the tools to improve your group's communication skills.
Your hard earned efforts have now produced sufficient wealth to provide for your family and future generations. The responsibilities of managing your wealth, however, now produce challenges different than those encountered in creating the wealth.