Family run businesses in many ways have been the backbone of businesses around the world.
Yet only 3 out of 10 of family run businesses are able to retain the Family position and the Business position till their third generation.
Some of the intrinsic characteristics of Family Businesses which we have experienced:
Family conflict over the control of the business
Diversion of attention from key business issues
Hiring and promoting family members
Challenges in Talent attraction and Retention
Diverging priorities in the use of capital
Lose out on Opportunities
Preferential benefits to certain members
Brings down Workplace morale
Personal differences reflect at workplace
Loss of business priorities and escalating problems
Succession through Competence
Becomes difficult and sometimes almost impossible
Next Generation’s entry into business
Interaction and Authority Challenges crop up
Acumen’s Family Business Consulting Practice helps families access new ideas, lead to a plausible concurrence, and then successfully implement, change.
What sets us apart is our understanding of generational challenges, psychology and group dynamics coupled with personal experiences of our Family Business Consultants.
We bring comprehensive, multidisciplinary approach ensuring effectiveness. We address the root cause and all aspects of the complex, interconnected interests of family enterprise.
Our informed and independent perspective, helps families break through impasses and develop unique solutions that benefit both family and business.
How can we help you do better
Acumen helps Family Managed Businesses do better in the following areas:
A customized succession plan for the family business ensures sustainability of a strong enterprise and leaves all stakeholders feeling heard and fairly treated.
Acumen Family Business Consulting Practice helps families break log-jams, agree on way forward, or get alignment on direction and leadership.
Corporate governance structures can help family stakeholders to manage transitions, differences, and decision making with confidence and clarity
Clarify family culture, vision, roles, and expectations and plan ways to create active participation by giving family members responsibilities and opportunities.