Family Business Consulting 1) Evaluation and Problem Identification Eighty percent of all businesses in the USA are family owned.. Only one in three family businesses, survive the second generation Only one in ten, survive the third generation. Most experts attribute this failure to the incredible complexity of bringing family relationships into your business. We will assist in reviewing you operations control and communications systems to help identify the existence of any family related problems or issues. We will survey all family members and key non family associates. We will also review your traditional business success indicators. We will prepare a report that documents the status of the family related issues. We will recommend an action plan for eliminating or minimizing these issues. 2) Attracting the Next Generation How do you assure your children wanting to join the business? We will assist you in identifying their objectives and interests. We will help prepare an action plan to maximize their interest in the business 3) Conflict and Dispute Resolution The best way to resolve a dispute is to avoid the dispute in the first place. Team building techniques will go a long way in avoiding serious disputes. Most conflict is personality based not issue based. We will conduct proven team building exercises with family members and key employees. We can provide assertiveness training when aggressive behavior is the source of the conflict. When serious conflicts do arise we can assist in clarifying the issues and mediating a successful resolution. 4) Governance Webster defines governance as the persons (or committees or departments) who make up a body for the purpose of administering something. Good governance will contribute the family harmony and business success. Do you have a well defined and documented set of policies and procedures? Have you considered a Family Council and or an Advisory Board? We have the expertise and experience to review existing governance and to recommend revisions where necessary. 5) Succession Planning "The most serious problem facing family owned businesses." Family and Business concerns overlap. Succession Planning is extremely difficult and emotional for family leaders. Succession planning is a continuous process; the sooner the better. The role of "outside experience." We will assist you in identifying potential successors. Evaluating and assessing strengths and development needs. Developing a development plan for all potential successors. Developing a considered, fair and practical succession plan. Communicating and implementing the succession plan. 6) Estate Planning Much, much more than just a plan to transfer ownership with minimum tax effects. Estate Planning must consider your long term life goals. Estate Plans must consider: - Providing for your self and for your spouse. - Working vs. non working family members. - Being fair to all The first priority is a good will. Assets should be properly distributed between spouses and family. Gifting, Valuation, life time exemptions, etc. are a techniques for minimizing the tax effect. The role of insurance. - Advisor should be knowledgeable with the industry as well as estate planning and valuation concepts. This experiences increases credibility if ever challenged in the future. - The old Wall Street adage should be a guide, "There is room for Bulls and Bears but Pigs get slaughtered." Our experts are knowledgeable in the areas of: - The Supermarket Industry - Estate tax planning - Family businesses