Common scenarios where I can help

After 35+ years working with family firms, I have seen it ALL. Unfortunately, the same scenarios happen over and over again in family-run companies. It is your job, as their external trusted advisor to help them navigate the challenges with your skills and experience. So that the business thrives and they continue to be a valuable client for many years.

​

Here are some of the most common problems I see in family firms which make it almost impossible for their professional advisors to do their job effectively -

​

Lack of succession plan or long-term thinking by the current leader. Often they are in denial or too busy working 'in' the business. They put-off the difficult conversations about what happens when they retire/pass away. This creates a frustrated and disillusioned next generation who often leave the business and take their skills elsewhere. 

​

Making decisions for emotional reasons rather than commercial ones. There are often things going on behind the scenes as a family which aren't always in the best interests of the business. As an accountant or solicitor, it can be incredibly difficult to see leaders 'throwing money away' but it's crucial you understand the reasoning behind it in order to give the best advice. 

​

A fractured family running a very large company. Often siblings take on the family business but have very different values and ambitions. Not to mention their own families and individual financial circumstances. Working with multiple leaders, especially siblings, can present a difficult challenge for you as an external advisor. Who do you communicate with? Who makes the final decisions? Whose side are you on?