Family Business and Succession Consulting
Family businesses are unique, and have the potential to be very successful. In a family business, owners, managers, employees, and family members must learn to balance their roles, expectations, and communications for the common good of the family and the business.
Sometimes, however, the balance is tough to keep. Strained working relationships, communication problems, confusing roles, family conflict, compensation issues, and a lack of succession planning are just a few of the possible obstacles to success.
At fk advisors, our family business consultants can work with your family business to more clearly define the future, get everyone on the same page, and create a more positive environment that promotes stability and growth. Confidential interviews and facilitated meetings allow our consultants to gain a detailed knowledge of your business and both the family and market issues impacting its success.
Succession Planning
If your business, like 80 to 90 percent of all American businesses, is family-owned and operated, you may find it unsettling to learn that a majority of family-owned businesses are doomed to a life span averaging 24 years, with most being sold or liquidated after the founder’s death. To ensure that your business makes a smooth transition to the next generation, let the consultants at fk advisors help you prepare your business for long-term success.
A succession plan typically must achieve multiple objectives, including meeting your financial needs, maintaining family harmony, providing for your children or grandchildren, and ensuring your business’s future success. At fk advisors, we prepare your business for the future and help facilitate a transition of ownership that will position it for long-term growth. We can help you:
- Clarify the long-term goals and objectives of your company
- Establish a process that recruits employees, develops their skills and abilities, and prepares them for advancement
- Prepare employees and/or family members for new leadership roles
- Utilize deferred compensation plans to provide funds to the owner after the business is transferred and to retain key employees
- Navigate the maze of tax legislation
fk advisors can help you ensure that there are highly qualified people in every aspect of your business, not just today, but tomorrow, next year, and five years from now. Our goal is to help your business with our succession planning expertise generation after generation.
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