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Services for Family and Owner Managed Businesses

All companies and families experience 'growing pains'. In family and owner-managed businesses, there are continuous interactions between life cycle events of families, individuals, and businesses. Our role as consultants specializing in family and owner-managed companies is to help our clients through life's transitions. For example, often the founder is not able to 'let go'; or the business is suffering from growing pains or, worse, is declining. We may need to help the founder hand over the reins, or assist the next generation in assuming leadership. The business may be at the stage where it needs to be 'professionalized', with sound financial and human resource practices, which can include:

  • Strategic planning
  • Board of Directors development
  • Employee agreement
  • Performance reviews
  • Job descriptions
  • Compensation plans
  • Written employee manuals
  • Formal entry requirement for family members joining the business
  • Mentoring plans for the next generation
  • Executive team building
  • Financial Planning

There is evidence that family businesses that improve and develop human resource practices, such as those listed above, show an improvement in gross revenues and the CEO/owner's personal income. Another recent study also noted that family firms that employed practices such as executive pay systems, strategic planning, and outside directors, perform better financially than those who didn't.

Many best practices are required for future success in family or owner-managed business. For families that bring emotionality into the business, and have poor communications and little accountability, moving to and beyond the business' expansion stage is often very difficult if not impossible. Key Resources specializes in helping family and owner managed businesses face these many challenges and develop winning strategies for success.

 

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to learn more about what we can do for your business


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