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.
Contact Us
to learn more about what we can do for your business
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