Balancing the needs of the family business against differing personalities, relationships between family members and different objectives can present a challenge. With different generations often being involved, the dynamics of a family concern are different from other businesses.
Questions arise such as:
- who will continue the business in the future?
- how can this be achieved efficiently and without friction?
- what roles can the children expect?
- what if the unexpected occurs?
- is there an exit strategy in place?
- how can family wealth be preserved?
- should an ‘outsider’ be brought in? What implications would this hold?
We can help you to find answers to these and other questions, and in doing so help you make the right decisions for you, your family and your business. If you would like to discuss a family business matter, please contact Michael Thorneloe.