We are family.
Family Business Advisory Services
We recognize the importance of family businesses. We know that family-owned businesses are the primary creators of jobs, economic growth, and wealth, with over 90% of business operations being family-owned.
As most families know, blood ties are strong - but there is frequently conflict, resentment, expectations, disappointment, rivalries, and entitlement that can impact family and business dynamics.
Succession planning & counseling
Parents who build a successful business have demonstrated their courage, hard work, and sacrifice. Most have a dream of seeing their children (and even grandchildren) continue the business they have created. While this can be a relatively simple process, many times it’s not, and a family business consultant is needed.
Parents and children don’t always agree on the timing, the process and the respective roles and responsibilities that are key to business succession. Parents may not be ready to leave, even if their children have proven themselves as capable leaders. This is understandable – it’s not easy to commit everything to build a business for decades and then walk away. In some situations, a structured and respectful transition is sometimes a desirable path.
Parents may also feel their adult children still require more business “seasoning”, and sometimes one child or family member may be more competent than others. Other family members involved in the business (cousins, in-laws, etc.) may feel excluded or present their own concerns. Family members who don’t work in the business can also generate different expectations and conflicts. Even if a business decision is clear, the personal and family fallout could be significant. Engaging a family business advisor can help the family and the business navigate these feelings while focusing on growing the business.
Parents will want to be assured that their financial future is secure. Some may want to ensure that there will always be some space for them at the executive table. Others can’t wait to walk away and pursue other passions. Every situation is different and must be approached in a manner that is best for the family and the business.
Preparing the next generation
Parkland can help families navigate these challenges. We coach parents on the best manner and timing for a transition.
As experienced family business consultants, Parkland mentors and coaches the next generation on how to assume leadership in a way that is in the best interests of the family. We help chart a strategic path that will allow the next generation to stand proud of their own accomplishments, while at the same time keeping what is best of the business’s tradition and heritage.
We also coach non-family executives on how to succeed if they are brought in as professional management or in leadership role for a family business. It can be difficult and challenging for non-family executives. Finding ways to help them feel included, valued, and motivated is vital.
Developing appropriate guidelines for family member employment and governance structures is a key part of the consulting service we provide. This frequently includes setting up effective boards of advisors or directors.
Helping ensure the family business has the right growth strategy, profitability, and cash flow to fuel business growth and family needs is very important to family success. As the business and family grow, the need for strong cash flow becomes even more important. As experienced family business consultants, the Parkland team helps families and family businesses succeed.
