In today’s world, there’s no reason to go it alone. From our personal lives to professional, there are motivational speakers we turn into for inspiration, therapists we see for guidance, and advisers we turn to for business assistance. Now more than ever, peers across industries are coming together for one common goal – the growth, and success of their companies, and most importantly, profits.
Not exempt from this trend are family businesses. No matter how small, or big, businesses owned by families are extremely niche and personal too. Meaning, they can benefit from the guidance of specialized family business advisers, and consultants to navigate the unique circumstances, factors, and goals of intermixing professionalism and personal relationships.
So, what is the role of family business consultants and the specific benefits they can provide? Keep reading to find out how you can seamlessly integrate family business strategic consulting into your operations.
What is a Family Business Consultant?
Similar to general business consultants, a family business consultant is a professional who provides expert advice to businesses owned and managed by families specifically. They can specialize or advise on the business as a whole, or in any specific area like –
- Succession planning
- Generational transitions
- Security
- Management
- Human Resources
- Mergers and Acquisition
- Research and Development
- Marketing
- Financial control and accounting
- And beyond
Family businesses often seek out the help of a family business adviser when conflicts mount amongst managing members. However, consultants are increasingly becoming a vital part of family business strategic planning. Meaning, more and more family-owned businesses are partnering with specialized family business advisers before issues arise.
The Top Benefits of a Family Business Adviser
Now that you have a more broad and general idea of what a family business consultant is, let’s dial in on the top benefits they provide businesses and the families who own them.
Here are just a few examples of the top benefits of partnering with a family business adviser.
- Conflict resolution – All businesses can experience conflicts at any level, but family businesses with personal ties can be much more heated or difficult to solve. With a family business consultant serving as an unbiased mediator, all parties involved can feel more confident in the resolution reached.
- Leadership development – In family businesses, it can be hard to decipher who takes over what when multiple family members are employees. What helps is an outside family business consultant that can review the skills and experience of each party and again – make unbiased recommendations for developing high-level roles for utmost success.
- Outside perspective – Whether you’re considering consolidation, a merger, and acquisition, expansion, or restructuring operations – it can be highly beneficial to get an outside perspective. Often family businesses get stuck in old habits, ways, or methodologies that older generations feel personally connected to. For younger generations seeking to innovate, an unbiased expert in the field can close the gap between ages in a more efficient, and less personal manner.
- Unbiased family performance reviews – Speaking of personal…performing employee reviews of family members is never easy. That’s why many family businesses seek out the services of family business advisers to take on the task instead. Family business advisers implement their own strategy and methodology for collecting employee information, and performing reviews with unbiased analytic, and anecdotal insight. Of course, without any personal feelings tied to the review that may cause unease or tensions to rise.
- Exit strategies – If your family business is looking towards a generational transition, planning for succession, or closing the doors for good – family business advisers can help streamline strategies for optimal success while helping to keep personal relationships intact, once the deal is sealed.
- Facilitation of board or family meetings – When a company’s board or family meetings go awry or could use expert advice in general, a family business adviser can help. By inviting consultants to these meetings, family businesses can more quickly accomplish tasks without having to table items to seek outside resources or research.
Success from Experience
The best advice comes from someone who’s been in your shoes. No matter the industry, every family business is one-of-a-kind and can benefit from the experience of someone who’s navigated the same twists and turns of operational and personal success.
So, if you’re looking to increase success or improve relationships with the help of a family business consultant with experience…look no further than Double Iron Consulting. Double Iron is led by Bill Smith, who grew up immersed in the inner workings of his family business, Royal Cup Coffee and Tea, and later went to serve the company as President and CEO.
Today, his decades of experience can lend to the success of your brand. Bolster your operational excellence, and improve interpersonal communication by partnering with a family business consultant like Double Iron Consulting. Learn more about our services, and background or contact us now to begin your unique roadmap to success.