Family Business Consulting
Families are complex and powerful systems. Combining the emotional intensity of family with the competitive and results-oriented world of business is particularly challenging, especially in light of the competing business demands for liquidity, control and growth. We specialize in working with families in business to successfully manage this balance and realize the long-term potential of both family and enterprise.
Transition (often referred to as succession) is one of the most crucial processes a family business will undertake. Only about 30% of all family owned businesses survive into the second generation and a meager twelve percent will be viable into the third generation (Joseph Astrachan, Ph.D., Editor, Family Business Review). Blum & Savlov helps families gain a long-term perspective of the transition process and works with the family and business to create a transition planning process that will lead to a successful outcome.
Areas of consultation include:
- Transition planning between generations
- Developing leadership in the next generation
- Creating effective sibling and cousin teams
- Managing family conflict
- Developing fair compensation policies for family members
- Clarifying family values to guide the business
- Defining philanthropic values and helping families make a social impact
- Establishing outside boards of directors and advisors
- Facilitating family retreats and developing family council meetings
How the family business consulting engagement works:
Chemistry Meeting - The process starts with an initial chemistry meeting with the client to ensure there is a good match.
Written Proposal: We create a formal proposal detailing the terms of the engagement and the specific deliverables with time frames.
Assessment: We meet with all key stakeholders and, with client approval, the current advisors, to learn about the family, management and ownership systems.
Feedback/Action Planning: During the feedback session we share our detailed assessment and recommendations. Goals, objectives and metrics for evaluating progress are cooperatively developed.
Implementation: This is the heavy-lifting stage of the change process and we continue to be in close contact with all aspects of the client system. Evaluation is ongoing and adjustments are made as need arises.