Family-owned businesses have to juggle two closely interwoven priorities: growing a successful company and upholding the shared values that support its success. That calls for sensitive, culturally specific personal and professional advice that goes way beyond dollars and cents.
Getting the balance right in family-owned businesses
Family-owned businesses (FOBs) present unique challenges to those who own and work for them, raising questions you may well be familiar with:
- How should we manage succession from one generation to the next?
- How do we take a professional approach to our business without losing our family spirit and values?
- Should we set up a family office to manage our interests?
- What’s the best way to share rewards between family and non-family members?
- Can we attract a CEO from outside the family?
- How do we draw the line between ownership and management?
We understand the practice and philosophy of running a family-owned business from an integrated approach of the family, ownership and business dimensions.
Global managing director, expertise and knowledge management
Family owned business
Informed by 60 years of experience, we’ve helped a broad variety of FOBs to address these and other issues, offering dependable guidance on:
- clarifying your vision and strategy
- improving how your business is structured and run
- expanding into global markets
- succession planning and founder plan
- developing your leaders
- how best to foster and reward your people.
Perhaps most important of all, we can help you hand down to the next generation your family traditions and goodwill – the relationships and connections that are crucial to the long-term success of your business.
What makes Hay Group different?
We are one of the few organizations to provide consulting services that address both business management and family dynamics. The elements of our distinctive approach include:
- all-round know-how. We understand business matters, family values, specific cultures and family psychology
- skillful mediation. We know how emotions may get in the way of objective decision-making, and can help you resolve any conflict in a rational way
- practical business advice. We look beyond the figures to other factors that affect family shareholder value and family interests
- regional and cultural understanding. With our global presence, and our focus on people and work cultures, we are well placed to appreciate local differences and tailor our solutions accordingly.
Like you, we are acutely aware that running a family-owned business is very different from ‘ordinary’ company management. That’s why we bring an exceptional set of skills to our partnership with FOBs, and a commitment to their special heritage and potential.
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