A special heritage
Family-owned businesses (FOBs) have a unique set of dynamics. As well as dealing with all the issues that relate to growing a successful business, there are also important factors relating to the family that need careful attention such as the transition from one generation to the next.
A different set of challenges
Working for a FOB presents particular challenges. During their evolution, our FOB clients have questions that are particular to them as family-owned businesses such as:
- How should we manage succession from one generation to the next?
- How do we professionalize our business for growth without losing the family spirit and values?
- Should we create a family office to manage the family interests?
- What is the best way to share rewards for family and non-family members?
- Can we attract a CEO who is a non-family member?
- How do we draw the line between ownership and management?
Finding the balance between ‘family’ and ‘business’
Hay Group helps family-owned businesses address these challenges, partnering with organizations to address:
- vision and strategy development
- governance and organization structure
- succession planning and founder plan transference of the family ‘goodwill’*
- leadership development
- reward strategies
- talent management
* Family goodwill is the relational, human and social capital that typically contributes to the economic value of the business.
What makes Hay Group different?
We are one of the few organizations that can provide consulting services which combine both business management and family dynamics. We deliver tangible results to clients by:
- providing an holistic approach: combining an understanding of business, management of family values, culture and family dynamics
- offering expert facilitation and mediation we understand how feelings can get in the way of objective decision making and help transform it into a more rational one
- providing practical business advice beyond the finances on the factors that impact on family shareholder value and managing family interests. We pay particular attention to the family goodwill (intangible capital) that is critical to sustaining the growth of the FOB. This is based on over 60 years of experience
- recognizing regional and cultural variation: with our global presence and focus on people and work cultures, we understand these differences and tailor our solutions accordingly.