businesses grow and transition their business to the next generation
Balanced Firm Consulting
Business growth and succession planning are successful only when the entire culture of the business is changed to a unified effort.
Small business owners are mainly family-owned businesses-hence the nickname "Mom and Pop". Changing anything in a small business, typically involves changes in the family, which affect the culture long-term. Closely held companies have cultures that mimic family cultures and often refer to their work cohort as their work-family. The culture and subcultures of these small businesses, especially family-owned can be very complicated.
Family dynamics are often overlooked when helping to change these cultures and improve business processes that could help the business reach the next level and transfer it to the next generation.
Most family-owned businesses don't make it to the next generation:
33% make it to the 2nd generation
13% make it to the 3rd generation
3% make it to the 4th generation
Additionally, Only 25% of businesses who said they were going to retire in 5 years said they had a plan and a successor identified!
For most small business owners, their business is their largest asset but only if it transfers to the next generation will that income be realized from the asset. Otherwise, the business would need to be sold to be able to gain access to the asset, which is typically done at a loss.
If you are like most family-owned/small business owners you depend on this income for your retirement and so you may seek out a business consultant to help you. Unfortunately, many business owners make the mistake of using a business consultant who trains in business systems to help companies to change their cultures and be more productive.
Most business consultants are NOT trained to understand personal and family systems that are needed to change the culture of any business and especially family-owned firms. While business consultants can help in marketing, leadership, finance, and business strategy if a family-owned business is unable to work together to implement these changes then you just wasted a significant amount of money.
Dr. Travis Parry is an expert in personal and family systems and has consulted family-owned businesses to be more productive and prepare the family-business for generation transfer for 17 years. He created the Family Financial Institute to help clients with family and relational issues surrounding money. Travis works with financial advisors to help their clients with transferring business to the next phase and teaches courses for financial advisors on how to help families with their money.
The Family F.I.R.M. Process
What is the Process?
How does the Consulting Process work?
Step 1. (Free Consultation) The consultative process begins with a phone call to gather information about your family-owned or closely-held business.
Step 2. (Evaluation) If there is a good fit, Dr. Parry would then come onsite to your company for a full evaluation of the company. The evaluation includes a qualitative analysis of all 4 areas in the F.I.R.M. Process.
Step 3. (Data Analysis, Presentation) After collecting the data, Dr. Parry would analyze the data return with a review of your business' results and individualized recommendations.
Step 4. (Implementation) Implementing the changes using the F.I.R.M. process could take anywhere from 6-18 months.
Schedule a free consultation with Dr. Parry to see how your business
can benefit from this process.
Using the consultative approach, Dr. Parry can understand your business culture/family and give an assessment of what work is needed to help your specific business be more productive and ready for the next generation.
Schedule a free call today and see what is stopping your business from being more productive and ready for your business' most important phase-business succession.