What makes a family owned business different? The answer to that question has been the mission of our family business for 15 years. In our experience, family businesses come in all shapes and sizes. It typically begins with a business that is created to provide for a family. Where it goes from there varies depending on the success of the business and the family’s needs.
Whether you run a dry cleaners as husband and wife (sole proprietor ) and none of your children work in the business, or you and your brother run a landscaping business (joint venture or partnership) and three of your kids together work summers there, or you are a Third Generation well-established (cousin consortium) manufacturing company, chances are… you are a family business and will have many strengths and struggles in common.
Although the IRS and other regulatory agencies have some definitions of what a family business is, there is not just one way to define a family business, although research suggests that upwards of 80% of businesses in the United States are family owned businesses.
The success of the business, and more importantly the wellbeing of the family, hinges on being able to manage the unique challenges of being a family owned business. These challenges include difficulties in managing conflict among family members, unclear boundaries between business and family, how to exit a family business, how to prepare heirs of a business to be able stewards. These and other challenges are likely not even on your radar. We can help you identify these challenges before they become unmanageable and possibly harmful to those parts of your life that matter the most.
Here we describe some common formulations of family owned businesses and explains why family owned businesses are so vital to the economy and why we want to help you thrive.
Does your family have a family owned business? This segment informs stakeholders to speak about their business in a common language of assets and liabilities.
Did you know that you are already constructing your family and family business legacy? Have you communicated it to your family and business? This Slideshare presentation lays out the legacy components that contribute to a family enterprise legacy.
Have you heard of the three circle model? Did you know that your family business isn’t just one system but more? This Prezi presentation defines the family owned business model called the 3 Circle Model. It is commonly used to demonstrate how complex your family owned entity and all its moving parts can be.
Do you know what are the three most commonly used business financial reports? Do you know exactly what they report? This online quiz is a mix of standard financial reports and their uses.
Have you ever wondered why other family owned business leaders became entrepreneurs? This interview is with Barry Maclean on why he believes free enterprise is good for the community and the family.