Build | Grow | Exit
Business is complex. Families are complex. When they are brought together as a family owned business there are dynamics at play that can add significantly to its success or failure.
As the family owned business moves from the startup stage towards maturity it is under increased pressure to define and implement more formal strategies, policies and business practices. The Owner is faced with increasingly complex scenarios that may lead to conflict between the Stakeholders – the Family, the Owners and the Company. Understanding, managing and monitoring the interactions and interdependencies of the Stakeholders will contribute significantly to the family business’s long-term success and sustainability.
You know the deal, business owners get themselves wrapped up in the daily operations of their companies and end up being “owned” by their company instead of the other way around.
Goals are set, intentions are great. Then “life happens” and work becomes all about fixing problems rather than reaching goals and developing the business. Optimism and enthusiasm are replaced with anxiety, stress, frustration, or at best, acceptance of mediocrity. Profits are smaller than they should be, opportunities are missed and owning a business loses its appeal.
As an Owner are you facing these Challenges (Barriers to Success)?
- Implementing a Management System that will support your growth, value creation and people development so that you can achieve Personal and Financial Freedom.
- A process to define, implement and monitor the 3-5 year, one year, and quarterly Plan?
- Efficient and effective operational systems (marketing and sales; finance and accounting; manufacturing and distribution) to support the Plan?
- Policies for Owner and Family members to ensure they understand their roles and responsibilities?
- A Transition Plan, commonly referred to as a Succession or Exit Plan?
- Developing a strong, loyal Team?
- Building a strong corporate culture?
- Increasing profits/profit margins, EBITDA and enterprise Value?
- Cost management and containment?
- Building the Value of your business?
- Building strong Leaders?
- Expansion (product, services, geographic)?
- Improving the quality of your customer service?
- Recruiting, evaluating, hiring, training, retaining, terminating employees?
- Cash management?
- Gaining control of the work-home life balance?
If you continue to try to tackle these Challenges alone, it’s likely you’ll continue to repeat the past; wasted time, wasted money, wasted opportunity and added stress. Your Business Advisor will work with you to overcome these Challenges thus enabling you to attain your business goals and objectives.
Build | Grow | Exit
To learn more about how we can help you achieve Personal and Financial Freedom and your WISH – Wealth, Independence, Self-Fulfillment and Happiness:
Contact Bob Nelson at Rnelson@xlBusinessAdvisors.com
“Begin With the End in Mind”