Strategic planning is the key to managing internal family disagreements
Up to 25% of Irish family-run companies do not have a plan in place to deal with conflict between family members according to a recent report from PWC.
“While some family firms are managing strategic planning well, many are caught between the deluge of everyday issues and the weight of inter-generational expectations” according to PWC. In many companies succession planning “may not even be discussed or considered, which means different people are making different assumptions” about their future and the future of the business.
Below is a list of the methods used in family businesses to limit the effects of potential conflicts
All types of potential exits should be considered by owners of family businesses. At Celtar we work with business owners who wish
- to plan for the next generation of the family to take over, succession planning
- to transfer the management of the business to a general manager, succession planning
- to sell the business, how to make the company attractive to potential buyers
Our expertise is in the strategic planning for your goal, what are the options available AND what needs to be done in terms of planning and actions over a period of time. As independent management advisers who work alongside your solicitor and accountant, our external perspective is valued by many clients. Your success in reaching your objectives is our success.
Great article from HBR Conflicts that plague family businesses and see our article on this blog Family businesses are different
Billy Linehan is a business mentor, facilitator and consultant based in Dublin, Ireland