You run a substantial family business, maybe even a full enterprise consisting of several businesses across multiple countries. You’ve been in business for a while, and you are very good at what you do. Perhaps yours is a third- or fourth-generation operation, now led by a “consortium of cousins” that spans at least two generations of the family mingled with trusted, skilled, non-family VPs and senior managers.
As the owner of a successful family enterprise, you’ve invested years in nurturing a legacy that has the potential to succeed for generations. Unfortunately, the odds of it surviving its next succession are not in your favour.
Family and business are complex ecosystems each made of up unique dynamics, personalities, time-lines, needs and desires. Put the two together and differences of opinion, disparate needs and unexpected life circumstances can cause things to go off the rails – threatening the well-being of your family, business and wealth.
As a trusted partner to families-in-business, we have seen the difference advice can make. Poor advice often results in misguided decisions, lack of support and an inadequate succession plan. On the other hand, sound guidance – including intergenerational support, governance and the right succession plan – allows companies to survive, leaders to thrive and families to achieve harmony. This is exactly what we provide at Legacy Family Office.
Opinions, values, goals, and desired choices will vary among family members who also run a business or practice together. Sometimes families will avoid the tough questions for a long time because they don’t want to upset important family relationships.
Creating a solid, stable leadership structure for your business is critical if it is to thrive from one generation to the next. Intelligent tax planning, corporate structure, asset security, leadership development, and support of non-business family members are just a few of the many topics we work through with our clients.