Balanced Firm Consulting

 

Business growth and succession planning are successful only when the entire culture of the business is changed to a unified effort.

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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.

 

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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

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Additionally, Only 25% of businesses who said they were going to retire in 5 years said they had a plan and a successor identified!

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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.

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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.

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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.

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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.