Understanding the benefits of a family business advisor

Picture of John Broons
John Broons

John Broons is a globally awarded family business expert. One of only three people in Australia to hold the coveted title of Fellow of Family Firm Institute (Boston, USA), John has dedicated his working career to answering the question: how do I guide and support families in business to a place where they’re thriving?

As a family business owner or member, you may find yourself wondering about the benefits of having a family business advisor. You may ask yourself why your family needs an advisor to “manage the family”. In this article I explore this topic and shed some light on why a family business advisor can be critical to your family business success.

Family business advisor speaking to family business members
Embracing the journey of a family business

Running a family business is a great experience, filled with pride and a sense of purpose. You believe in your business and its potential to thrive for generations to come. According to the Family Business Institute, 88% of current family business owners share this belief, envisioning that their business will remain within the family for at least the next five years. But in order to turn this belief into reality, we must acknowledge the challenges that can arise.

The invaluable asset of a family business advisor

Here’s where a family business advisor becomes an invaluable asset. They provide guidance in crucial areas that can determine the long-term sustainability of your business. Imagine having an expert by your side, someone who understands the unique dynamics of a family-owned business and can offer wisdom, guidance, and support tailored to the needs of your family. Whether you are struggling with creating a succession plan, leadership development or managing a conflict within the family, a family business advisor has the expertise to help you navigate these complex family dynamics and find solutions that work for everyone in your family.

Fresh perspectives and uncovering hidden potential

But it’s not just about planning for the future, a family business advisor also brings a fresh perspective to the table. As an outsider, they can see blind spots and opportunities for growth that you might miss. Their objective insights can help you see your business from a different angle, uncover hidden potential, and identify new avenues for success.

A knowledgeable mentor and supportive partner

Engaging a family business advisor is like having a knowledgeable partner who understands the unique dynamics of a family-owned business. They have the experience and expertise to provide the guidance you need, helping navigate the complexities of family relationships within the business. Their knowledge and experience can be invaluable as your family face the challenges and opportunities that come your way.

An independent viewpoint

Conflicts within a family business can be particularly challenging to navigate. A family business advisor can act as a mediator, facilitating open and honest communication to address and resolve conflicts effectively. By addressing conflicts head-on, you can preserve strong family relationships and create an environment where your business can thrive.

Stability and continuity

Having a family business advisor brings stability and continuity to your business. They can provide guidance during periods of change, economic downturns, or industry disruptions, helping you navigate challenges, and will work with your family to ensure you have the tools to adapt and thrive.

Preserving your legacy and creating a prosperous future

Engaging a family business advisor is more than just a financial investment – it’s an investment in the long-term success of your business and the preservation of your family’s legacy. A family business advisor can help you align your business strategies with your family values, ensuring that the traditions, values, and heritage of your business are carried forward for future generations.

Engaging a family business advisor is a proactive step that can have a profound impact on your future – both that of your family and your business. The expertise, independent perspective, and unwavering support from an experienced family business advisor can help you navigate the complexities of running a family-owned business with confidence and clarity. I encourage you to reach out to a family business advisor, embrace the opportunity to tap into their knowledge, and safeguard the legacy you’ve worked so hard to create.

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