What is the role 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?

A family business advisor can be an invaluable ally in the journey of a family-owned business. As a dedicated guide and confidant, a family business advisor understands the unique dynamics and challenges that come with running a business alongside your family members.

What is the role of a family business advisor
A dedicated guide and confidant

Firstly, a family business advisor is there to listen, to truly understand your goals, dreams, and concerns. They provide a fresh perspective and a wealth of experience to help you navigate the intricacies of both your business and family dynamics. They act as a trusted sounding board, offering insights and guidance that you may not have considered otherwise.

Strategic planning and succession support
One of the key ways a family business advisor can support you is by assisting with strategic planning and succession planning. They understand the importance of long-term sustainability and can help you develop a roadmap for the future, ensuring a smooth transition from one generation to the next. By working closely with your family, they help you establish clear lines of communication, define roles and responsibilities, and foster a shared vision for the future.

Conflict resolution expertise

Additionally, a family business advisor can assist with conflict resolution. Let’s face it, where there are families, there are bound to be disagreements. But when these conflicts spill over into the business, they can have serious consequences. A skilled advisor can mediate disputes, help family members find common ground, and strengthen relationships within the business and the family itself.

Financial guidance, decision making and emotional support

Beyond the day-to-day operations, a family business advisor can provide invaluable guidance on financial management and strategic decision-making. They can help you analyse market trends, identify growth opportunities, and implement best practices to ensure the continued success of your business. By leveraging their expertise and knowledge, they empower you to make informed and confident decisions.

But perhaps one of the greatest benefits of having a family business advisor is the sense of support and encouragement they bring. They understand the joys and challenges that come with being part of a family business, and their unwavering belief in your vision can be a tremendous source of motivation. Knowing that you have someone who genuinely cares about your success, both as a business and as a family, can make all the difference in the world.

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Family members in a business meeting with their family business advisor
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