When family businesses experience crisis and conflict, they are often reluctant to invite advisors in.
The argument may be that an outsider would find it too difficult to understand the dynamics of their particular family.
But often the reluctance is also about the fact that inviting a stranger into the business can feel uncomfortable. Because even though the family business is a business, its problems and potentials are often rooted in the private sphere of family life.
Conflict aversion, insecurity and shame can understandably come into play when families, despite internal disagreements, surround themselves.
Some of the feelings I know from myself, but:
In my experience, it's often outside advisors who ask the questions that need to be asked to create reflection in the owner families.
And it is often the 'outsider' who is able to guide the family through the process needed to tackle their problems.
This is because the advisor, who specializes in family businesses:
👉 can quickly identify the typical issues that family owners struggle with,
👉 sees the company without an emotional bias and
👉 is neutral in relation to any conflicts between family members.
Not quite convinced?
So consider whether you agree with these claims:
👉 A company that finds itself in serious financial trouble that it cannot solve on its own should involve a professional advisor with knowledge of business finance.
👉 A company that has run into legal problems that cannot be solved internally should involve a lawyer.
👉 A business that has issues with the owner family that cannot be resolved between family members should...
I think you get the point.
Because while it may take some overcoming, it can be obviously beneficial to invite a specialized advisor in when things are strained in the owner-family relationships.
Fortunately, an experienced family business advisor can understand you and your business. And like the economist and lawyer, we come with the empathy and dedication to confidentiality that comes with being a good advisor.
Contact me without obligation if you think your family business could benefit from an advisor.
