The answer may seem obvious. But then it's not so straightforward after all.
Because what if you have cash flow problems? Wouldn't it seem equally obvious that a financial advisor is the right person to ask for advice?
And if the challenge is to find the right CEO to lead your turnaround, wouldn't it make sense to get recruitment help from a recruitment agency?
We can also imagine that there are problems with the contracts in connection with a generational change. Doesn't it make sense to get a lawyer involved?
The answer to all these questions is that it CAN be right. Whether it IS the right thing depends on whether the expert(s) the family business engages have a sufficient understanding of the family business:
👉 the dynamics of the relationships within the owner family TOGETHER
👉 the discipline-specific problem (in law, finance, HR, etc.) that needs to be addressed.
Hardcore law alone won't solve the problem if the grandfather disagrees with the grandson every time they talk about who should have a leadership role in the company in the future.
And the recruitment consultant can be great at finding the right leadership candidate for a particular type of business. But does he adequately understand the relationship that should develop between a family of owners and the company's externally recruited managers?
Financial challenges can also, on closer inspection, turn out to be rooted in how the members of the owner family interact with each other. And that's where a financial advisor who thinks mostly in numbers and strictly rational decisions can fall short.
As we all know, just because your tool is a hammer doesn't mean everything is a nail.
So make sure your advisor or advisors have a large enough toolbox to understand and solve your specific problems. You can choose:
👉 a dedicated family business advisor who can draw on the core competencies of other professionals,
👉 an advisor who has both solid experience with family businesses and your specific challenge or
👉 a subject matter expert who can draw on a family business advisor.
My own background puts me in the first category. I understand family businesses down to the core - and I can also draw on my network of subject matter experts.
This is the type of advisor you can benefit from when your challenges are rooted in the unique dynamics of family businesses. I can help you clarify whether this is the case. So don't hesitate to contact me.
