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PwC’s 11th Global Family Business SurveyFriday, 05 May 2023PwC’s Family Business Survey 2023 comes at a time of great change. The optimism of a post-covid world has been sorely tested by the geopolitical
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A guide to family business succession planningFriday, 11 February 2022Succession planning is one of the most sensitive issues, and COVID-19 appears to have concentrated minds in this area. Topics such as
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Tánaiste and Minister Donohoe launch new €90m fund for Irish start-upsThursday, 10 February 2022The Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar TD and the Minister for Finance, Paschal Donohoe TD launched a new
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Some essentials for getting the right balance in a Family Business
1. Set some boundaries Its all too easy for family members involved in the business to talk shop 24/7 - limit discussions regarding the business outside of the office. Although easier said than done, its not always possible - but at least save it for an appropriate time.
2. Establish regular methods of communicating Look at setting weekly meetings to assess company progress, resolve issues etc
3. Assign roles and responsibilities While a number of members of the family may have the necessary qualifications for tasks/duties - assigning responsibility for each one will avoid unnecessary conflicts arising. Big decisions can be made together, but avoid long debate/discussion over the minor issues .
4. 'It's a business afterall" One of pitfalls of family business is putting the emphasis on the "family" and not the "business". A healthy business may not always be compatible with family harmony, so be prepared to deal with these issues.
5. Acknowledge the advantages of the family business One of the key advantages to family businesses is the access to human capital in the form of other family members. This can be a huge advantage when it comes to survival as family members can provide low/no cost labour, or an emergency injection of cash/funding.
6. Family Members should be treated fairly Qualified family members can be a great asset to a business. But pay, promotions, work schedules etc should be evenhanded between family and non-family employees.
7. Seek outside advice The decision making process in a family business can sometimes be too closed. Seeking advice and guidance from external advisors can be a great way to give the business a reality check
8. Develop a succession plan It is inevitable that any family busines without a succession plan is going to run in to difficulty. A succession plan should state how and when the business will be passed on to the next generation. It needs to be a financially sound plan for the business going forward as well as for the retiring family members. External professional advice is essential as you will need both legal and financial guidance.
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