The multigenerational nature of the family business requires an approach that takes into account different communication styles, views on work ethic, and relationships with technology. We understand these unique concerns and challenges and strive to help you find a healthy balance between the family, the business, and its owners.
Can my heirs succeed me, and do they have the desire, knowledge, and ability to do so? Can I trust them to be successful and stay true to our values? Can I afford to transfer ownership to the next generation, and is my estate set up to accomplish it? What if they fail? How do I talk to them about it and make sure roles are clear? How should the next generation be compensated? Younger generations often have concerns about stepping into new roles, implementing new changes, and gaining autonomy when elders are still involved. And all generations may have concerns about how the passing of ownership will occur and to whom.
Often there are multiple children with unequal involvement in the business, yet all are owners. This can create questions regarding the succession process and issues of equality, giving rise to resentments.
The life experiences of older generations—those responsible for building the business—lead to a very different view of business matters than that shared by younger generations, who are bringing newer ideas and values to an already-established business. People in family businesses often play multiple roles within the same relationships (e.g., CEO, father, mentor, and friend). It is important to pull personal relationship issues out of the business and take away blurred lines to create clarity and keep the business successful.
The challenge lies in intertwining and transitioning the ideas and methods of generations so that over time they can merge, leaving the people and the business healthy.
At Granite Financial Partners, we address these issues. We conduct interviews and inquiries to discover family members' true concerns, and then design solutions based on the information we receive. We ask the sometimes difficult questions that other advisors might avoid, but which are essential in accomplishing real or lasting change. We have the level of knowledge and compassion required to find the most effective and creative solutions. Our process helps the family as a unit come to a conclusion that works for everybody. Everyone gets heard.
Once a business transfer is complete, we are here to help guide family members through a new set of concerns. Communication breakdown, power struggles, and dissatisfaction are common. It is a transition that takes time and often creates struggle when those involved do not fully understand the process through which they are going. New owners don't always guarantee progress, and ongoing coaching is crucial to ensuring that the business continues to thrive while its people find success in their new roles and the new dynamics that come with them.