A Family Business Advising Family Businesses Providing Family Business Solutions

 For Business Families in the journey to build their Family’s Legacy

Our Services

Succession and Transition Planning: Successful family businesses clearly define, a timeline, expectations,  who is responsible for what, and who is responsible for sustaining the family business and the famiy legacy with accountability.

 

  •       Professional establishment of an advisory board:Take the guess-work out of creating an advisory board.  Forget the countless hours trying in vain to identify (and then recruit and then figure out how to pay) the right board members.  We will provide the structure and the professionals for a focused, effective advisory board, and we implement the process for you.

 

  • Leadership Development and Management Planning: We support family businesses to help build and maintain a robust entrepreneurial climate with both family and non-family.

 

  • Family Renewal and Education: We take a holistice approach with Family Businesses helping them understand they are more than the sum of their parts, and they exhibit unique behavior as a whole rather than the singular behavior of the Family system, the Business system, and the Ownership system.
  • Communication and Conflict Management: Family dynamics are complex and there is no one size fits all solution. Our facilitation helps build appropriate structures and guidelines that provide platforms to facilitate transparent dialogue and sustainability of the family buisness.
  • Coaching the Rising Generation: Building a Family Legacy requires determining what will be passed to the next generation, it is more than just financial resources.  

 

SKM Associates

SKM Associates Family Business Consultants exists to serve and assist family businesses as they build and preserve their family legacies.  We work with family enterprises and closely held businesses on issues such as succession planning, communication, board and family business structure development, family meetings, professional coaching and development, education, and business strategy

          Have a question related to your family business, ask SKM Associates Family Business Consultants

 

Five Factors For A Smooth Family Business Succession

  1. Build your benchYou can’t run a relay by yourself. Running a relay, like succession planning, requires the development of runners. Succession planning requires a family business to always have an eye on high potential leaders so they can develop them for future needs. Like training for a race, systematically developing successors also means systematically providing the right experiences to build the correct skill sets for the future.
  2. Make the transition seamlessWhen a succession plan is well-executed, and a smooth leadership transition occurs, the family and the business do not miss a step moving forward.  The baton is passed with ease. Making the transition seamless requires planning, preparation, and effective communication. Part of building a bench of talent is instilling in future leaders the cultural DNA of the organization, which will help provide continuity from exiting leader to successor during transitions.
  3. Cast the visionThe vision is the shared image of the family’s definition of success and what the family wants the business to be.  The vision provides a future orientation It points the direction for where you are going. 
  4. Nurture the valuesEvery family has values. They may be spoken or unspoken. Some families live out their values more closely than others, but each family and business has a set of values. Though the world is ever changing, a family’s core values should be constant. It is who you are as a business family. Values are energizing, motivating, and inspiring. When people care passionately about something, they spur themselves to great achievements. The core values really are conscious motivators!
  5. Provide mentoringA mentor to rising leaders will help the family business function with discipline and forethought to ensure sustainability for future generations. A mentor can help the family establish frameworks for succession, provide training, help with skill development, and foster reflective planning for the future.

As a family business, avoid extinction by focusing on these five factors for successful succession.

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20 Questions: Practical Checklists For Business Families

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"From his years of experience both working in family businesses and consulting to family businesses, Steve has a wealth of practical wisdom and insight to share. May the treasure trove of practical suggestions, which he and Aaron share in this book, bless your family and its business."
           Melissa Mitchell-Blitch, MS, MA; 
           Family Business and Executive Coach; 
           Founder of Eredita, LLC
 
 
"The authors use a series of very perceptive questions to tease out the differing views of members of a family business and also clearly explain the purpose of these questions. I would highly recommend this book to the leaders and members of all  family businesses."
          Frederick D . Lipman, author of The Family Business Guide (Palgrave Macmillan 2010)