Welcome to SKM Associates Family Business Advisors & The Network of Family Businesses

Advising and Consulting Business Families in the journey to build their Family’s Legacy

  • Successful family businesses clearly define who is responsible for what, and who is responsible for succession.
  • Long-lasting family businesses maintain a robust entrepreneurial climate.
  • Family Businesses are generally 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 within families is complex, there is no one size fits all solution. Appropriate structures and guidelines can provide platforms to facilitate transparent dialogue.
  • Building a Family Legacy requires determining what will be passed to the next generation.

SKM Associates present at the University & Whist Club and hosted by the Small Business Development Center and Delaware Business Times.

EMERGING LEADER PEER GROUPS

      Contact Us To Learn More About The Emerging Leader Peer Groups For Business Families

 

SKM Associates

SKM Associates LLC and the Network of Family Businesses 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, professional coaching and development, education, and business strategy

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

 

Do Nothing or Start

Preparing for any change in season takes planning, and preparing for succession is no different. For too many families in business, the easiest approach to succession planning is avoidance: do nothing.  However, ignoring the inevitable doesn’t make it go away.  Ready or not, the time for succession will come.

A family business should prepare for the change of the family’s season by taking steps now to prepare:

  1. As a family, commit to building the family legacy and the business legacy.
  2. Use the workbook: 20 Questions Practical Checklists For Business Familiesas a conversation starter for all family members.
  3. Draft a written plan, along with a timeline, for the transitions to the rising generation.
  4. Prepare development plans for the rising generation that provide opportunities to learn about the values and vision of the family and that provide opportunities to learn about the rights and responsibilities of being an owner of the business.

Honestly discussing the critical issues facing families and family businesses in transition helps foster the objectivity and focus needed for long-term success.  Successfully navigating the transition of leadership can often be the key piece in solidifying the opportunity to create a multi-generational family business legacy.

A professional family business advisor can help the family and the business function with discipline and forethought to ensure sustainability for future generations. The family business advisor can help the family achieve family goals by helping to establish the framework, boundaries, training, help with talent development, and reflective planning for the future.

It’s not too late to get started.  Doing nothing is not really an option.

 

20 Questions: Practical Checklists For Business Families

book cover Final
 
 
 
"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)