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

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

 

In The Family Business - Whose Turn Is It – A Few Guidelines

For a business family that desires to build a legacy and grow profitably well into the future, the following guidelines have proven helpful in ensuring that the most qualified individual is leading the business:

  1. Develop a Family Employment Policy that encourages family members who desire a leadership role to gain work experience outside of the family business and specifically defines the objective criteria necessary for employment and leadership.
  2. Nurture mentoring and coaching between the current CEO and the next generation of leaders.
  3. Clearly define, in writing, the job description for the CEO.  Identify the expectations and metrics to which he/she will be held accountable.  This should also include the knowledge, skills, and abilities expected in the role, as well as a commitment to the family’s values and objectives. Have the senior generation guide the process of selecting their successors before they leave.
  4. Seek the support of non-biased, third party perspectives in evaluating and selecting the next CEO.  This may mean soliciting input from non-family directors or members of the advisory board or from qualified advisors.
  5. Be open to a non-family CEO for a season if a family member is not ready to assume leadership.
  6. Set the CEO up for success.  Develop a communication structure and a governance system that efficiently and effectively outlines the processes for the family, the ownership, and the business to keep focused on the correct goals and objectives.
  7. Revisit these guidelines annually.

As a family, commit to a process that will find the most qualified leader for your family business. 

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)

Friends and Sponsors

  • LN Logo
    Sponsor and Thought Leader
  • wealth legacy advisors - susan schoenfeld
    Sponsor and Thought Leader
  • Family Business United logo
    Global Connection
  • icsbfinallogo
    Global Connection