Families in Business and Family Businesses – What Next?

It’s been a long time coming and finally we sense that we’re all finally gearing up to welcome in the new era and explore what new normal means for us, our businesses, our colleagues, our customers and our families.

We’re advocating a 3Rs approach to the second half of this year:

Refresh, Review Re-energise.

Key considerations:

Refresh: An army may march on its stomach. A Family Business relies on those at the heart (of the family and the business) to function as well as possible.  How do you feel? Have you got a break booked? 

How does everyone in the family feel and how do the senior management team in the business feel? 

Review:  What are the short and medium term plans:

For the family owner managers? 

For the family – what changes can you expect in the next 3 to 5 years

For the Business

Reviewing those changing dynamics now will set the business and family unit in good stead. We’ve been helping family enterprises for decades and we know that the most successful family enterprises adopt an open collaborative approach to the review, involving as many individuals as possible in the family dynamic

Re-energise: Consider everyone’s experience throughout the last 18 months. What is each individual’s perspective?  An exercise, to de-brief, to decompress from the strains and challenges of the last 18 months will help everyone from family units to senior management teams to business units and colleagues.  No two experiences will have been the same. Loss, grief and isolation affect people differently.  Enabling a period of reflection and rehabilitation will speed up the process to re-energising and re-focusing on the business and the key results that need to be achieved to place the business in the best possible place for 2022 and beyond.

We can help with these and many other issues both inside and outside the business

For more information on Family Business see our previous article: “Families in business and family businesses post-lockdown”

Contact us to request a free copy of Stephen Attree’s e-book: “Succession in Family Business”

If you would like any help with the issues raised please contact our expert family business advisers on corporate@mlplaw.co.uk or 0161 926 9969.

Click here for more information and to review your business’ vulnerability score.