​As boomer age Canadians we've had the good fortune to grow up in what I like to think was a special place. Opportunities for education, jobs, freedom of religion and the list goes on.

Add the fact that many of us have made a good living as business owners and we have a lot to be grateful for. Whether or not you have routinely given to charities, religious organizations and those in need over the years is not important. What you do from here on is.

If you are reading this email then you either will be selling your business or you know someone who will be. After the sale an owner will likely have more time and money to contribute to organizations and individuals to make the lives of many better. Could be here in Canada or in other parts of the world. Giving back should be part of everyone's plan.

In the spirit of giving back and in order to do more and help more I would like to suggest a couple of things:

1. I've said this before and I'm saying it again. If you don't need any more money and are satisfied with what you think a sale will deliver to you in cash that's great. But it's not a good reason to just stay the course until a sale without trying to increase bottom line results.

Consider this for a moment. If you only need $2 million for your postsale life that's great, more power to you and I hope it all works out. However you built your business to make profit. If you could generate an additional $500 thousand or $1 million think about how much more good you could do with it. How many more people you could help.

2. Prepare in advance for the financial rewards you will be receiving from the sale of your company. Plan, investigate who to give to and make sure you are not surprised by unexpected tax issues that could drain your funds and negatively impact your ability to share the wealth. Plan so you can do more good.

On Wednesday July 31, 2019 in the evening, I will be attending an event, 'Charitable Giving' an Exclusive Educational Seminar. Discover more tax efficient ways to give to the charities that matter to you. It would be great to share my table with you.

Charitable giving and tax implications are not my business. Helping owners transition well and enjoy their postsale lives is.

Please consider coming, you'll do others and yourself a lot of good. Bring your spouse.

Details and registration here.

​If you have any questions please contact Maricel Ramos @: (647) 862-5280 or Maricel.Ramos@investorsgroup.com

Hope to see you there.
​Eric Gilboord

The 4 P's of success in life or business are:

1. Patience - Often times it takes years to launch a new idea and still more time to be successful at it. You have little real control over the thinking of others. Be it the world, family, friends or business associates. Some will come around to your way of thinking others will not. You know it's a great idea but 'they' may not be ready for it. The world is not on your clock.

2. Persistence - If you really believe in what you're doing you will not give up. Changing your thinking, adjusting the measurements, and revising your plan are all part of the process. Giving up is not.

3. Perspiration - If you don't do the work nobody else will. You can try paying someone else or coercing them. Unless they see the passion and real commitment from you, likely their effort will not be enough to help you be successful.
​
4. Passion - You can't be taught passion, buy it or be given it as a gift. It is so strong others can see it, hear it and almost taste and touch it in the way you present yourself and your ideas. It can't be faked or forged, true passion is very real. Genuine passion bubbles up from within. You can't contain or control it and without it your chances for success are slim.  Find something you are passionate about and start pursuing it now! It could take a while to get there. Don't forget to enjoy the journey.

Eric Gilboord, A2E
CEO WarrenBDC  
416-270-2466 

I often write and speak to groups and individual Owners about selling their company for 300% more than they could currently.

At first there is a look of disbelief,  quickly replaced by the question 'how'.

There are multiple reasons an Owner has stopped growing and or improving the value of their business. 

(The same comfort level logic works for most anything. Your health, personal finances or relationships etc.)

The company is the size it is currently because the Owner can control all aspects of it. Generate enough sales. Wrap their arms around the operations. Be comfortable with the finance side. Continue to run the same sales and marketing efforts. Not have to replace anyone. 

Basically they have reached a repeatable level of success. Essentially experiencing the same year over and over again.

But what if you want to have a different more successful year vs the previous one?

There are typically 3 key areas of your business that need to evolve, if you want to potentially transition a company for 300% more. 

1. Open your arms wider. Think bigger, take on larger opportunities, give yourself permission to stretch. Don't be afraid to screw up. It will happen and you will overcome and succeed.

2. Owners often tell me they can't finance growth. There are many more resources for financial help than the bank. Once you find one or two that work for you, you're comfort level will rise and that project you didn't even try for in the past is now real and in your reach.

3. ‎Finding good, qualified and reliable employees is difficult or impossible. First of all that's not true. You just need to find a great resource to help you. Once you do find the right assistance and make a successful hire, your luck begins to change.

The business runs better, new opportunities are identified and secured. You begin to attract the right staff and better customers. You have effectively removed some of the negative roadblocks and made room for more positive results. You've created a vacuum to be filled by success. 

Now you have the bandwidth to try some of the ideas that have been on the backburner. Tap into and reveal hidden opportunities to increase sales or improve processes, make your company what it should be. Bigger, better, able to run on its own.

Get out of the way, focus on just what you love to do and work on the business not in it.

It's not going to happen overnight. You will require help. And yes it's worth it.

Key Learning
Ask yourself 'WHO' can I find to get the above tasks done, not how.

If you'd like to discuss the future success of your company let's meet for coffee or lunch. You can tell me about yourself and your business. I can fill you in a bit on who we are. 

Alternatively please explore our website for more insights into this whole growing before transitioning thing. www.warrenbdc.com

Eric Gilboord
416-270-2466
eric@warrenbdc.com

The IBBA and M&A Source Market Pulse Survey Report for the fourth quarter of 2018 has a range of interesting insights.  The survey’s purpose is to provide an “accurate understanding of market conditions for businesses being sold in Main Street (values $0-$2MM) and the Lower Middle Market (values $2MM-$50MM).  This national survey was designed as a tool for business owners and their advisors and has the support of both the Pepperdine Private Capital Markets Projects and the Pepperdine Graziadio Business School.

One of the most striking facts to leap out of the report is the fact that a full one-third of advisors fully expect the strong market to end this year.  Overall, advisors are not optimistic that the current climate will continue through 2020.  In fact, advisors are encouraging sellers to consider placing their businesses on the market now, while the market is still strong.  This is according to Craig Everett, PhD and Assistant Professor of Finance and Director of the Pepperdine Private Capital Markets Project.

One fact from the report that could be overlooked is that only a mere 8% of advisors expect the current climate to last for 48 months or more.  Additionally, only 9% believe that the current climate will last between 24 to 48 months.  Perhaps most striking of all is the fact that 60% of advisors feel that the current climate will end within the next two years.

Business owners who are considering selling should be advised that almost two-thirds of advisors now feel that there will be a significant shift in the next two years.  Considering that it can take a year or more to sell a business, business owners would be wise to consider this important fact.

The report sites Neal Isaacs, Owner of VR Business Brokers of the Triangle who states, “Deals are taking longer in due diligence as buyers work hard to validate their investment and make sure that what they’re buying is worth the premium price today’s sellers are commanding.”

So, is now the time to sell?  Many experts feel that it is possible to lose a sizable amount of value if one waits too long to sell.  Even just a few months can make a huge difference in terms of perceived value and the ultimate sales price.  Working with a professional is a key way to ensure that you are selling at the right time and secure the best possible price.
​
Copyright: Business Brokerage Press, Inc.

Excerpt from 'Moving Forward'

Over the last couple of years you've kicked some tires, read a few articles or books, spoke to a few friends and maybe some professionals with experience in selling businesses. Then you put it all on hold because selling your business was never a serious consideration. After all you were still young.

If you read the business press today, it is shocking the number of Boomer Aged Business Owners with no real plan to sell their business. In Canada it's estimated there are 550,000 Boomer Aged Business Owners.

1. Over 75% of you plan to sell within the next 10 years. That's a lot of competition.
2. Less than 10% of you have a team, formal exit or succession plan in place.
3. Over 82% expect the sale of your business to fund your retirement. That's a lot of pressure.

As I said earlier, over the years I've worked directly with hundreds of owners of small and medium-sized businesses, like yourself. And spoken with many more. It is disturbing to realize the number of entrepreneurs who don't have a real exit strategy in place. There is no thought out plan to sell or transition your business.

In addition there are a huge amount of business Owners willing to let your businesses go for well under what you could sell for. Mainly because you don't want to do the work to prepare the company for sale.

Or you've chosen to ride it out for a few more years, taking as much cash out of the business as you can and then plan to just close the doors with little or no thought for the negative impact on
employees, vendors and customers. Let's not forget our economy which is not even close to being ready to absorb the impact of hundreds of thousands of Owners shutting down over a concentrated period of time.

The other option being considered by Owners is to 'die with your boots on'. These are the Owners planning to work until you drop. A plan based on loving what you do, working is an economic necessity or you simply don't know what else to do with your time. Or whatever story you want to tell yourself.

In many cases, initially, you're taking business selling advice from your current lawyers and accountants. Which is great if the trusted advisers have experience buying and selling companies. Not so good if they don't.

You are letting your baby go for 2, 3 or 4 x EBITDA* based on a volume of sales well below what it could be. Increased sales, a reshuffling of people, improved marketing, better operations and financial controls could all help to increase EBITDA* and therefore garner a sale price 6+ X. Especially when your annual sales break the magic $10,000,000 level. You could sell for far more than you have ever imagined was possible. It just requires some preparation.

*Commonly abbreviated as EBITDA, an accounting measure to calculate a company's net Earnings, Before Interest expenses, Taxes, Depreciation and Amortization are subtracted. Used as a proxy for a company's current operating profitability.

You could wait a few years and receive much more for your business. Anything done to increase the value of the business will help to make the company more desirable to a Buyer and valuable to you the Owner.

For years you considered improvements to your marketing, operations, finance and sales departments. Thought about enhancing technology, or even replacing staff. But you never followed thru.

Every SMB I've ever visited always included the obligatory tour. The Owner inevitably introduced his staff as: This is Jeff our Marketing Manager but he's not really a marketing person more a sales guy. Meet Susie our Controller, but she's really only qualified as a bookkeeper. Jan who doesn't get along with anyone but I keep her anyway. And my children who couldn't get a job elsewhere so they work here, etc.

Always one step below what they should be. No not the whole staff or you wouldn't have a thriving business. Just a few key players who help to keep you back or cause some frustration. Well now you may want to reconsider. The new Owner will be assessing your people and your judgement in people. They will be spotted and quickly. It will be held against you.

There are good ideas not acted on because they were an unnecessary expense or it was so much work you just didn't bother.

If you have an established business, consider returning to why you got into the business in the first place. Get in touch with what you were passionate about and determine how to get back to doing the things that you can’t wait to do each day.
​
There is no shortage of experienced folks to perform the functions you are not comfortable with or even qualified to do. Stop doing the stuff you hate and spend more time working on the business not in the business.​

Some food for thought before handing your business over to a next generation family member.
​
I remember meeting the Owners of a small business. He had worked hard and the company had provided his family with a comfortable life.

There were 3 sons. One worked occasionally in the business, wasn't suited to take over and never really did much with his life. A second son had other ambitions and enjoyed a very successful career in law. As for the third son, unlike his brothers, he worked in the business full time, made a living and started his own family.

So when it came time to think about transitioning and rather than selling the company to an outsider, the Owner along with his spouse made a decision based on emotion and blood. 

The third son thought it was his right to take over the company. Although under qualified and not yet possessing the maturity to succeed, the Owner turned the company over to him. With no cash investment, only sweat equity, winning by default and having day to day experience working in the business he was charged with preserving the family golden goose.

Thinking far more of his own capabilities, having no real transition plan or safeguards put in place by the Owner (his Father) and now being in charge the third son made the decisions his way. As the Owner had an ailing parent, some health issues of his own and other distractions he was not always available for counsel or oversight.

The immature third son saw this as an opportunity to put his own mark on the company and in the process promptly drove the business into the ground along with the Owners' life savings and retirement funds. Fortunately the successful son, the lawyer, had the means to take care of the parents as the other two did not.

Why did the parents turn the business over to the ultimately unsuccessful son? As I wasn't present at the family Sunday night dinners, I'll never really know. What I do know is that people make poor decisions and do stupid things for blood.

I also know that it's in my power to repeat this story as often as possible. So it doesn't happen to your family. I'm sure everyone had the best of intentions. But that only takes you so far.

Three key questions to ask before you even consider handing your company over to the next generation.

1. Do they want the business?

2. Are they qualified to run the business successfully?

3. Can they afford to buy the business from you?

And one more key question you need to ask yourself. How will this decision affect the rest of the family?

At WarrenBDC, we have developed a special group exercise to quickly gain insight into what the future of your company might look like if you make this kind of choice.
​
To discuss the options and our services available to increase your odds for success please contact me today. 
Call 416-270-2466 or email eric@warrenbdc.com

Cheers, Eric
​

Stats on the state of the boomer business owner world, from the 'State of Owner Readiness' survey 2016.

1.   Boomers own 63% of private businesses.
2.   80-90% of their wealth is tied up in their business.
3.   76% plan to transition over the next 10 years. 48% in the next 5 years.
4.   12 months after selling 75% of owners 'profoundly regretted' the decision.
       (Want to know how to avoid the whole regret part?)

Have I got your interest?
 
5.   70-80% of businesses put on the market don't sell.
6.   Less than 30% of family-owned businesses survive into the second generation.
7.   67% of boomer owners are between 50 and 69 years old.

Stop for a minute and take it in. Now continue.
 
8.   75% have an annual revenue of under $5 million.
9.   85% of family owned businesses are first generation.
10. 24% say you're familiar with transition options. 44% aren't and 32% are not sure.
11. 88% have NOT established a formal transition team.

Sounding familiar?
 
12. 86% have no formal education related to transitioning your business.
13. 67% have no provisions in place if key personnel get ill or die.
14. 50% have no thoughts about your post transition life after the business.

Wow that was a mouthful. Take another minute and let it sink in.
I will guarantee you one thing. You don't know what you don't know. And that will absolutely lead to a whole lot of trouble. The challenge is who do you talk to?

Here is just one example of the misguided thinking many boomers are doing.

You think if you keep the company for a few years longer and take as much as you can out it will more than make up for what you think you could sell for today. Then, in a few years, you'll sell for whatever you can get or just close down. 

Nice plan, unfortunately, putting off selling or even just getting the company ready for transition or 'dying with your boots on' are not really exit strategies, now are they? 

What if, in the meantime, you get ill or worse? The mess you'll leave behind for family, partners, management, employees, customers and vendors will ensure they talk about you for a long time to come.

It's not all doom and gloom. There is a silver lining.

What if you could delay selling, keep taking money out, increase the value of the company and sell for more later. More than you think you could get now. 

Have your cake and eat it too. Hmm, that is worth looking into.

As a successful business owner, you're smart enough to at least consider all the other options available to you. But where do you go to find out about them? 

Excerpt from 'Moving Forward' Eric's book.

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At WarrenBDC, we may have some of the answers you're looking for.

If you want to speak with me right now, that's great. If you need to know more about us first, simply take a few minutes to look at our website www.warrenbdc.com. Get to know us a bit better and then call or email. Whatever works best for you.

Do it on your own schedule and if anything twigs for you ... feel free to give me a call at 416-270-2466 or email eric@warrenbdc.com.

Thank you for opening and reading my emails. I work hard at providing information and insights I believe are of value to you.

Cheers, Eric

Whether you want to accept it or not, change is coming. The average age of a seasoned business owner is 68. Of all established businesses in Canada and the United States, 65% are owned by these same seasoned owners. That means most founders of family businesses are facing the inevitable decisions they have put off for the last few years.

You can't wait it out or drive it away. Likely your kids will not be taking over. You may or may not require the funds from the sale of your business to finance your retirement today.  But who knows what the future has in store for you.

As I've said many times to my readers and audiences, you need to start now, making the decisions necessary for a great transition. If you don't, it may be made for you. Health issues, yours or someone close to you, can pop up unexpectedly. The marketplace may dictate what happens to your business. Competition to sell may be greater than you anticipated. The appeal of or desire to purchase your company may be less than you thought. 

And finally, statistically, selling successfully is not in your favour. Four out of five businesses that go to market DO NOT SELL. So it appears it may be time to take this whole transition thing seriously. 

Eric Gilboord
​CEO, WarrenBDC

As I get older, the thought of what happens after an Owner transitions out of the family business seems to occupy more of my thinking. I question what kind of statement they might leave to future generations by the actions taken while building the company and toward the end of their time running the family business. I've written two very different scenarios from the perspective of how a Family Business Owner might be perceived by future generations of family.

Legacy A - Something to be proud of.
Our parent/grandparent (your name here) was a successful business owner. They grew a tremendous business from nothing. All the while making sure family, staff, customers and suppliers were always well taken care of. 

We all have fond memories of many experiences enjoyed with our parents/grandparents from holiday dinners to weekends at the cottage and incredible vacations to exotic destinations. They always made sure to be with us and to participate. Work was second to family.

Charity and good deeds were part of the fabric of the company and his/her life. Integrity was a basis for all negotiations, encounters and relationships. Working their way with internal and external resources are still referred to as the benchmark for how it is done best.

They planned ahead and when it was time to transition the company, all was in order. People and processes were in place. Accounting was thorough and up to date. Contracts in place. Strategies for the future growth of the business were established and being executed. 

Regardless of who the company transitioned to, family (with or without their direct involvement), outside buyer or staff, the ship was well equipped and moving in the right direction. By the time the transition began, key management were trained and already excelling at their new responsibilities. It was a smooth and mostly stress free experience. In a business transition there will always be something to upset someone.

As descendants, we are lucky to have the choices we do today. We are financially set and equipped to follow in his/her footsteps in business and in life. To live life to its fullest, give generously and appreciate our good fortune every day. We are the proud stewards of his/her legacy, and continue to live by their example.

Legacy B - Not sure you'd be proud of this.
Our parent/grandparent (your name here) was a successful business Owner. Loving what they did and 'dying with their boots on'. They couldn't see themselves living any other way and never took the steps necessary to transition the company properly. We talked to him/her about it all the time and nothing ever happened. Everything would be taken care of tomorrow.

As for memories, he/she was always working. Never had the time to take holidays. Family time was had grudgingly. Excuses were made by us as they loved what they did. Real memories of time spent with him/her are few and far between. They could have easily spent a week here and there with us but didn't. Now it's too late.

While we admire the passion, the series of events that happened after his/her sudden and unprepared for passing have devastated our family. Legal and financial frustrations tore our family apart.

The company revolved around him/her and no one was really trained to take over. Not family or other. The business started to falter the minute word got out that he/she was no longer running things. Customers got nervous, Vendors demanded quicker payments and staff began to panic. No leader, or at least no capable, prepared true leader could step up. The dream that the children would take over was a non starter as some of us were not interested and the others not qualified.

Competitors and Buyers began to circle the company like sharks smelling blood. Our surviving parent/grandparent didn't know what to do and chose to take the first offer that came along. Some of our family, who worked in the business and a few long time employees were immediately let go. 

The cash received was nowhere near what our parent/grandparent had assured the surviving spouse would have to live on. Fortunately our family rallied and are taking care of him/her as family should. But it has been an unbelievable strain on everyone. It could have been avoided.

As for future generations sharing in the success of our family business, we have all recognized that while it would have been nice to have some financial assistance for our lives and to leave for future generations as part of our own legacy we do not always get what we expect.

We will succeed on our own and ensure we don't make the same mistakes as our parent/grandparent.

Remember, as the Owner of a Family Business, it's up to you to write the story.

You've been reading my emails for a few years now. Perhaps it's time we talked.

Free Transition Strategy Session, For You and the Business 
www.warrenbdc.com

A favour if you would.

I've created a new keynote address and am considering the various ways I can present it. Would you please fill in the 4 question survey. Event Info

Click Here for Event Survey

Cheers, Eric
7 Figure Businesses Deserve 
8 Figure Exit Strategies

​1. Know Your Target Audience. 
Understand members of your target group thoroughly, including their attitudes toward the services you offer (e.g., is the purchase of your product or service important, fun, or a necessary evil?). What motivates them, excites them, and makes them want to come back? Be honest and clear about your target group. It is not all adults or all females or all females with blue eyes. Get as close as possible to the core of your target audience and know who is really buying your product or service. Create a mental picture of your customers. See them clearly and make sure that anyone involved with your business has the same picture. 

2. Be Up-To-Date On Your Competition. 
Be completely up-to date on your competition. How are your competitors marketing? Are they spending more on marketing than you are? Are they spending less? What kind of results are they getting? Know what your competition is going to do before they do it and prepare yourself. Learn from their mistakes and their successes. 

3. Set Clear Objectives. 
Determine where you want your marketing efforts to take you. Is it your objective to maintain the business you have with minimal growth, just enough to make up for any customers who leave? Or do you want to grow your business? Do you want to develop a highly successful system that could be franchised? Or do you have a short-term plan to develop your business rapidly in order to sell it quickly and profitably? It’

4. 20% Of The Effort Equals 80% Of The Results.
Review past sales figures and understand the 80/20 rule. Typically, 20% of your customers will represent 80% of your sales; likewise, 20% of your effort will deliver 80% of the results. Check your accounting records now!

5. Create A Marketing Plan.
Have a written marketing plan. The old expression ‘‘If you don’t know where you’re going, any road will take you there.’’, has never been more true. Every day you are faced with new challenges and opportunities. If you don’t have a road map it is very easy to drift for a long time never quite succeeding.

6. Develop A Sales Plan.
Develop a realistic sales plan. Know what you want to achieve and where the sales will come from. Adhere to a defined sales process and follow up at each stage of the process. There are many books and courses that outline well-defined sales and marketing processes. Find a process you believe in and follow it loyally. Consider what you need to do in sales versus what you want to do.

7. Be Up-To-Date On Your Industry.
Be as up-to-date as you can on your industry and on your customers’ industry. Vertical industry publications will help keep you informed of trends and opportunities. They usually do an annual year-end wrap-up and make predictions for the future. If you want to know where your industry is going, this is a great place to start. (This is a really valuable tip as these publications do the research for you.) Talk to suppliers, customers, and even your competitors.

8. Identify New Technologies.
Identify new technologies that will enhance your marketing efforts. All kinds of software, online apps, email, cost-effective low-run four-colour printing, and the internet make competing with larger companies much easier.

9. Put The Customer First.
Put your client/customer needs before your own. If you put your customers first, they will notice and remember it at decision making time. It helps if you love what you do. Customers want to be with winners, and loving what you do will get you through the tough times.

10. Have A Point Of Difference.
Be clear and concise about what product or service you offer and how yours is different from your competitors’. Make sure your marketing efforts consistently reinforce these differentials.

11. Re-Evaluate Your Business.
Constantly re-evaluate your business. Every meeting, presentation, and discussion you have about your business is an opportunity to re-think what you are doing. Challenge every aspect of your business and make it better every day.

​“You’re not in this alone. Make sure to have others handling day to day marketing tasks.” EG

Are you running out of runway?
Feeling tired and not prepared to do any more work on the business? Maybe you waited too long to sell and the end is still not in sight. The kids are now older and not interested in running the company. Employees are not prepared to buy or run the business. You may have had an inquiry to purchase in the past, but that's long gone.

You're being advised to run things differently so you can attract buyers. It's apparent to you and everyone else you can't or don't want to run your company differently than you have been for the last 30 years.

It really is time to sell and you don't have 5 years to do it. Now what? Can you sell it sooner? That remains to be seen. Even if you could, you won't get nearly what you want or need. 

Pressured and no idea who to turn to? Giving it away or just closing down won't pay for your retirement. Like many other boomer age business owners, you never saw this coming and don't know what to do.

If you're running out of runway, then perhaps we should talk about the alternatives.

For some it's going to be a tough go selling and retiring comfortably. For others you and your family may be covered for now but what if (insert worst fear)? 

Perhaps we can help with our WarrenBDC Process. Take the first step in a journey that could take up to 5 years or possibly much less. It's in your hands now. Contact us now.

When it comes to your future, you can hope for the best and plan for the worst or ... you can spend some time looking into your options. 

As a boomer aged business owner, you may be feeling like time is starting to get away from you. The weeks and months are flying by and believe it or not, you're not getting any younger. Retirement planning is top of mind. How you'll spend your time and finances are both key considerations.

It's inevitable you will be participating in a transition, of one kind or another, out of your business. But will it be financially responsible? Will you walk away with the funds you need to enjoy the balance of your life? What will you do with your time if you're not working 'in your business'. Who will you be? What will others think?

I will not sugar coat it. There is work to be done. You will have many conversations with your spouse, partners, senior management, board, staff, family, business associates, friends and advisers. 

Decisions will need to be made and followed through on. In the end, if it's done right, this will be the sweet end of an era for you and the beginning of a great new adventure.

To help with your initial fact finding and planning, how about scheduling a 'clarity call' with me? We can talk about your current status and readiness for selling the business. 

I can answer questions and hopefully bring you a little closer to making some hard choices about transitioning. At the very least we'll move you along the path.

So sleep on it and if the mood strikes please give me a call tomorrow.

Call 416-270-2466 or email eric@warrenbdc.com
​

We didn't start out to become family therapists. It just happened. If you're the Owner of a family business perhaps you can relate to this week's message.

Working with family business owners is fun, challenging and very rewarding for us. Their business and personal lives are intertwined. More interesting is when you add in partners (and their families) who also own and run the company. Another layer of complication. Blood family or work family they typically interact very much the same. They are family and that means holidays and special occasions together, personal conversations and typically some fighting. Sometimes resolved and sometimes not.
 
If they are fortunate, respectful of each other and work hard at it the experience can be quite wonderful. If not it can get messy. As with any family dynamic everyone has their role and typically home actions are seldom different from work actions.

To keep the peace, you've learned to accept and deal with their peculiarities, their specific needs and the lack of change - no matter how hard you try to accommodate them. People don't change and hoping they will is a common theme in family businesses. Sometimes it only affects the family. Often the behaviour can reach into the success of the company and have a very real negative impact on non family/owner staff.

At some point you will determine that it's time to deal with the idea of transition. This is where we come in. If you think what I've written so far is even close to the truth wait until you start the transition process. The opportunity for challenges multiplies exponentially. Issues and ideas that have been tabled in the past, now need to be dealt with. Ambitions come out and the jockeying for position heightens.

Family therapy is only one part of the process, but it can be as key to your success as cash flow, sales & marketing, human resources and production. You will be riding two sides of the same sword, family and business.

You may think you have the family side handled until the serious conversation starts  about the business. Who will run what, who gets what and about a thousand other things you never thought you would be dealing with. This is why we take on the role of a 'family therapist' as well as a Transition Advisor. 

To address the many family and business issues that can come up, we make sure our Growth Strategists have family business experience to complement their business building background. In our process, both sides are covered and one without the other is not advised.  Remember it's a 'family business'.