Family businesses operate within unique dynamics. They have all the typical financial and economic pressures and considerations of any other organisation, but this is often against the backdrop of an inter-generational workforce, a well-established legacy brand and strong cultural and family values.
Our family business consulting team works with family businesses and their owners and leaders on running their businesses, and shaping and developing solid foundations for continued future success. This includes everything from succession planning and board advisory to setting up governance structures that reflect the current situation and future growth and aspirations of the business.
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Partner & National Head of Family Business Consulting
Robert PowellLearn more about Robert Powell
Supporting the transition of a family owned business
A 50-year-old family-owned business, was founded by a husband and wife team to become a successful business, employing almost 600 staff across three locations in eastern Australia. The business has many long term employees and children working in the business, but no consideration had been given to the future. Do they sell, or do they have the skillset or the desire in the business for the baton to be passed on?
A collaborative approach between Grant Thornton and the family helped ensure the transition was seamless and the succession was ensured. The process included facilitated family interviews, to ensure all family members’ opinions were heard, as well as a facilitated workshop. These conversations were led in view of the seven considerations Grant Thornton see as the key to Succession Planning.
The process resulted in a 20 step action plan to ensure the family and business is succession ready. A tailored Family Governance structure was recommended to focus on creating a stronger future focus and improving communication, alongside the creation of a Family Council supported by an independent Grant Thornton partner as facilitator, to ensure the family is held accountable.
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