If you are interested in finding solutions to your family business issues, here are some steps to consider:
The Frankenberg Group has developed a toolbox to help clients to find solutions for their family and business issues. The tools outlined below have been developed and used successfully with other companies, tailored specifically to their needs. They have helped business leaders make better decisions, especially in succession planning, developing management teams, as well as boards of directors/advisors and family forums.
- The Family Asset Balance Sheet is a checklist that helps family members clarify their priorities, especially when faced with major decisions, such as whether to accept a buy-out offer.
- Employee Assessment Tools, such as a 360 degree review shared within a management team, or a brief inventory that assesses worker satisfaction can provide direction to a family business
- The Family Business Check-Up is a tool that helps you assess how your family business stacks up compared to the best practices of other family firms.
- The Conflict IQ assesses if family members have developed effective conflict resolution skills and whether your family has implemented a set of rules for fair fights.
- Critical Success Factors Exercise helps determine if a family business has the 7 Critical Success Factors in place to assure solid management and oversight and drive positive performance and growth.
- Moral Maturity Check-Up provides insights into the "integrity" of your family in running the business.
- The Family Charter is a written document that describes the family's "philosophy" of life: it describes the family's key values, the convictions on which it will base its decisions, and the legacy it wants to transmit to succeeding generations.
- The Family Mission Statement is a brief statement, easily recalled by all its members, that states the family's goals.
- The Family Strategic Plan is a written document developed over time through the Family Forum. It defines significant policies that will guide family members in their relationship with the business.
- The Family Business Success Timeline is a strategy for transmitting an appreciation of the history of the business to the next generation. As part of the Family Forum, members identify the ingredients of past success in this unique family business. How does this family handle risk? How does this family overcome obstacles?
- Team-building among sibling/cousin partners who work together in managing the company, including goal-setting, the development of collaborative leadership skills, conflict resolution and performance based evaluations.