Family Business Planning

As a family business, other diverse considerations are important to factor in.   The first generation entrepreneur must consider the evolution from “Operator to Owner” and become increasingly comfortable hiring capable outside managers and delegating effectively.  The Founder must consider participation of family members and how they will be mentored. 

Private Family businesses should also ensure that their governance structures are effective by benefiting from competent outside Board Members and functioning Board Committees. Compensation and incentive programs allow the recruitment and retention of key management and staff. 

The next evolution is from “Owner of one business” to a well structured and diversified “Family Trust” or “Holding Company”.  Many owners of private businesses find themselves close to retirement age with no succession plan in place and most of their financial net worth tied to one private business.  This is very risky for the owner and may be equally risky to the business if it is being run too conservatively or run only to maximize dividends.

Solstice’s Family Business Planning Solutions include:

• Executive Coaching
• Governance Structures
• Board Recruitment
• Management Team Assessment
• Compensation System Evaluation
• Succession Planning
• Family Office Services