Family Takeover

When you’re ready to move on with your life, selling off your hard-won business to the highest bidder is not always what you got into it for in the first place. A company is often an investment for the whole family’s future. But after you’ve played your part in its development, how can you make sure that the next pair of hands on the tiller is as safe and resourceful as your own?

The key to a successful transition is open, honest, transparent communication At Business Support Studio, we fully understand the minefield that needs to be negotiated in order for a family-run company to be handed over successfully.  

WHY? Intra-familial relationships can be very complex We will set you up with a fully qualified external expert whose training and expertise suit your own industry or trade sector. A totally independent presence in all preparations and negotiations helps neutralise any extremes and focuses discussion on the subject in hand.

THE OPTIONS:

• Buy In – One or more family members buy into the business
• Buy Out – One or more family members buy you out of the business completely
• Inherit – One or more family members simply take over the reins

In any one of the above 3 scenarios, you must ask yourself the question: Where does that leave me? Have you had enough and want out completely? Do you want to play a continuing role in the business? If yes, then what? Do you want to stay on as top dog, or function more in a mentoring role? Are you actually ready and willing to relinquish full control? And for those family members buying in: what are their expectations? Our experience has taught us that unless all these questions are answered and agreed upon from the outset, chaos and ill-will are frequently the result.

WHAT CAN WE DO TO HELP SMOOTH THE PATH?

We at Business Support Studio are not Business Advisors, but we do work alongside trusted Business Advisors who specialise in a wide range of trades and industries – and that’s why we think you should come to us first. At no cost or obligation to yourself, we will put you in touch with a Business Advisor who knows your trade and industry. It doesn’t have to be today, or tomorrow, or next week, or even next month. If you fill out the form below, we will call you back at the time you specify. No pressure, no hassle. We’ll only contact you when the time is right for you.

THE BENEFITS OF GETTING A BUSINESS ADVISOR INVOLVED

Ensure whoever is coming into your business is the right person

All our associates are fully trained in psychometric profiling and conversant with tools like DISC (a behaviour assessment tool) and leadership qualities assessment. This will ensure the incomer is both competent and, crucially, willing to take on the new responsibility

Ensure that correct and adequate training is in place

Our associates have extensive experience in identifying and sourcing the relevant training courses and materials if required – from basic book-keeping to advanced management techniques

Have an independent and neutral resource to oversee the transition

All our associates have done what you need doing many times before. They know exactly where the potential pitfalls in a family run business buy-in, buy-out, or inheritance lie, and they know exactly how to avoid them.

And it doesn’t have to stop there

Once the initial process has been facilitated and completed, our associates are happy to prolong the relationship in a hand-holding capacity for as long as you feel you need them.   Business Support Studio is a company that uses modern techniques alongside old fashioned values. We respect the qualities of courtesy, integrity, and reliability, and work alongside only those Business Advisors who have demonstrated to us that they share a similar mind-set. So, if you feel you may need to talk to somebody about getting your family involved in your business – in whatever capacity – whether now or in the future, please feel free to contact us using the form below, or give us a call on 09 930 8463.