Family-owned businesses are complex, integrated systems of family relationships battling pressures of the marketplace. These forces create unique issues and problems that are different from those experienced in non-family owned or managed companies.
At ReGENERATION Partners, we tackle the interrelated systems of both family and business. We focus exclusively on helping family businesses build wealth by solving family issues that impact the company’s value.
Our unique approach begins with a set of values and principles. Our work is driven by our beliefs that:
- Family is the foundation of society
- Family business success is important to all of us (it is estimated that between 75% and 90% of businesses in the US are family-owned and/or family-managed)
- Ownership and management succession are inevitable – change will occur
- Conflict is inevitable and all families will experience it. Most will benefit from outside help
- It is OK that some family members do not join or stay in the family enterprise
- If you can only do one thing to secure your business, install effective governance
- The business should not be used to solve family problems
- Families need to have an identity broader than their business or wealth
- Long term success requires common goals and shared values
- Every business enterprise can be improved
- Enterprises that achieve long-term success adapt to change
- Work should be a positive and fun experience
While there is no “silver bullet” to solve family business problems, these values provide the foundation to examine every situation individually and design a plan of action based on needs and proven solutions.