Albert Goodman understands that each family business is unique. The underlying situation of family business requires owners and their advisors to look at the complete business picture including the aspirations of all of the family members as well as the business itself.
Across the South West Albert Goodman supports a large number of family businesses. We provide professional support in considering the interests of siblings, cousins, two or even three generations, facilitating smooth running and internal communication.
Each family business requires clear business objectives – focusing on growth, productivity and profitability. Working to help achieve these is a clear part of Albert Goodman’s offering.
However, there are other considerations which need to be taken into account.
Is the skills pool large enough within the family or will they have go into the market place to recruit non family members? This works if the family has a common agenda – however as time passes there is the risk of factions forming. Whose wife does what? Is John fresh back from University with his business degree really going to be promoted ahead of Chris who has worked solidly in the business since he left school at 16? Is Simon, the eldest son most suited to lead the business forward or does his sister Susan have better business acumen?
There is always the need to ensure that the business is profitable enough to support a growing number of households, especially when you get to the second generation. Succession is a key issue that Albert Goodman is highly experienced in working through with families.
The Albert Goodman family business offering includes: Building a strong business with the highest possible value, a plan for financial freedom for family owners to enjoy their preferred lifestyle and retirement, a plan for business succession, and ensures maximised wealth retention for the family.
If you would like more details please contact Chris Walford for a free no obligation discussion.