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Family Business in Crisis

Categories: Bankruptcy FAQs Uncategorized

 

FAMILY BUSINESS IN CRISIS

Is your established family business in crisis where you know its heading in the wrong direction?

This is often  difficult situation to face especially for a family business that has been trading a significant amount of time.

Although these are often very difficult conversation to have you be be assured that we are discreet, sensitive and understanding. Very importantly experts at negotiating for an on behalf of clients who are in the position where they are having to negotiate and handle situations from a position of weakness.

We provide a straight forward approach with the ability to take into consideration all the elements of the problem area and deliver options for you to discuss and come up with a plan that you are comfortable with.

Management is the key word. Particularly if the decisions are critical to the business survival.
The most important legacy a family can leave behind is a capable and committed next generation, acting as change agents and bringing forth new perspectives and perceptions on business and family life.
Sustaining this legacy is of course imperative for ongoing survival.

 

It’s all too easy to avoid sensitive issues and difficult decisions, especially if there are a lot of processes involved and you may feel that the problems may correct themselves. Sadly, a lot of the time that is not the case.

Informing and motivating staff during a crisis is vital and this must be communicated across the whole team. Try not to isolate non family members as everybody likes to understand what is going on and know what is expected of them. This is when the whole company needs to pull together and stand strong as a unit. Discussing things as a family only can cause conflict or hostility around others.

If you have a long term strategy, use your industry knowledge and wealth of experience to your advantage, communicate the trust and lead by example, you will certainly be on the right path.
There are a lot of competitive advantages to running and owning a family business so they need to be the main focus. We appreciate though that sometimes it is hard to make a positive contribution during these difficult times.

If you are looking for help or guidance because your family business is in crisis, call us now on 01425 600129

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