Consultation to Family Business Enterprises: An International Perspective

This book explores the complex world of family enterprises in the third decade of the 21st century, focusing on their unique factors such as perpetuating family values, traditions, loyalties, and legacy to future generations. It provides an invaluable description of what is necessary to be and become a family business consultant, including methods of assessment, effective communication, and consulting techniques. Readers will benefit from explorations of cybersecurity issues, working collaboratively with financial and legal professionals, and comprehensive coverage of research-based assessment instruments. The authors raise important questions for becoming and being an exceptional family business consultant, and case studies show the patterns of behavior that can lead to continuing multigenerational successes or hard dissolutions.

Format: Paperback / softback
Length: 152 pages
Publication date: 18 December 2022
Publisher: Springer Nature Switzerland AG

While family businesses have existed for millennia all over the world,it is only in the past few decades that professional consultants have been utilized to help them function more effectively. This engaging,up to the minute volume explores the varied and complex world of family enterprises as they now exist in the third decade of the 21st century. Attention is given to the factors unique to family businesses in their attention to perpetuating family values,traditions,loyalties and their legacy to future generations. Consultants may be drawn from law,finance and accounting,organizational psychology,or family psychology (with its special emphasis on understanding the family relationship system). The book describes methods of assessment and how to effectively communicate the results as well as techniques of consulting and provides an invaluable description of what is necessary to be and become a family business consultant.  Readers will benefit from explorations of A new model featuring 8 inter-related business domains  Cybersecurity issues and how to handle them Working collaboratively with financial and legal professionals Comprehensive coverage of research based assessment instruments Given that over 85% of the businesses in the world,from small to multinational in size and scope are family businesses,the enormous amount of information conveyed in this volume can be extremely valuable to professional consultants and those in the C Suite (CEOs,CFOs,COOs) in helping businesses operate at maximum efficiency,productivity,profitability and satisfaction to all involved. Throughout this well organized and well written book,the authors raise the pivotal questions that form the basis for becoming and being an exceptional family business consultant.

Introduction:
Family businesses have a rich history spanning centuries across different regions of the world. These businesses have been the backbone of many economies, providing employment opportunities, fostering entrepreneurship, and preserving family values and traditions. However, as family businesses evolve and face new challenges in the modern world, the need for professional consultants has become increasingly important. In this book, we will delve into the world of family enterprises, exploring their unique characteristics, challenges, and opportunities.
Unique Characteristics of Family Businesses:
Family businesses are characterized by their close ties to family members, which can create both strengths and challenges. On the one hand, family members often have a deep understanding of the business and a strong commitment to its success. They can provide valuable insights, expertise, and emotional support, which can contribute to the long-term sustainability of the business. On the other hand, family dynamics can also create conflicts, power struggles, and disagreements, which can hinder the growth and development of the business.
Challenges Faced by Family Businesses:
One of the primary challenges faced by family businesses is maintaining a balance between family and business interests. Family members may have different priorities, goals, and values, which can lead to conflicts and disagreements. Additionally, family businesses may face challenges related to succession planning, where the transfer of ownership and leadership can be complex and contentious.
Opportunities for Family Businesses:
Despite these challenges, family businesses also offer unique opportunities. They can be more flexible and adaptable than larger corporations, allowing them to respond quickly to changing market conditions and customer demands. Family businesses can also prioritize long-term sustainability and social responsibility, which can appeal to consumers who value these values.
The Role of Professional Consultants:
In recent years, professional consultants have become an essential resource for family businesses. These consultants bring a wealth of experience, expertise, and tools to help family businesses function more effectively. They can provide guidance on strategic planning, financial management, leadership development, and family communication, among other areas.
Consulting Methods:
Professional consultants use a variety of methods to assess and evaluate family businesses. These methods may include interviews, surveys, financial analysis, and family dynamics assessment. The results of these assessments are used to develop customized strategies and recommendations that are tailored to the specific needs of the business.
Communication of Results:
Effective communication of the results of the assessment is critical to the success of the consulting process. Consultants work closely with family members to ensure that they understand the findings and the implications for the business. They may use visual aids, charts, and graphs to help illustrate the results and facilitate meaningful discussions.
Consulting Techniques:
Professional consultants use a variety of consulting techniques to help family businesses achieve their goals. These techniques may include coaching, mentoring, and facilitation, among others. Coaching involves providing guidance
guidance and support to family members, while mentoring involves pairing family members with experienced professionals who can provide valuable insights and advice. Facilitation involves bringing together
together family members and other stakeholders to facilitate discussions and negotiations, ensuring that all voices are heard and that a consensus is reached.
Becoming a Family Business Consultant:
Becoming a family business consultant requires a combination of education, experience, and personal qualities. It is important to have a deep understanding of family dynamics, business principles and management, and the legal and financial aspects of running a business. Additionally, consultants must have excellent communication and interpersonal skills, as they will be working closely with family members and other stakeholders.
Conclusion:
In conclusion, family businesses have a rich history and play a significant role in the global economy. They offer unique opportunities and challenges, and the need for professional consultants has become increasingly important in helping these businesses function more effectively. This book provides a comprehensive overview of the world of family enterprises, exploring their unique characteristics, challenges, and opportunities. By raising important questions and offering practical solutions, this book is a valuable resource for professional consultants, family members, and anyone interested in understanding the world of family businesses.

Weight: 279g
Dimension: 235 x 155 (mm)
ISBN-13: 9783030720247
Edition number: 1st ed. 2021