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Every business needs a long term plan. Family businesses need a parallel plan for the family. However the difference between a business plan and a family plan is that the former is usually for three years while the latter spans three or more generations.
Families in Business normally begins by helping the family to articulate and agree their shared values, vision and mission statement. This process naturally leads to aligning the business or wealth management plan with the family plan. These plans should be reviewed regularly as both markets and families are dynamic.
Once strategies are in place it is much easier to manage transition of roles and responsibilities from generation to generation, particularly the leadership of the business.
We have proven expertise in developing continuity plans, working with your professional advisers to reconcile the needs of the business with the needs and expectations of family members, whether they are working in the business or not.
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