How Family Dynamics Can Impact A Business Transition
Families are awesome! We love working with our families and our family-owned businesses. However, a family-owned business faces a unique set of challenges, especially when the family is contemplating a transition of that business. There are many tools that CLA can use to help a family navigate their family dynamics, ensuring the business transition is a time of celebration for the entire family.
Typical Family Challenges
There are 4 typical challenges that a family faces when it owns a business
- Roles & Responsibilities – There can be a lack of clarity in the roles and responsibilities of individual family members
- Communication – Even though a family may get together often socially, they might be reluctant to communicate with each other regarding difficult business issues
- Decision making – Does everyone agree on who should be involved in what decisions?
- Emotion – There is so much emotion in a family-owned business, which only increases through a transition process
Please click here to watch Samantha Metcalf and Lisa Horn discuss these challenges and the tools that can be used to mitigate these challenges. Remember, planning in advance of a transition helps control the emotion and the outcome.
Allyson works for businesses of all sizes, maintaining a primary focus on business tax and consulting. She provides her clients with creative resolutions for technical tax issues and clearly interprets proposed and existing business tax law. Moreover, her thorough experience with trusts and estates allows her to deftly guide clients through the complicated legislation and the intricate processes involved in compliance, maximization of returns, and sustaining business and family wealth. She first gained knowledge and experience working for several years in a national firm, in a small firm environment, and in solo practice. She was also a partner in a regional legacy firm for 15 years prior to joining CLA. Her extensive tax experience bolsters CLA's talented staff and cultivates client relationships and makes her an invaluable member of the professional and civic communities.
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