We understand its hard to balance business needs while preserving family relationships. For more than two decades, we have helped hundreds of families work their way through these challenges while providing a pathway of continuity, establishing positive communication patterns and effective decision making.
Family Business Governance
Family Governance is a topic most family businesses struggle with addressing. Aligning the families vision for success and creating a unified plan helps to protect both the family harmony and the legacy of the family business.
Park Place Advisory empowers family business leaders to create clarity for the future of the business while providing continuity for the next generation.
ALIGNING VISION & VALUES
Family businesses often share a same long-term goal but are uncertain about how to get there. Aligning vision and values for the future of the business helps protect its legacy and works to ensure all family members have a shared vision for success.
We work with all shareholders one-on-one, and in a group setting, to find common themes and goals in developing vision and values. This ensures your team is working towards the same outcomes.
Vision, mission statement and family philosophy.
COMMUNICATION & PARTICIPATION
Communication between family members are sometimes the toughest conversations to have. Creating an inclusive environment where family members feel empowered to have courageous conversations is the first step in co-creating a family business communication and participation policy.
We review family members are included in the business, who attends what meetings and whose voices are heard at the table.
Family communication policy.
FAMILY DECISION-MAKING FRAMEWORK
Creating a participatory culture can lead to struggles about who is responsible for decision making of the family business. The “familiness” factor is protected during this process of clarifying roles and establishing how decisions are made.
We help families develop clarity on who makes decisions, and when and how everyone is consulted.
Decision-making framework services.
FAMILY BUSINESS FACILITATION
Many families build strong communication when they establish good habits. Helping to facilitate courageous conversations about the family business works to ensure both its legacy and family harmony are protected.
We chair or facilitate your family business meeting on a bi-monthly or quarterly basis to help establish good habits and put your governance work into practice. We also work with family members to develop an agenda.
Family participation guidelines.
FAMILY BUSINESS SUCCESSION PLANING
Empowering the next generation of leaders is a core component of a family business succession plan. It will identify a training and development plan, roles and responsibilities and how family harmony will be protected.
We wrap multiple services above into one succession plan including aligning vision and values, financial plan, transition plan and estate planning.
A family business succession plan.
Empowering family business leaders to create clarity for the future of
the business while providing continuity for the next generation.