Just about to hit the road on my speaking tour, as part of the Knowledge Bureau CE Summits! This series focuses on year end planning for investors and small businesses, designed for advisors who work with these important clients. I’m looking forward to speaking about challenges that family businesses face in two sessions: The Family Business Time Bomb: Transition, Improve, or Wind up? and a case study discussion, Embracing Disruption and Risk in Succession Planning (yes, you can!).
While it’s typical for a family business to be inundated with challenges and change, seldom have so many potential threats been evident: demographic factors, disruption of key industries, dramatic change in the global economy, and uncertain financial times. It’s no longer sufficient for leaders to focus their efforts primarily on addressing typical “family business” problems. Doing so puts the very future of the company and the family’s finances at risk and makes successful transition less likely.
Business owners need to take action now, in order to defuse the ticking time bomb that puts the family’s opportunity for future wealth creation at risk. Advisors can play a key role in this regard, but only if they bring the value and expertise that business leaders are seeking. Key areas of assistance include the ability to:
- Work with clients to build value;
- Develop goals and implement strategies, in terms of business modeling, track record, competitive advantage, and other growth related factors; and
- Initiate transition planning in a manner that addresses the “time bomb” factors that business owners are facing.
In order to get there, professional service providers need to understand the advisory skillset that business leaders are seeking. Doing so provides the foundation for differentiation in the marketplace, as well as building a robust advisory firm over the long term. It’s up to you to ensure that your firm doesn’t get left behind.
Join us for this valuable session by registering here. See you on the road!