Owners of a family business tend to provide a base for the family. The goal is to provide a recurring revenue stream, stability and great value and service for clients and customers. Unfortunately, as children and relatives get more involved in the family business, the business is run more like a family than a business. Relationships can spiral out of control, non related employees get pushed and pulled internally. Vendors and Clients alike may or may not be privy to the internal struggles that the business has become. If you have embraced continuing your family business and transitioning it to the next generation, understand that only about 30% of all family businesses remain in tact. And, if you are really of the 30% who have transitioned into the second generation, only about 12% of those family businesses survive into the third generation.
Jeff Kleid understands family business and knows what does work, can work and will not work. At JKC, our role is to guide you through transition, it is to work with the founders, owners and relatives to figure out next steps and how to make the transition and business direction the most successful it can be.
Family businesses offer so much to so many, but just like any other business, the patriarchs or the current owners need to understand change, and be willing to make the changes that will take them into the next level. At the same time the second and third generation family members need to manage their own expectations of how and where they fit into the company structure. Without Buy in from family at all levels the company will struggle to find the right balance to keep moving forward.
We welcome the opportunity to work with you at all levels, and welcome the chance to help keep your company moving forward.