Family Business Advisory
Working with family businesses requires both the hard skills of clarifying governance structures, and the soft skills of managing personal relationships in the family. Below is an anonymised case study drawn from Robert’s experience.
Robert was approached by the family of a famous artist. The artist’s children had been managing the estate. But the children themselves were now approaching retirement, and wished to pass the management on to the grandchildren of the next generation. They sought help in how best to do this.
Even among the children, there were differences in view. Some wished to sell up rather than hand the business on. There was also unresolved interpersonal friction from the past. Meanwhile, the artist’s reputation was growing, and with it the value of the estate. In other words, the stakes were increasing.
Robert worked closely with the family to create a transition plan. That was the easy part. The hard part was bringing the various family members together, and facilitating conversations in such a way that they were constructive, and that any conflicts of interest could be dealt with in a way that didn’t lead to communication breakdown.
The management of the estate was successfully passed on to the next generation. The reputation of the artist continues to grow.