Consulting for a family business is one of the main areas of expertise of the company.
Techtrends is a family business established since 1987, with expertise and accumulated experience in counseling for family and regular businesses.
Family businesses have similar characteristics:
Family-owned businesses are a key component of any modern economy. Family businesses exist both in private and public companies. In a family business there is pride in the family heritage, and a common interest in the success of the business. By its very nature, a family business is more cohesive and has a shared commitment to success and continued existence, focusing on the long term and transferring the business to the next generation.
Managing a family business is a unique challenge – it is a business exposed to tensions and pressures unfamiliar to ordinary businesses. The main reasons for this are the fact that the person who makes up the family business is also the family nucleus, so there is no separation between the family and the business. The dynamics of family life and non-business considerations arising from conflicts, resistance to changes, or the need for different policies, rigidity and introversion can be crucial factors in the survival of the business.
Our areas of advice for family businesses are:
From our place as a family business that has been operating for more than 31 years, and from our familiarity with and expertise in business processes in large and small businesses, we can build a unique business plan for your business that will help you achieve long-term success and maintain your family structure.
Among the topics we are involved in consulting for a family business
- Assisting in inter-generational transfer – managing the process in a comprehensive manner, while providing training and management tools for the next generation between those in the business or those who are supposed to enter the company in the future
- Management of the business according to objectives – Implementation of management tools: strategic planning, comprehensive business plan, solution to financial or financing problems, budget, marketing, control and indices
- Family covenant – a covenant that will present a vision, commitment, rules, roles, and arrangements for managing the business, while preserving family and social values
- Organizational management – defining roles, powers and responsibilities
- Remuneration for employees and family members – wages, shares, share transfer options among family members
- Building a business growth plan – innovation in new or existing products
- Selling the business – making the right decision, preparing the business for sale, assisting in the valuation, assisting in locating buyers, accompanying the sale
Tips for Proper Management of a Family Business
- A clear definition of vision goals and objectives
- Family pact
- A clear and agreed business plan
- Communication, coordination of expectations and transfer of information when they are accessible and disconnected from emotions and relationships
- Holding regular meetings for updates, planning and decision-making
- Full separation between home and business
- The existence of a defined, clear hierarchy of control, reporting and reporting, defining roles which include: subordination, responsibility and authority
- Encourage and encourage motivation for training and promotion
- Establishing a reward and promotion system according to performance and training for carrying out tasks
- Reference to family members as business partners
- When differences of opinion arise, a professional and objective outside party must be assisted