A family business or family trust can be a blessing and sometimes a burden for those involved. For family members they can generate a sense of pride, joy, excitement, duty, responsibility,obligation, frustration, and a myriad of other emotions and feelings.
A family business will touch your life even if you don't work in it yourself. For non-family members working in a family business, relationships between family members can impact upon decisions you make in the business and those you make about your own career.
All businesses face challenges, but for family businesses the challenge can feel more significant because decisions are not decisions about the business alone, they are decisions that can have long lasting effects on the relationships within the family too.
Family Trusts provide similar challenges - balancing the needs of the current beneficiaries with those of future beneficiaries, and remaining true to the wishes and values of the family member who created the trust.
Sometimes professional advisors focus heavily on the technical question, without giving sufficient consideration to the dynamics within and culture of the family. They can be disappointed and surprised when the client rejects their beautifully crafted expert advice because "that wouldn't work for us".
If you are an advisor with family businesses and family trusts as clients, or run a Family Office, we can help you by meeting members of the family to gain greater insight into what's important for that particular family, the culture and values which underpin what the do and how they do it, so enabling you to tailor the advice to their unique circumstances.