Family Business Advisor
In today’s competitive markets, businesses must rapidly execute strategies that work. Family businesses are no exception and, in addition, they have a unique dynamic that larger corporations do not have.
HVTDC’s Family Business Advisor Program is designed to assist these companies. We offer a complete menu of services to family-owned and closely held businesses.
This program is offered in conjunction with the Galliard Group located in Boise Idaho which has over 25 years of experience dealing with the problems facing family-owned and closely-held businesses.
Leveraging A Legacy
Six Strategies for Successful Family Business Planning
95% of businesses in the U.S. today are family-owned or closely held. 80% of these businesses have fewer than 20 employees. However, these businesses are responsible for contributing over 45% of our GNP! Family-owned businesses generate more new jobs and contribute more to our local communities than their corporate counter parts. However...
- Two recent surveys show within the next five years, 65% of family-business owners are expected to transition out of their key roles
- Studies show less than 30% will survive the transition to the next generation, and less than 5% survive to 3rd generation
These facts make a compelling case that doing everything possible to assist these family-owned businesses successfully transition the next generation of ownership and management is vital to our economy.
HVTDC is offering a Family Business Advisor Program is easy to use and understand, informative and practical, high in value and low in cost. This program is offered in conjunction with the Galliard Group of Boise Idaho which has over 25 years experience in this area.
Family Business Advisor Programs
Initial Business Assessment
The Initial Business Assessment is the typical starting point. It consists of an on-line survey, the results of which are compiled into an easy to read report covering: Strategic Planning; Financial Management; Workforce Management; Family Governance; Succession and Exit Planning; and the use of Professional Advisors. It provides you and your personal business advisor a starting point from which to layout a plan of action to help your business successfully transition to the next generation of management and ownership.
Strategic Planning
We will work with you to determine the most viable direction for your company and develop measurable goals and objectives to move in the direction you want. The Strategic Plan is a “living document” which helps both the family and the management team agree on strategic directions. Our Strategic Plans are designed to be short concise documents, often just a few pages in length.
Workforce Management
Effective workforce management is crucial to the success of your company. This offering will look at workforce skills, communication and accountability. We will evaluate standards, measurement of results, and effective communication, direction and feedback.
Financial Management
This process begins with a thorough financial analysis of current business issues and situations. This offering covers the financial aspects of your exit strategy, compensation benefit issues, and a financial sensitivity model.
Succession and Exit Planning
Planning a way to effectively exit your business means you have your eye on the goal line. This offering will help you define what a successful exit strategy means for you and your business. Have you identified future needs, dreams and visions for your company? What are you looking for in a successor? Is an internal sale, either through an employee stock ownership program or a management buyout possible?
Advisory Boards
Research has shown an effective Advisory Board can increase the likelihood an organization will meet its strategic goals. We will help you determine which areas of your company could benefit from outside guidance. We will then help you set up an Advisory Board and facilitate the initial meetings.
