Wealth management in family business

1.  HOME ABOUT US SERVICES RESOURCES CONTACT US Family Business Consulting Services Family Business Governance Family Constitution Family Mentoring One of the best mechanisms tor ensure that a family A family business needs to have ground rules for An outsider might mentor family members in a family business is professionally run is to establish and managing the family and business interface better. business to bring new ideas and skills. An external implement Family Business Governance Structure. Such  drafted & documented rules are commonly mentor can share industry trends, best practises, and Create the roles and incorporate it in the Family referred to as a Family Constitution. They provide new ideas that can help the business develop and Business Structure to establish rules and create guidance to the family members & business flourish. External mentorship offers objective counsel boundaries. executives and clearly defines the principals and and guidance. practices Know More Know More Know More Family Business Strategy Family Business Mission Family Business Succession Planning Strategy is the heart of business success, more so for What the family stands for and what it aspires for are An important factor for the survival and continuation the family business as it involves not only business very critical questions. Clarity on the same helps of a family business is a well-thought-out succession strategy, but also needs to deal with the ever-evolving develop harmony among the family members as well plan. The fact remains, those who are running a family ownership and family challenges. Some of them being: as gives them a sense of belonging for what they business today will not be able to continue in their role Separating family and business issues, Buy-in from all stand for. A mission statement is a tool that helps the forever. If the aim is to survive through generations, the family members… family achieve this purpose. During the process, the time to start planning for eventual succession is today, family discovers their core values and principles on when the current team is active and away from which it operates, which becomes the guiding force for retirement and the next generation is in its productive all decision making for the family in personal as well as years in business life. Know More Know More Know More

2. Family Business Council Managing Conflicts Mortaring for Family Business The root of disagreements starts with dilemmas and Communication is one of the keys to the success of a Mortaring in a family business is bringing together deviations which are the seeds for disagreements. family business. Family business council is one of the different generations of family members to improve Long pending disagreements culminate into conflicts. mechanisms that foster communication and help the ties and work together to achieve goals. Any family Hence the family must learn to manage the conflicts family plan and develop the family business better. business relies on family members’ collaboration to and resolve them faster, so it does not pose harm to succeed. Mortaring can be difficult since it involves the family business. Every family business faces family members from different generations with conflict at one point or another. diverse business goals, viewpoints, and tactics. However, it is necessary for corporate success and family harmony. Know More Know More Know More Shareholders Agreement Family Business Advisory Board Family Business Importance of independent Board Transfer of ownership is one of the triggering events for Family Business Advisory Board consists of individuals A Board of Directors is a group of individuals who are disputes. To have clarity on the sale, transmission, and who are not affiliated with the family business, but who either elected or appointed to oversee the operations transfer of business ownership among family have extensive business experience. Utilizing an of a business and make important decisions on behalf members calls for guiding principles. The same can be Advisory Board can be invaluable for a family business, of the business. They have an important role to play in achieved through a Family Business Shareholder as it promotes governance within the business. terms of approving the strategic business plans in line Agreement. with the long-term business direction of the business. Know More Know More Know More

3. Wealth Management Family Retreat Family Business Contracts Communication and transparency are the corner stone of any successful and sustaining family The major beneficiary of the family business is the As the business and family evolve, newer and newer business. As the family grows and the number of family itself. Generally, the family is heavily invested in challenges emerge for the business owners, many family members increase, the family needs to plan the family business. But as the business grows larger, times they are not equipped to handle those events to be together – where they can understand they will have to start thinking about creating personal challenges and things can get complicated. While each other, communicate their views, and develop a wealth and creating a suitable mechanism to build a hiring an employee, we typically enter into specific shared goal for the family and the business. This is an moat to protect their wealth. Effective wealth agreements that specify their role, responsibilities, and important activity, as the family now comprises of management strategies include succession planning, deliverables from them against the compensation that people from different age group, with different life managing and administrating wills, estate planning, they will draw. However, family-owned businesses experiences, possesses different skill sets, and has and creating various mechanisms to manage often ignore the need to have a formal agreement different exposure. personal wealth through trust and family office. with family members who work for or otherwise are affiliated with the family business. Know More Know More Know More Amicable Separation Exit Strategies The major beneficiary of the family business is Selling a family business can be a complicated the family itself. Generally, the family is heavily and emotional matter, with many pieces and invested in the family business. But as the moving parts. It is part of a sustainability exercise business grows larger, they will have to start where owning a family’s decision plays an thinking about creating personal wealth and important role. If you decide that it’s time for a creating a suitable mechanism to build a moat to change, various options should be reviewed protect their wealth. Effective wealth before you decide on selling your family business. management strategies include succession The family needs to be convinced about why the planning, managing and administrating wills, sale or should they pass it on to a new set of estate planning, and creating various family successors? How the sales proceeds will mechanisms to manage personal wealth through be utilized or invested?  trust and family office. Know More Know More

4. Our Services Useful Links Get In Touch To know how our services can Sandesh Vasant Mestry Family Business Governance Resources   help your family business reach Family Business Consultant and Family Constitution Our Blogs   its potential – Mentor Family Business Strategy Articles   101, New Chandralok CHS, Ground  +9198 2001 4999 Floor, Near, Veer Savarkar Marg, Succession Planning Succession Planning Survey    +9122 7961 4770 +9122 2541 1214 Tembhi Naka, Wealth Management Our Services   Thane West, Maharashtra 400601 Family Business Advisory Board Enquire Now    sandesh@mestry.in Managing Conflicts  Exit Strategies  