“Family,” can sometimes be a tricky word. It means different things to different people. Families do not have only one form; they take all kinds of shapes, sizes, and configurations – nuclear, blended, and convoluted, and in the case of the majority of our clients, they have businesses (which can become part of their definition of “family”).
When it comes to your business family, it can be useful to think of family more like a tribe, rather than blood relatives. Family or tribal members usually put the needs of the group ahead of their own needs. They care and contribute, and most of all, they want to see the success of the family persist into the future. With that in mind, family business owners need to consider the supporting members of their own tribe.
In order to receive the best “right” tax and accounting, wealth and risk management, and legal advice for you and your family business, having the right members at your table is critical.
A family enterprise requires more than the traditional family members in order to ensure it makes the most of everything it’s got – it needs advisors who will put the needs of the family first.
It begs the question… Who’s in your family?