A family business is any business in which the majority of ownership and management is from the family member. The most respected and well-performing companies in the world are family businesses.

Many of the most respected and best-performing companies in the world are family-owned. With their long-term vision and high capacity to create employment, family businesses are a major growth driver in most national economies and make unique contributions to society in general. Despite their strengths and global economic significance, family-owned companies face many challenges such as;

• Many families face challenges in choosing a proper succession- This is lack of a proper person to take offer the business from one generation to another.
• Differences and rivalry among family members.
• Lack of proper financial management and governances structures thus affecting the operation of the business.
• Not employing a non-family member in the management of the business.

Benefits of planning for succession in your family business

• Helps in protecting and managing family wealth well
• Planning for succession helps to resolve problems related to business ownership and leadership
• Family and the business remain as one and work together without any differences
• Legacies are created by the family and the business

At MNC, we understand that family business plays a key role in the growth and development of the economy. Thus, our team of experts helps and advises our client on;

•  To effectively develop processes that are designed to achieve a long –term growth and harmony in your family and business.
• matters of the decision-making process that will support the business and the family.
•  areas related to family business financial management and governances structures hence reducing conflict that may arise from the mismanagement of family finances and resources.
• how to plan for the succession when it comes to family businesses.
•  training family members who want to join the business. We help the incoming members of the family to get insight and understanding of the business goals and roles.
•  recruiting and selecting a good non-family employee which leads to good management of the business.
•  tax implications when it comes to changes in the business.
• timely transfer of shares from one generation to another.

We pride ourselves on the fact that most of our clients’ family business relationship is long-term. We have gained our loyalty by being energetically responsive to our client’s needs and committed to the legacy and ongoing success of their family business. We are uniquely qualified to understand the governance and succession issues of family business environments.

Connect with us today and grow your family business!