Looking to burn through money at record speed in your family business?
Here’s the perfect recipe:
- Call your legal, financial, or trust advisor and drop this line: “I need a Transition Plan, Family Constitution, or some Employment Agreements.“
- When they inevitably ask “Can you send me something to review, so I know what you’re thinking?” – just say “No, I can’t.“
- Then, when they follow up with “Can you come to my office next week to discuss what you have in mind?” – eagerly respond “Yes, I can!“
Explore this approach instead and save your $$$.
In Family Business Life coaching process, we work at minimizing the ‘burn rate.’
We created something concrete so when you approach a professional advisor, you can confidently say: “I’d like to share our ideas about:
- Transitioning the family
- Passing along shares
- Establishing a family council and outside board…
Yes, PHASE 6 requires investment of time and resources.
But it’s far cheaper to hammer out agreements with your WE partners in your office, family room, or over dinner than battling it out in some gleaming conference room while the professionals’ meters run.
Yes, these agreements are just written handshakes, letters of understanding. Better than nothing, sure, but not enough. They won’t stand up when you’re no longer around to explain “that’s not exactly what we meant.”
