How to Grow Your Family Business and Plan For The Future?

Published by William T. Fricke at February 9, 2021

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When you run a family business, your family’s livelihood is directly in your hands. The success of your business can greatly impact your family’s future. At Fricke & Associates, LLC., we want to help you plan for the long-term success of your business and family. A family business can deliver flexibility and freedom which can benefit your family tremendously if you plan well.

Helping Your Family Business Flourish Long-Term:

·        Make Your Business Sustainable Beyond Yourself—A strong business should be successful even without you or your family members. A succession plan is important for the longevity and sustainability of your company. Set up infrastructure in your company that does not require you to answer every question and manage every detail personally. Building and empowering your staff, especially if you want to expand to multiple locations, is crucial. Create systems that can ensure that your mission, brand, and desires are communicated consistently. Put trustworthy and capable people in place so you can devote your time to the larger concerns of your company. When you are thinking of your company’s future, you should have a long-term plan for the success of the company whether you choose to sell the company down the line or continue to pass it on to other family members. If you need support with your succession plan, reach out to our staff. We are well-versed in the financial planning aspects of a business and can offer support.

·        Ensure Everyone is On Board—Expanding your company properly takes more than just your commitment. You need your team on board. If you share ownership of your business with family members, all of you need to be united and agreed on the growth plan. Beyond that, inspiring your staff to help achieve your growth goals is important. You want your staff to feel pride and ownership in the success of your business too. When they understand the benefits for the business and them, your staff can empower your expansion in the day to day with your business.

·        Reassure Your Customers—If your company is expanding and growing, there will be many customers worried that your business will lose the personal connection. Customers supporting family businesses enjoy feeling like a name and not just a number. As your company grows, make sure to reassure your customers that you will stay true to your values and core. Their experience should not be lessened based upon your growth. Look for opportunities to continue to deliver personal and genuine care to your long-term customers. Your long-term customers are the reason your company has grown thus far so never lose sight of their value.  Reassurance could even be communicated through a call or email.

·        Define Your Values and Stick to Them—Many customers will choose to support a family business based upon the morals or personality of the owner. If you have not already, decide what values reflect your company culture and how you want to be perceived. For example, your company might be in sales, but you consider your business to be a customer care business. When your customers feel cared for, they will naturally want to support your business. Set a solid foundation and then let that drive your brand. Make sure that your staff understands your brand and exudes your values in their interactions with customers. Your values and personalized experience will be some of the main aspects that set your business apart from the competition.

·        Choose Your Staff Wisely—As mentioned before, your company needs a team on board to reach success. You need to have a staff that will help you grow and not hinder your efforts. Make sure to consider each person you hire carefully. Every employee is a reflection of your business, for good or bad. If a potential hire does not share your passion or company values, they may not be a wise choice for your company’s growth.

·        Be Prepared that Growth Takes Time—Your business could boom or expand overnight, but in most cases, you can expect significant growth to take time. You may plant the seeds for the next generation of your family to reap. Expanding carefully and slowly will help preserve the legacy of your company. We can help you build a plan to scale your business safely for your company’s longevity and financial security.

·        Be Flexible in Unforeseen Circumstances–If there was going to be a motto for 2020 and 2021 so far, “expect the unexpected” would be appropriate. Covid-19 has dramatically shifted how businesses in every industry operate. Due to the pandemic, we have helped many clients who have decided to acquire their own new business or sell their current business. Whether you find yourself a business owner as a result of layoffs or because the business you worked for was going out of business, you may be attempting to navigate many aspects of a business yourself for the first time. Even though we are all still relatively new to this whole business in a pandemic situation, we have decades of experience helping new business owners manage unforeseen challenges. Our team of professionals at Fricke & Associates, LLC can help you secure your foundation for long-term success. There are other business owners who are choosing to sell their businesses and start their retirement sooner than planned as a result of the pandemic. Regardless of whether you are buying a business or selling one right now, the structure of the deal can have a huge tax consequence for both the buyer and seller. We are ready to assist with due diligence, review buy/sell agreements, prepare tax projections,  and consult with business brokers and attorneys to make sure the transaction is completed smoothly. Even when you have the “best” business plan, you need to be prepared to adjust based upon your circumstances, even if that means possibly selling your business.

If you are ready to plan for the growth of your family business, schedule your consultation with Fricke & Associates, LLC. We have been helping family businesses reach their goals for decades!

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