Family dynamics can be challenging. Add a reporting structure to those along with financial and operating pressures, and you have a family-owned business. So, how do you have a successful business and keep the familial peace? That’s where MGA can play a role to assist your business so you can keep harmony in the family.
In a recent PricewaterhouseCoopers (PwC) survey of US Family-Owned Businesses, it identified that only 18% of those surveyed have a robust succession plan - and this is not a new trend.
There were also some inherent conflicts apparent: 62% of the family leaders plan to pass the business to the next generation and yet 75% of the next generation have big plans about taking the business forward. This means there is a big gap between what each group of family leaders expects to happen, and with 39% of the leaders planning to pass on control within the next five years, the time to open up that discussion couldn’t come sooner.
What are some of the dynamics you're facing in your family operated business? Are you wondering if your children will actually want to take the reins of a business you’ve spent decades building? Are you feeling COVID-related cash flow problems and have more than one family member feeling the pressure? Is there a niece or nephew who are learning the ropes to lead the business in the future? Does your Mom still do the QuickBooks (even though it’s creating a lot of rework elsewhere)? If any (or all) of these dynamics sound familiar, MGA is a trusted partner to assist you with these dynamics and many more.
Your team at MGA is fully committed to assisting manufacturing businesses to grow and prosper. The MGA team is composed of experts in all areas of small manufacturing business and will assist you with the resources you need to find the answers to your most pressing scenarios. We have the family business experience (some of us have first hand experience) to assist you.
MGA will assist with topics such as: succession planning, financial planning, and leadership development. And while we don’t do family counseling, we can help you find a great EAP (employee assistance program).
If you’re ready to have a conversation about how your family business can access MGA services, contact us directly at info@MGAlliance.org.
If you’re interested in developing your family’s next generation of leaders, we recommend attending the no-cost webinar in November | Tactics to Ready Your Next Generation of Leaders. MGA is hosting family business specialists from Rehmann.
More information and registration for a variety of webinars: https://www.mgalliance.org/events