Thriving Business, Loving Family

“How can I create more business value for my family business?”

“How do I transfer business ownership to the next generation?”

“How do I resolve conflict within our family business?”

These three questions often occur simultaneously or in rapid succession due to the unique nature and specific needs of every family owned business. Expectations, hopes and dreams can frequently clash among even the most loving family members, especially between the generations.

A family business does affect the entire family whether or not involved daily in the company. That’s why conflict can upset the balance of family relationships and, eventually, impact the bottom line. Decisions made about business succession, ownership, bonuses, profit sharing, and hiring family members can create bad feelings and years of undesired consequences.

Learn how to balance family owned business issues while loving your family.

For your family business to thrive, you may want to consider adding a specialist to your trusted advisor team who not only understands business growth strategies and business transition but also family business dynamics. Platinum Group’s team of family business consultants can guide you through ownership, leadership, succession and relationship issues. We’ve worked with hundreds of families to think through ownership transfer options, family business succession planning and conflict resolution. In fact, we recognize outstanding family businesses through the annual Minnesota Family Business Awards, created by Platinum’s Tom Hubler in 2008.

Successful Family Business Stories

  • A large retailer was slowly losing sales due to new competition. The founder’s children had neither succession plan nor interest in operations. Yet family members received salaries simply because they were family. Lack of appropriate boundaries created family business conflict. Platinum Group helped this family business to gain financial oversight, new leadership and a succession plan. Within four months, the retailer regained profitability and opportunity for new growth.
  • Rapid growth by acquisition and consolidation was driving a profitable, family business. The third-generation owners realized how increasing growth might impact family dynamics. We worked alongside a family business succession planning team of advisors to create a long-term estate succession plan. A family council was instrumental to sustain decision-making and accountability.
  • The adult son who worked in the family business had changed the locks on the company doors and his father, the owner, finally realized he needed help with his father-son relationship. Long-standing resentments were hurting their families and the business. A family meeting and individual interviews uncovered a history of poor communications and substance abuse. We created an action plan to focus on better communications and the need for a formal succession plan, board of directors and outside advisory. Relationship healing led to reconciliation.

Read more family business stories to learn how it’s possible to balance business and family issues.

Get Ready for “What’s Next” —  Succession Planning Process

Learn How to Thrive: A Family Business Review

Platinum Group’s wealth of experience addressing specific family owned business challenges includes four essential areas of support: family governance, leadership, succession planning and legacy. Our proven, six-step process helps families and their business to succeed by identifying concerns and questions, and by creating and implementing a successful strategy to address them. For more, see Vision For Success steps in more details.

Join our Owner Transition Forum to gain fresh perspectives from other family business owners’ experiences. These monthly breakfast roundtables offer insights and open dialog around real owner stories in a confidential setting.

Platinum Group’s Tom Hubler has written a book called The Soul of Family Business: A Practical Guide to Family Business Success and a Loving Family. It covers family values and vision, succession planning, the business of gratitude and more. Click here for more information.

Family Business Services

  • Succession Planning
  • Family Conflict Resolution
  • Transferring Business Ownership to the next Generation
  • Family Communications
  • Advisory Boards

Tools for Family Business

Business Owner Transition Guide

A six-step process based on our experience with owners going through transition, including understanding generational differences and impacts. MORE

Family Councils – Is it Time for a Family Meeting?

What does a son, daughter, cousin or in-law think about the business owned by a family member? MORE

Passing on the Torch Without Blowing Up the Family

For one owner, the succession process began without a formal plan. He realized that the do-it-yourself approach had lost traction. MORE

Family Conflict Resolution

When relationships are in jeopardy in a family owned or other small business, how does the owner work toward resolution? Conflicts may occur between family members, board members, leadership, key employees and during merger/acquisitions... MORE

Your First Step

For a no-obligation consultation about your family business questions, contact:
Tom Hubler

Tom.Hubler@thePlatinumGrp.com
612-810-2665

“I work with families to develop a shared vision for the family and the business. This includes identifying individual talents, tackling any unspoken issues, and creating individual and organizational strategies to ensure a personally and financially rewarding business. My focus is to ensure family values to continue to emphasize a family culture of gratitude, philanthropy and purposeful living.”

Steve Coleman

Steve.Coleman@thePlatinumGrp.com
612-810-2665

“I enjoy helping owners explore a destination for transition into a next stage of life, and then map out a pathway there. So many of them want to step down, but not stop making a contribution. Catalyzing that change is the most satisfying part of this work for me.”

Bill English

Bill.English@thePlatinumGrp.com
763-458-3722

“I bring a unique background to small business owners as an entrepreneur and licensed psychologist with a business process improvement focus. This means restoring wholeness to business owners and value to their businesses. I enjoy helping family owned businesses in conflict return to improved relationships and helping the owner find balance between work and business.”

family business

Learn how to balance family owned business issues while loving your family.

Thriving Business, Loving Family

“How can I create more business value for my family business?”

“How do I transfer business ownership to the next generation?”

“How do I resolve conflict within our family business?”

These three questions often occur simultaneously or in rapid succession due to the unique nature and specific needs of every family owned business. Expectations, hopes and dreams can frequently clash among even the most loving family members, especially between the generations.

A family business does affect the entire family whether or not involved daily in the company. That’s why conflict can upset the balance of family relationships and, eventually, impact the bottom line. Decisions made about business succession, ownership, bonuses, profit sharing, and hiring family members can create bad feelings and years of undesired consequences.

For your family business to thrive, you may want to consider adding a specialist to your trusted advisor team who not only understands business growth strategies and business transition but also family business dynamics. Platinum Group’s team of family business consultants can guide you through ownership, leadership, succession and relationship issues. We’ve worked with hundreds of families to guide them through ownership transfer options, family business succession planning and conflict resolution. In fact, we recognize outstanding family businesses through the annual Minnesota Family Business Awards, created by Platinum’s Tom Hubler in 2008.

Successful Family Business Stories

  • A large retailer was slowly losing sales due to new competition. The founder’s children had neither succession plan nor interest in operations. Yet family members received salaries simply because they were family. Lack of appropriate boundaries created family business conflict. Platinum Group helped this family business to gain financial oversight, new leadership and a succession plan. Within four months, the retailer regained profitability and opportunity for new growth.
  • Rapid growth by acquisition and consolidation was driving a profitable, family business. The third-generation owners realized how increasing growth might impact family dynamics. We worked alongside a family business succession planning team of advisors to create a long-term estate succession plan. A family council was instrumental to sustain decision-making and accountability.
  • The adult son who worked in the family business had changed the locks on the company doors and his father, the owner, finally realized he needed help with his father-son relationship. Long-standing resentments were hurting their families and the business. A family meeting and individual interviews uncovered a history of poor communications and substance abuse. We created an action plan to focus on better communications and the need for a formal succession plan, board of directors and outside advisory. Relationship healing led to reconciliation.

Read more family business stories to learn how it’s possible to balance business and family issues.