Free Training Session 1
Family Business Succession Consultant Pakistan
Succession Planning Family Business Pakistan
Understand your family business, its components, and all stakeholders and people who serve the family business. Make them align and draw their boundaries.
Succession Planning Family Business Pakistan
What comes first in your family business? The business or the family?
The simple answer is balance. Give equal importance to both family and business. When it comes to business, prioritize business needs. When it comes to family, prioritize family needs.
Family business owners often wish for their business to continue with the next generation. But when these businesses pass on to new generations, they can’t rely solely on business concepts and techniques. They need to address it differently now.
To understand this, let’s look at this equation: Family Satisfaction + Business Performance = Family Business Success.
The long-term success of a business depends on two things:
- Business performance: This includes how well the business is doing, maintaining quality, and growing.
- Family satisfaction: Ensuring all family members are happy, conflicts are resolved quickly, and everyone is leading a satisfied life.
Family Business Consulting 3 Circle Model
Family Business Roles and Relationships
You need to categorize yourself as either a family owner, family employee, or non-family employee. This helps us understand where you fit in and what your boundaries are. But more importantly, it shows that family business is a combination of these three circles, and you can’t separate them.
Succession in the family business means transferring these three circles to the next generation.
If you focus on just one circle, you’ll miss out on identifying potential problems and finding solutions.
The first task is to identify individuals in each circle and understand who will take over ownership, authority roles, or management.
Now, let’s think about the training. What skills are needed to run the business? How should relationships be managed within the business and family circles?
These three circles tell us what requirements are needed and how to manage them well.
Even if it’s a small family business, everyone needs to know which group they belong to. Once categories are defined, and rules set, it becomes clear how committed each person is to their group.
Today's tasks
- Inject family members into the three-circle model.
- Attend free training on FBS Consultant. Skip the strategy session at the end. They will call to discuss, and if you’re interested, the entire process will be paid.
- Start filling out the form to attract basic knowledge required for succession.