Despite all the best planning and having solid processes in place, every enterprise finds it challenging to anticipate market fluctuations or industry shifts that may expose it to risk. Some change can be predictable, while other types of change can be imposed when you least expect it.
Family businesses are no exception.
Some situations, such as the untimely disability or death of a family or business leader, simply don’t allow for advance planning. All of a sudden, the business and the family are thrown into a crisis that requires immediate attention, management and resources.
The Necessary Tools for Family Business Crisis Management
With family enterprises, there are unique structural and emotional obstacles to change which come, in part, from the different motivations, roles, personalities and responsibilities of family members. A crisis can be made more complex in a family business due to how each person perceives their risk exposure – whether they are an owner, manager, family member and or director.
A good family business crisis management response requires not only thorough scenario planning and development of the supporting business structures, but attention to the unique human dynamics of the family – which often become more pronounced in crisis situations.
Continuity is uniquely equipped to guide family members through the full range of crisis situations by helping them make smart – yet difficult – decisions quickly, under stress.
- A comprehensive, fast-tracked assessment
- Thorough analysis of the correlating issues
- Vetting of the most viable remedies, with a clear articulation of the ramifications
- Recruitment and facilitation of an expert team – including appropriate internal and external specialists as well as interim professionals (as may be required)
- Contingency planning
The Continuity Family Business Consulting approach to crisis management places a priority on avoiding upheaval for family members and business stakeholders. We support the maintaining of business stability and the ongoing pursuit of opportunity.