Giving Professional edge to family Businesses
Many families have spent generations building competencies in doing business and today they are respected by the industry too for the legacy of products and services they have given to the world. The Gallo family in winemaking, the Eccles family in banking, and the Shane family in jewellery are examples of families that have dedicated several generations in building world class products and transforming their businesses into vast empires in the process.
BMGI has been a reliable partner to many prominent family businesses supporting their quest to improve processes and plan strategic goals to keep the differentiated edge alive in the professionally operated industry.
Our experience in working with family owned businesses has brought to the surface a set of unique questions that family owned businesses seek to answer in addition to common challenges faced by the industry:
- How can we instil professionalism in our processes so that business can operate efficiently and is not affected by family problems?
- How can we professionally quantify the worth of our business and determine the factors that have a strong influence on the value of the business?
- How can we promote a hierarchy free organization to get outside views which are beneficial for business?
- How can we groom our successors and prepare them with the same set of values and purpose so that the business remains successful long after we are gone?
- How can we attract and retain trained professionals by giving them an environment where both entrepreneur and professionals can coexist?
- What kind of training should be given to family members and relatives when they join the business so that the fabric of business remains intact?
- How can we solve the dilemma of two points of view from older and younger generation in the family and choose what is best for the business by logically and amicably solving it?
How can BMGI help?
We begin by identifying goals and strengths. Through exhaustive analysis of information we offer strategies for putting a plan into action. We focus on finding operating parameters of the business and changes in operational procedures that might increase the ROI of the business. We explore options that are available for improving the health of the business, both internally as well as in the marketplace.
Many families strive to improve their collaboration and collective decision making about family, business or financial matters. Effective collaboration can help build and sustain a proud family legacy. We work with families to develop and enhance collaboration and teamwork. BMGIâ€™s expertise in consultation and Family Business Innovations can be leveraged to answer all the most critical issues faced by family owned businesses.