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Your Family Business Survival Guide Part 2.

The WHY's and HOW's of what makes a business successful

Advanced - Series Key Discussion Points

Your Family Business Survival Guide V3


In our previous article Your Family Business Survival Guide Part 1., we explored the BASICS of how to ensure the survival of your family business. In a similar fashion, we also had suggestions on what makes a business successful. They were:

As you might expect, we strongly advise you to first focus on getting the basics right. Once you’re satisfied that these are all in place, then, and only then, will it be appropriate to move into the second phase of your business survival strategy.

By the way, as well-experienced advisers, we can offer you a helping hand throughout the process. Just click on the button below to arrange an appointment for an initial discussion.

Beyond the Basics - Your Family Business Survival Guide

Succession PlanningNo matter the size of your family business, there are many common factors that apply when assessing and planning the business’s future success. So, here we intend to address matters that affect:

  • Small “Mum and Dad”-type operations;
  • SME’s (Small-to-Medium Enterprises of up to say 20 employees);
  • Family Offices; and in all cases – 

The growth and preservation of the “Family Dynasty”.

At this point you might be thinking – “What do you mean by Family Dynasty and does that really apply to me?

In many instances, the owners of a family business have the goal of either (a) leaving their hopefully profitable business for their heirs to carry on following their own retirement, ill-health or death, and/or (b) leave a handsome legacy in the form of a sale of that business.

It’s fair to say then that the established priority should be to protect that business. So, what’s required to protect it?

Assessing your Family Dynasty’s Current State

As was discussed in Part 1. of this series (see sub-heading “Financial Management“), it cannot be overstated how important it is to be able to vigorously and accurately assess the family business – ‘no stone unturned’, ‘warts and all’ to establish a clear picture of the status of the business.

To this end, you may well find these two links to be of immense help to you during the assessment process:

How To Do a S.W.O.T. Analysis – For your small business and

THE ULTIMATE CHEAT SHEET – For Critical Thinking”

NOTE: Your assessment must include an honest evaluation of your Business Succession Plans. Moreover, quality research into any potential/threats will help to identify the best means to combat them.

At this point, you may even feel it wise to consult with one of our advisers on a specific point discussed in this section. If so, clicking the button below will start the process of getting you some relevant advice.

Strategies for Future-Proofing Your Family Dynasty

Future-Proofing your family business/Family Dynasty is all about strategies! Here’s where we start the deep-dive into what your family business might need:

Q1: Do you need a Family Office?

A1. If you are in either category of high-net-worth-individuals (HNWI) with investable assets in excess of $1 million or, ultra-high-net-worth-individuals (UHNWI) who have investable assets of at least $30 million, then the answer is almost certainly “Yes”.

The purpose of a Family Office – The family office is a dedicated solution for the complex management of the family wealth. As such, it’s a vehicle that supports the family in the day-to-day administration and management of the family’s affairs and long-term strategy.

What is a Family Office? A family office is a private wealth management firm established by a high-net-worth family or an ultra-high-net-worth family. In brief, it provides that family with a selection of personalised services that include investment management, financial planning, estate and tax planning, business succession planning, philanthropic investing, concierge services and more.

Q2. How do you start up a Family Office? 

A2. First up – a business plan is a “must do”. However, before creating a family office business plan, the family must determine their expectations, priorities and scope to decide what services they need. These can include financial planning (investments, philanthropy and life management), strategy (business and financial advice and estate planning), governance (reporting and record-keeping and succession planning) and advisory (tax and legal advice, compliance and risk management).

For a more detailed insight into this topic, visit our blog article in starting up a Family Office. You may also like to read a short story on one family’s Family Office success story.

Q3. What is the required Legal Setup and Structure and Associated Jurisdiction Criteria for a Family Office?

A3. Here’s where we really get into the ‘meaty’ part of setting up a Family Office. When discussing the topic of a family office legal setup and structure, please bear in mind that we always have the subject of ‘Future-Proofing Your Family Business’ uppermost in our minds.

Perhaps the most compelling argument for adopting this approach is that, just as there have been countless family office success stories, many family dynasties that survived for hundreds of years only to disappear in a comparative heartbeat. Why did that happen? Well, a number of factors contributed to their downfall but the main one was poor governance or a lack of it (more on that later).

Setting up your Family Office will require your attention to the following (usually in consultation with your adviser). NOTE: You can also click on the links here for more detailed explanations.

As denoted earlier, at this point, you may even feel it wise to consult with one of our advisers on a specific point discussed in this section. If so, clicking the button below will start the process of getting you some relevant advice.

Your Family Business Survival Guide Summary

Summarising the Key Discussion Points to Date

Your Family Dynasty: Will It Survive?

In today’s rapidly changing world, it’s essential to take proactive measures to protect your family dynasty. Social, economic, and geopolitical factors can greatly impact the stability and longevity of a family’s legacy. To ensure the survival of your family dynasty, we looked at the intricacies of implementing these actionable strategies:

  > Establish a Family Office

A Family Office is a private wealth management firm that provides personalized services to high-net-worth families. It serves as a centralized hub for managing various aspects of your family’s wealth, including investment management, financial planning, estate and tax planning, business succession planning, and philanthropic investing. By establishing a Family Office, you can ensure that your wealth is effectively managed and protected for future generations.

  > Define and Communicate Family Values

Fostering a strong sense of shared values within your family is crucial for maintaining unity and guiding future generations. Take the time to define and articulate the core values that your family holds dear. Whether it’s integrity, entrepreneurship, or philanthropy, these values will act as a compass for decision-making and provide a sense of purpose for your family dynasty.

Regularly communicate these values to younger family members through open discussions, family meetings, and storytelling. By instilling a strong foundation of shared values, you can create a sense of identity and commitment to the family dynasty.

Schematic of Financial Literacy Evaluation  > Foster Financial Education

To ensure the sustainability of your family dynasty, it’s essential to empower future generations with financial knowledge and skills. Encourage ongoing financial education by organizing workshops, seminars, or hiring experts who can provide guidance on wealth management, investments, and responsible financial practices.

By equipping younger family members with financial literacy, you enable them to make informed decisions, cultivate an entrepreneurial mindset, and contribute to the growth and preservation of your family’s wealth.

Family Business Succession Flowchart  > Develop a Succession Plan

A well-executed succession plan is vital for the continuity of a family dynasty. Start planning early and involve all relevant family members in the process. Identify potential successors, taking into consideration their capabilities, interests, and commitment to the family’s values.

Outline the roles, responsibilities, and expectations of future leaders, and provide them with the necessary training and mentoring. Additionally, consider establishing a governance structure that ensures transparency, accountability, and fair decision-making within the family dynasty.

  > Diversify and Adapt

The ability to adapt and diversify is crucial in the face of a changing world. Continuously assess your family’s assets and investments to determine if adjustments are necessary to mitigate risk and seize new opportunities.

Explore new industries, technologies, and markets to diversify your family’s wealth and protect against potential economic downturns. Embrace innovation and be open to evolving business models that align with the changing needs and demands of the world.

  > Cultivate Philanthropy

A family dynasty’s legacy extends beyond wealth and power. Cultivating a culture of philanthropy can provide meaning and purpose, while positively impacting society. Encourage family members to engage in charitable activities, volunteer, and support causes that align with your family’s values.

Establishing a family foundation or charitable trust can be an effective way to formalize your philanthropic efforts and leave a lasting impact on future generations.


Future-proofing your family dynasty requires careful planning, adaptability, and a commitment to shared values. By establishing a Family Office, defining and communicating family values, fostering financial education, developing a succession plan, diversifying and adapting, and cultivating philanthropy, you can increase the chances of your family dynasty thriving for generations to come.

Even though we have addressed some of the important aspects necessary to our Family Business Survival Guide, we encourage you to read in depth our complete series on How to Future-Proof Your Family Dynasty. To reiterate, no matter the size of your family business, therein is contained a wealth of tips and advice that will be applicable to the future success of your family business.

How FBA Can Help You With Your Family Business Survival

At Family Business Advisory (FBA), our purpose is to help family businesses succeed on a sustainable basis. As such, we provide you with access to specialist family, business and technical services with a goal being to generate opportunities for families in business.

In order to complement our own particular specialised skills, over the past several decades, we have developed a network of trusted, professional advisers in such areas as:

Image of Services spectrum

Moreover, we work at all times to give you peace of mind and proactive support to help navigate any changes in the market brought about by legislative changes, geopolitical events and general market conditions – all to maximise your personal wealth and security.

These services are provided by FBA, in association with the Wealth IQ Group.

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