- April 24, 2018
- Posted by: Jennifer Lawson
- Category: Business plans, Strategic Planning/New Planning, Tim Vaux
Recently, FreshXpert Tim Vaux contributed to a feature article in Produce Blue Book’s quarterly, Blueprints.
As the article focused on family businesses, Tim shared important areas that because of family ties often neglect.
- Formal Business Plan
- Ownership and Equity
- Contingency Plan
- Succession Plan
- Historical Success Leading to Complacency and Lack of Innovation
- Communication of Company Values
Often these areas have not been addressed formally with details and methods laid out. When a senior family member leaves the company without succession planning, whether in death or by choice, the change in the family is always devastating, but it’s even more so if it precipitates the demise of a company that both family members and others depend on.
A consultant can provide support in seeing how to draft customized plans that will fit the unique considerations for the family and company. During succession, an outsider or consultant can lend a hand to ensure the transition goes smoothly.
When interviewing consultants or advisors, make sure they have a history of working with multigenerational companies, as one size most definitely does not fit all. “This is where the outside legal and accounting professionals should come in,” explains Vaux, “but each business is different. Outsiders may be detached from the business, but they understand it, and can act independently and equitably.”
To read the entire article by Leonard Pierce, BPApr2018_Back Feature-Standing-Test-of-Time-featuringTimVaux.