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Family Business

Family-owned business leaders frequently indicate that they do not have many sources of support or places to turn to find guidance on the unique issues that arise regarding mixing family with business, and knowing how to continue it for another generation.

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At CJN Advisors, we can help!

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What we offer:  Guidance for family-owned businesses to improve governance, and transitions.

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Governance.  Whether updating or establishing for the first time, sound governance for any family business begins with the three pillars:

  1. A strong family committed to continuing the legacy.  The need for unity and a shared vision is essential.

  2. Creation of governing documents.  Many dread this process, but it can be quite enlightening and is an effective path to establishing a structure for governance.

  3. Transparent process for making decisions.  This will be strengthened through practiced, regular communication that allows for all voices to be heard.

Transitions.  With sound governance in place, we can begin to focus on the three types of transitions:

  1. The exit, or intentionally deciding to let go.  There are different scenarios, challenges, and commitments to consider.

  2. The transfer of ownership.  This needs to be intentional, and affordable, while the decisions here can sustain – or destroy.

  3. Preparing management, with a timeline.  Having someone prepared, ready, and willing to wait can become complicated.

 

 

Other services:  Assisting with needs of family members, and preparing the next generation.

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Experts.  As financial resources expand, and families grow and change, the list of area-specific specialists necessary to support your needs will grow.  This team of experts will be critical.  If you don’t have these already identified, we can help make introductions.

 

Plan.  Especially where great wealth has been created or eventually will be inherited, we can help make sense of all the many different issues to consider with your team of professional specialists, including:

  • Estate planning

  • Tax planning

  • Financial planning

  • Insurance

  • Risk management

  • Investment management

  • Philanthropy

 

Organize.  Remaining focused on the family-owned business, we can help with:

  • Business infrastructure and board development

  • Education and engagement for next generation

  • Family meeting planning and coordination

  • Supervision of a family’s team of professional advisors

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