Submitareporttothefamilybusiness.

The report will focus on the most appropriate family business advisory service needed by yourfamily business. Consider family councils, family boards, counselling & mediating, facilitating &consulting, or mentoring & coaching. Design advisory interventions and provide detailed stepsintheadvisory process.

Draft a consulting style report of two thousand and five hundred words in Word for submission to your familybusinessboard.

1, Context:TheRoleofAdvisors

Family businesses, the dominant form of the enterprise worldwide, are known for theircomplexities. "Due to the inextricable link between family and business, family firms mustgrapple with unique issues and decisions (...). In particular, family businesses are greatlyconcerned with succession planning, transferring wealth to the next generation, managingconflict, sibling rivalry, entitlement, hiring and managing family and non-family employees,facilitating growth and change, and maintaining family values and culture." (Eddleston, 2016, p.1).

Advisors can play a crucial role in family businesses. They influence strategic decisions (Strike,2012), encourage family cohesion, and provide access to the networks that encouragecommunity embeddedness. (Holt, Pearson, Carr & Barnett, 2016; Michel & Kammerlander,2015;Reay etal.,2013).

Theyalsofacesomeuniquechallenges,includingtryingtonavigatethecomplexitiesofthefamilybusinesssystemandunderstandingitsunderlying,oftenhidden,dynamics.Those

advisorswhoare abletogetcloseenoughtothefamilyandachieve "embeddedness" (Barbera&Hasso, 2013) become the most trusted advisors, as first labelled by Strike (2012). Trustedadvisorsembracethecomplexities;andthus,theyprovideinnovative solutionstoafamily

business'scomplexproblemsbybringinganoutside,more objectiveperspective(Lane,

Astrachan,Keyt&McMillan,2006).

2, Some Guidance Steps for Note-making and Preparation (note theseare notquestions that have to be answered in the report. They are a guide forpreparingandscopingyourreport.)

A:Listthe key family business issues from your diagnostic report that will benefit from advisorysupport. Below is a representation of a universe of issues that your diagnostic report may havetouchedupon.ChoosefromyourreportNOT thelistbelow, akeynumber ofissues.Notlessthan2andnotmorethan5

Counselling & Facilitating & Mentoring & Coaching Mediating Consulting For whom? Individuals Groups, c.g. families Individuals, usually Groups, e.g. families Teams, e.g. in the 1:1 firm Small groups and teams, e.g. family members or small teams in the firm Goal Healing and Creating and Building capacities reconciliation, i.c. providing solutions, and competencies, i.c. building Le. guiding the helping client to understanding and clients towards their flourish, opening resilience, identified purpose, horizons, partnering overcoming psychic presenting solutions for career and barriers, dealing with the use of the personal development, with complex expert's knowledge improving leadership conflicts, settling up skills matters in dispute, achieving binding agreement Techniques Role plays, Providing structures Formulating therapeutic for cooperation actionable . learning techniques, Structures and goals with the client reconciliation frameworks for the Advocating and techniques process sponsoring the Managing client mentee/coachee to expectations further their career and personal development Advisor's Credibility, Abilities to create the Active listening, skills, patience, tact, ability commitment to the ability to listen with competencies, to reframe, empathy, facilitating/consulting empathy and without and abilities ability to explore goal, creativity. judgment, respect and and understand adaptability, sense of compassion beliefs behaviors, humor Readiness to raise the feelings, and Expertise in a client's competencies emotions specific discipline and self-awareness by Ability to listen to reaching out to the all parties involved advisor as a source of and stay neutral as wisdom well as stimulate Coaching licenses may interactions be required Therapeutic licenses may be requiredPOTENTIAL INFLUENCE INVOLVE / INVOLVE / HIGH PARTNER ENGAGE ENGAGE MEDIUM INFORM CONSULT CONSULT LOW INFORM INFORM CONSULT LOW MEDIUM HIGH POTENTIAL INTERESTFamily Firm Reputation Trustworthiness How do our stakeholders see us? How dependable are our words and deeds? Relevance Family (Firm) Portrayal (Image) Differentiation Does the family notion How do we want our stakeholders to see us? How distinctive is our matter to our position in the marker? makeholders? Family Promise Relationships Positioning What promise does our family What can the family contribute How do we position ourselves make to our stakeholders? to establishing and maintaining vis-d-vis our competitors while (e.g., customer orientation, long-term relationships with our leveraging our family identity? corporate social responsibility) stakeholders? Identity Expression Who are we as an organization? Personality Credibility Recognizablety How distinct, visible What uniqueness does the family Family (firm) identity is rooted in What is the owning family's role? How believable and values, goals, family history and (e.g- guarantor of continuity. convincing are we, and and consistent is our add to our communication, helping us differentiate ourselves experiences, family member source of humor, driver of how consistent are our overall communication? from our competitors? identification and pride, level of innovation, company steward) Meeting and image? family influence, ownership level Mission & Vision Culture Competencies What is our family's shared What attitudes and norms does What does our family business vision our family encourage in the excel at, based on the experience (e.p., continuity, philanthropy. business? we have built over generations? citizenship) (e.g., work ethic) (e.p. craftsmanship) Willingness-to- Performance support How consistently do we How inspiring are our deliver on our purposes and competencies? Responsibility practices? How committed and accountable is the family?3 OWNERS WHO WORK 1 EXTERNAL INVESTORS IN THE BUSINESS BUT Exercise: WHO OWN PART OF THE WHO ARE NOT FAMILY BUSINESS BUT WHO DO MEMBERS Business NOT WORK IN IT AND ARE NOT MINDORS OF 2 NON-FAMILY Grab a pen and paper, THE FAMILY MANAGEMENT AND EMPLOYEE and based on the figure LU FAMILY MEMBERS WHO to the right draw your Ownership 1 2 WORK IN THE BUUNIS BUT WHO DO NOT OWN own business 7 SHARES stakeholder map. Fill F INHABITING ALL THREE CIRCLES ARE each circle with the OWNERS WHO ARE 4 FAMILY MEMBERS WHO A SO FAMILY MEMBERS names of the OWN SHARES IN THE AND WHO WORK IN THE BUSINESS BUT WHO ARE stakeholders in your own NOT EMPLOYEES 3 FAMILY MEMBERS WHO business. in ART NOT ACTIVITY INVOLVED IN THE BUSINESS EITHER AS EMPLOYEES OR Family OWNERSInformal advisors Formal advisors Boards Type of advisers Have no formal position in a business, are not contracted to advise, and usually enjoy a high level of trust; these are usually spouses, friends, other family businesses; Have a contractual relationship with the rm or the family, could be firm-intemal or rm-external, they could be experts in various disciplines and professionals such as nancial advisers, duciary, legal advisors and lawyers, asset managers, organizational consultants, etc. Are formal parts of the corporate governance (board of directors) or family governance system (family boards) and could have an advisory orfand controlling role