Running a successful family-owned business: Defining the relationships in your plan is everything

Presented by Allen Barron, Inc. and Janathan L. Allen, APC

June 16, 2014

What does a solar power company, law firm, jeweler and vineyard have in common? They’re part of a wide spectrum of San Diego based businesses that are family-owned. What they also have in common is that they are successful to the extent with which they have allowed flexibility in defining the term family-operated.

Family-Owned Companies

“Family-owned companies struggle not because they lack skills,” advised Janathan L. Allen, Esq., Partner in Allen Barron, Inc., “but because they won’t give up control where that skill set is lacking.”

Holistic Business Plan

Regardless of goods or services offered, a holistic business plan is essential-one which goes beyond the narrow focus of individual considerations and incorporates an understanding of the interrelated nature of accounting, taxes, legal considerations, marketing and financial planning.

“The family-owned business entity adds a different dynamic because you must define everyone’s roles in accordance with the necessary skill set for each job description,” advised Allen from personal experience, as part of a husband and wife team whose complimentary skill set has led to success as a unique firm offering comprehensive business advisory services.

Effective Business Goals and Practices

Objective consultants are key to maintaining healthy family relationships while ensuring that those efforts do not compete with maintaining effective business relations. “Start with a plan that defines roles and accountability,” Allen emphasized, “and avoid dysfunctional decisions by delegating experts to conduct operational meetings and ensure that family members are in appropriate positions to meet company goals.”

Whether you’re a start-up or a long-time family business, the best knowledge is wisdom from first-hand experience. A consultant who can lead by example is one you can trust with your family’s and business’ futures.

More information

Allen Barron, Inc.

16745 W. Bernardo Drive, Suite 260

San Diego, CA 92127

Office: 858-376-1501

Toll Free: 866-631-3470