A strategic plan that balances the needs of the family with the needs of the business will both improve operations and minimize risks. Abbey Legacy knows what works best and our proven process will bring the legacy of success to your family business.
Advisory and Corporate Board Implementation
By its very nature, an advisory board remains outside the fray of your everyday business. They do not participate in the direct management of the business, but instead act as a sounding board, allowing you to express partially defined or tentative views before a group whose sole purpose is to provide advice.
Abbey Legacy will assist you in finding objective, third-party outsiders with deep experience managing different businesses in different industries to provide you with expert advice without bias.
Once in place, they will help nourish new and innovative product ideas, assess the needs of new markets, and even help develop your strategic succession plans. Their expertise can nudge even the most reluctant family members to stay focused on the future by bringing the best information and ideas in from the outside.
And since, as a corporation, you are required to have a corporate board, Abbey Legacy can also work with you to ensure that your board structure will help you focus on priorities to support your business direction.
Family Meeting Facilitation
A family whose members are on the same page can serve as a major asset to the family-owned business. Family vision and values run deep in the family business. Abbey Legacy has served as an outside facilitator to families involved in a myriad of businesses and industries to bring clarity and consensus in the family meeting setting. An outside facilitator can bring everyone's ideas and interests to the table, work with a family to prioritize and apply those ideas and interests in a way that is rewarding for the family and productive for the business.
Even though nearly 70% of family businesses would like to pass their business on to the next generation, only 30% will actually succeed at making the transition. Too often decisions about who is best suited to take over leading your business can create tension and conflict. It makes families ask: Which is more important – getting along? Or getting ahead? It’s issues like these that are difficult for any family to settle. But you don’t have to tackle this project alone. Think instead about working with Abbey Legacy. Sandra McNeely, the founder and managing director of Abbey Legacy, has both the experience and education to act as your trusted advisor in wrangling these thorny issues to the ground. She understands that the way in which family members respond to the issues is fairly predictable. She will be able to explain to a designated successor why you do the things you do, as well as how you do them. She will guide the leadership and succeeding generations to an understanding of each other’s values and expectations. Ms. McNeely will present a balanced perspective on the different roles of owning and leading a family business which can help both generations gain a better understanding and appreciation for the business. Skilled at using transitions to create value – and to foster continuity, coherence, and optimism – Ms. McNeely will be by your side to help ensure your success in succession planning.