Family Businesses
Families working together face some of the greatest opportunities and the most serious challenges in business. When things go well, the enterprise and those family members in it can reach great heights. But when things tun the business and the family are in serious jeopardy.
The Small Business Administration estimates that nearly 90% of all business in the United States including nearly a third of the Fortune 500 are owned or controlled by families.
The American economy depends on the success and continuity of these companies because they generate nearly half of the country's Gross National Product and half of the total wages paid.
At any given time nearly 40% of family-owned companies are transferring ownership to their successors. Only one-third of family businesses survive into the second generation and less than 10% make it to the third generation. Less than 1% of family owned businesses survive the fourth generation.
As a third generation owner of a successful family business, Elly Valas has witnessed the value of working side by side with her father and her brother. She also watched the potential devastation of everything her grandfather, father, and she built when a fire destroyed their main store and warehouse.
Since 1992, she has worked with families in business to help them develop the tools they need to grow their companies and strengthen their family bonds.
Families must work pro-actively to ensure the future or their business and of the family members working in it. It is often an emotional and draining exercise requiring the objectivity of an outside facilitator.
The process Elly uses helps her clients identify and clarify the gaps between where they are and where they want to be.
They work together to develop a strategic plan for the business as well as a family strategic plan to define participation in the business by family members. They build a succession plan for transfer of ownership and management of the company. Finally, Elly works with the family's legal and financial advisor to ensure that the estate plan facilitates both the founder's retirement and the transfer of assets fairly among heirs.
Since 1992, she has worked with families in business to help them develop the tools they need to grow their companies and strengthen their family bonds.
As a third generation owner of a successful family business, Elly Valas has witnessed the value of working side by side with her father and her brother. She also watched the potential devastation of everything her grandfather, father, and she built when a fire destroyed their main store and warehouse.
