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Family Business Advisor Teamwork

Family businesses rely on teamwork. The family infrastructure sets the inherent expectations and role model (good or bad) for teamwork to management and employees. The family team concept should also apply to their advisors. Most families base their advisor decisions upon relationship, often times with tenure taking blind precedence over the quality of service.  Although I acknowledge that the average family business is increasing in sophistication, I continue to see abuse and malpractice caused by predators who are seeking to take advantage of the natural tendency of family business leaders to rely upon relationships to make important decisions. Unfortunately there are far too many wolves wearing sheep’s clothing.

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How to Assemble Your Succession Planning Team, Who Needs to Have a Place at the Table?

As we begin a client relationship, one of the questions that often comes up concerns what happens to the accountant, banker, lawyer, and insurance advisors that have become friends, neighbors, and trusted advisors over the years. "Do I have to fire them?"

Well, no. Of course not. You should know and believe, however, that your team is giving you the best available advice in their specific areas of responsibility. After all, you and your spouse have put a lot of time, money, and energy into getting where you are. Some people would call that sacrifice. We call it insuring a legacy for generations still to come.

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