Family Business Owner

The Situation

A son in his late 60s owns a 50-year-old family business. His goal is to transition the business to the next generation—eight cousins who have not been involved in the business yet.

He faces three main challenges:

• Actively re-engaging distant family
• Establishing a formal governance structure
• Creating a strong new leadership team

Banyan Solution

To determine the services most appropriate for the Business Owner, his Client Advisor first employed our time-tested approach to planning fully assessing his needs. With his situation defined, the experts at The Banyan Family Business Center then designed and implemented six custom solutions for his needs, including:

• Formalized administration: Banyan helped the family initiate a Family Office to meet its growing needs and become more involved in strategic philanthropy. Over time, they also helped the family establish a Management Development pilot program.
• Continuity committee: Banyan helped him create a continuity committee to help the business through the transition from a family-managed enterprise to a non-family managed—but family-governed—enterprise.
• Employee coaching initiative: Banyan developed a program for executive coaching to help top talent advance into senior roles within the company.
• Executive assimilation: Banyan met with newly hired and acquired executives to support their transition into the company and help ensure the company had a cohesive executive team.
• Leadership evaluation: Banyan produced a comprehensive 360° Leadership Report for the CEO regarding each of his executive committee members to help him effectively manage performance objectives and leadership development.
• Team building: Banyan helped the company facilitate an assessment that yielded a composite analysis of the executive committee’s Test of Attentional and Interpersonal Style (TAIS) scores, which helped identify the team’s strengths and weaknesses.