FAMILY BUSINESS ADVISORY
Family owned businesses are different from any other type of businesses. It can be challenging due to its complexity as well as rewarding due to family dynamics!
Family business sure has its difference from other businesses. Roles, relationships, and differing priorities all affect both the family and the business, creating normal tensions. This effect can lead to misalignment, lack of clear direction, and slowed decision making which can significantly challenge the continuity of the business and the family harmony.
As per report from well knowned print media, Family-owned or controlled businesses constitute about 70 per cent of the overall businesses in the GCC. Hence it is evident that Family-owned business has an internal competition with other family-owned businesses along with the competitions with the other business in the same sector. It is therefore essential to stay up to date with the changing markets and dynamic technological changes in order to sustain a Family-owned business. These businesses play a vital role in the economy and hence, preserving each of these businesses is very important.
UAE is encouraging more family-owned business to get listed in the Stock exchange and publish its Initial Public Offering (IPO). Thus, such a move could lead to the introduction of multiple share classes in the country.
However, statistics prove Family businesses have problems in sustaining its business passed on to multiple generations. Most family businesses do not survive past the second generation.
There are a few challenges that Family-owned businesses would face in comparison to a Corporate Business. There is an absolute obligation for the owner to pass down the business to the next generation and there is an equal obligation for that generation to carry on the burdens of the business without consideration of interest or qualification. There also lies a challenge that certain opportunities are missed out by the Family-owned business due to lack of awareness of the change in the market behavior, new rising solutions etc. To bridge any gap that exists in a family-owned company, professional Business Advisory Services are being provided at MSATC.
WHAT ENABLES A FAMILY
OWNED BUSINESS TO
BECOME AHEAD OF
- The sheer commitment of the family members to get the business running.
- There is a sense of trust in the family that allows transparency within the company
- Ability to decrease unnecessary costs and expenditure of the business.
- They can ensure stability of the business as they usually have substantial personnel changes.
- The overall productivity of the employees increases as they are generally happier working under a Family owned business.
WHAT ARE THE BENEFITS OF HIRING AN OUTSIDE CONSULTANT FOR BUSINESS ADVISORY SERVICES?
A family business can benefit greatly from an outsourced advisory service because they would provide fresh guidance on important business decisions to be taken for the long-term survival of the company. They may assist family business owners in acting or discussing matters that otherwise might not be considered. Without the help of an advisory service provider, it may be possible to overlook opportunities. An Advisory service may be an essential purpose that ultimately can create a more reliable and more profitable business.
Governance is an important aspect of managing a family business as it an ongoing commitment by the family members and its stakeholders. Without appropriate governance and financial framework implemented, the long term running of the business is under a threat.
Proper internal controls within the business can improve profitable decision-making whilst reducing the risk of family conflict. It ensures appropriate liquidity and profitability through proper planning, control, and monitoring.
Tax Advisory Services and Company Growth
A Business Advisory Consultant guides family-owned business to plan and execute accurate tax filings. They help businesses understand the various compliance requirements to ensure there are no errors. Growth for the business requires strategic planning. Business advisory consultant can analyse the market competition and provide methods to overcome any existing competition in the industry sector. They analyse the different areas that can be improved by developing strategies for the operations of the business.
How can we help?
- We offer leadership and executive coaching
- We assist in strategic and succession planning
- We provide advisory services for the family business
- We provide Tax Advisory Services and VAT health check-ups.
- We provide financial analysis for the business
- We assist in optimizing governance and your business with the practical implementation of standards and system
- We focus on efficiently managing your accounts and help grow your business.
Needless to say, we are there in creating the structure and processes that support families to create the strongest possible future!
‘’We build a bespoke service for our
clients. Whether they want to advance
an idea, a capability, or the world at
large, MSATC is with you every step
of the way.”
Founder & CEO
We’re here to assist you with all your business
needs. please complete the form to request a callback.
Alternatively email or call us and speak to one of our expert team.