CPABC Industry Update Winter 2014 | Page 8

Becoming Strategic Advisors... (cont’d) her and her • What are theit issues of fairness for or leadership family when comes to ownership succession? evaluates the family business system through only one of the three subsystems, they are seldom aware of the other integral parts and how these parts influence the work they are doing. They are also generally unaware of the impact their work can have on the family. To be served well, family businesses need advisors to take a more expansive view by understanding the whole system as well as the interactions between each subsystem. Strategic advisors work with their clients to identify and address all of the issues in the system regardless of whether it is in the family, business, or ownership subsystem. This is not to suggest that strategic advisors personally address all of the issues in the three circles; each advisor must continue to work within their own discipline and training. However, strategic advisors should be conversant in the whole family business system and have a network of professionals they can rely on to support the family in other areas outside of their expertise. The following scenario illustrates how strategic advisors may respond when faced with a family business issue. Client A is nearing the end of her leadership role in the family business. She faces many issues, some more pressing than others. She asks her strategic advisor to meet with her to go over her most recent financial statements and raises the topic of her impending retirement. For strategic advisors, some of the interconnecting issues that immediately spring to mind include: • • Who in her family might be interested in leading or owning the business? • How will these decisions be made? family members include • Which planning processare important ѽݥ