Changing the Landscape of Family Business Ownership and Consulting.
Challenges arise when a group of Family Business Owners take over from a single entrepreneurial founder. Individuals have different needs and wants. Should the business support the needs of the family or should the family support the needs of the business? Conflict is natural and what has worked in the past may no longer work going forward. This is when family businesses need a group of engaged owners—owners who understand all that has been invested in the family and the business over time, and can articulate a unifying Shared Purpose and Vision.
To meet this need, Amelia Renkert-Thomas, award-winning family business consultant and author of Engaged Ownership: A Guide for Owners of Family Businesses (Wiley, 2015), has created “The Engagement Toolkit” and MoreAtStake.com. Two revolutionary new services set to shape the future of family business ownership and consulting.
The Engagement Toolkit is a one-day training programmme designed to give family business advisors the tools and resources they need to work effectively with their family clients oin governance design, succession planning, and multi-generational strategy.
MoreAtStake.com is a digital resource for family business owners and their advisors, offering essential information about family business governance, strategy, and succession planning through articles, videos, podcasts, and other resources.
Renkert-Thomas says, “We believe that much of the advice offered to enterprising families is based on assumptions that just don’t hold up: That owners of family businesses are only in it for the money. That management should be the primary decision-maker with regards to allocating capital. That public company governance is the best model for family business governance. For families, there is so much more at stake than money. We want to educate families and advisors alike—to go beyond so-called best-practice, and offer practical tools and information to make a difference to each individual family.”
The Engagement Toolkit
Amelia’s work is highly regarded and has been described as “‘the missing piece of the puzzle”’ by lawyers, wealth managers, and family office executives. The needs of the advisory community inspired her to create “The Engagement Toolkit,” so advisors in the field can offer practical tools and resources to support their family business clients.
The Toolkit is broken down into six modules, all of which are taught during a one- day open training sessions, both as open sessions, and as privately in-house sessions. The modules include:
- Understanding Core Capital
- Articulating Shared Purpose, Vision, & Mission
- Building Forums: Board of Directors, Owners Council, Family Assembly, and Beneficiary Council
- Creating Effective Meetings
- Allocating Decision-Making Power
- Developing Effective Policies
Participants learn first-hand how to use The Engagement Toolkit to help family business owners develop strong and effective relationships with board, management, and family members. Engagement Toolkit materials include professionally-produced training videos, The Engagement Toolkit Map Book and Omnibus, and on-going support from Amelia and the Engaged Ownership team.
Graduates of The Engagement Toolkit training also receive a complimentary subscription to MoreAtStake.com and membership to our private LinkedIn group—both provide continued insight, food for thought, and support for advisors in their work with clients.
Whether families are looking to engage and build relationships with fellow owners, managers, and the board, or to disengage due to conflict, dispute, or friction, practical information and actionable tools are provided through the www.MoreAtStake.com website. MoreAtStake.com offers briefings and articles as well as bi-weekly installments of the More at Stake: The Family Business Podcast, and other resources and information.
More at Stake is a valuable resource for families seeking to create a family legacy; preserve a legacy that has been inherited; provide careers for family members; and enrich their community through civic involvement or charitable giving. Topics covered include: how business-owning families face challenges in succession and estate planning and inter-generational shifts in family structure and vision; how to deal with a lack of, or ineffective, governance structure; how to manage trusts as owners of the business and help owners to value their Core Capital, along with a host of other needs; and many more.
MoreAtStake.com brings together a team of highly-respected contributors to provide information on specialist topics such as Governance, Trusts, Estate Planning, Clinical Psychology, Mergers and Acquisitions, Leadership, and much more. Contributors include Ken McCracken, Head of Family Business Consulting, KPMG UK; renowned family enterprise consultants and authors Dennis T. Jaffe, Blair Trippe and Doug Baumoel; and respected legal advisors David Burleigh and Roy Kozupsky—with further contributors added regularly.
Amelia says, “Following research, we found the resources available to family business owners were lacking, and covered many of the same old topics. Through MoreAtStake and The Engagement Toolkit, we bring, thought-provoking perspective on what it means to be part of a family business, and present the information in an engaging and illustrative way to owners and their advisors.”