Ask the Experts!
Question: What’s the hardest part about working with the owner or owners of a family business?
Answer: The hardest part about working with any business owner is figuring out how to get their attention. The second hardest thing is to talk with them in a way that they can understand and embrace.
With family business owners, life and financial professionals will want to discuss plans for the continuation of the business in the event of the death of the most important business owner. In many cases, that’s the founding father. The owner of the business, and perhaps some of the other family members, will be in denial over the possibility that something bad might happen. It’s our job to overcome that denial—and that can be hard.
The financial professional’s job when working with a family business is to be part coach, part referee, part family counselor and part financial expert.
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