Emotions play an important role within family businesses; emotions that originate from (family) values, blood ties, history and entrepreneurial passion. In order to be of service to family businesses, it is crucial for advisers to always realise the importance of such emotional considerations. But these emotions can be like a double edged sword; they can either make companies very strong, or make them vulnerable.
BDO has known this for many years and, besides commercial aspects, has decided to specialise in the emotional side of family businesses. This approach is collectively known as family-business management. This specialisation is addressed within the Family business Advisory group, which features advisers with strong business skills and a proven track record concerning the psychological aspects of business-related advice. Our advisers have been specifically trained at the TiasNimbas Business School and keep their knowledge up-to-date by performing scientific research and collaborating with the Erasmus University.
The Advisory group works closely with legal experts, tax specialists and accountants in order to safeguard the continuity of businesses and ensure harmony within families. When doing so, our aim is to gain a clear insight into emotions, the family's vision towards the company and the role played by the family within the business. This phase does not overly focus on our ‘technique’. The Advisory group initially plays an important role in this phase by continuously conversing with the family, introducing best practices from other family businesses and confronting the family if necessary. Only then is the issue of technique introduced. How can we effectively implement the family's vision from a fiscal, legal and financial perspective?
- Continuity and harmony/family statute;
- Proper Governance;
- Monitoring and emergency monitoring;
- Links between family strategy and business strategy.
Family business model
Due to their long-term visions and entrepreneurship, family businesses are the driving force behind our economy. BDO has always had a family business advisory group, which specifically focuses on issues encountered within family businesses. In addition, BDO's other services also cater to family businesses; this can be seen in BDO's Family businesses model.
An advisor that suits you
If you have a specific question or would like us to evaluate your family business, then please feel free to contact one of our advisers. The ‘contact persons’ section provides an insight into their experience, so you can decide who best suits your needs.