Family Business Health Check

Family Business Health Check

Embarking on the journey of working on your family business can be both rewarding and challenging. The complexity of blending family relationships with business goals can create uncertainties about where to focus your efforts and whether you’re on the right track. That’s where our Family Business Health Check comes in. It helps you gain a clear picture of your business’s current state, identifying both strengths and areas for improvement. Through a comprehensive survey and one-on-one conversations with me, you’ll gain insights into your business’s key operational, governance, and relational dynamics. Once the assessment is complete, you’ll receive a detailed report that outlines recommended next steps and actionable strategies to guide your family’s business toward success. By taking this step, you can better understand where to concentrate your energy and ensure your business is poised for a prosperous future.

Here are the areas we cover in a Family Business Health Check:


  1. Mission, Vision, and Values

The mission, vision, and values of a family business are the guiding principles that shape its culture, strategic direction, and decision-making. In this section of the Family Business Health Check, we focus on understanding and aligning these foundational elements.

  • Defining the Mission: We examine your business’s mission statement to understand its core purpose. Does it clearly articulate what your business does and why it exists? We help refine it if needed.
  • Creating a Clear Vision: The vision statement outlines the long-term aspirations of the business. We assess whether your vision is inspiring and provides a clear direction for the future.
  • Aligning Values with Business Practices: Values are the fundamental beliefs that drive behaviour within the business. We evaluate whether your business’s values are well-defined and reflected in day-to-day operations. We do the same for the ownership values.
  • Consistency and Communication: We check how well the mission, vision, and values are communicated across the family business. Are these elements consistently applied, and do all stakeholders understand them, in particular the owners and the family at large?
  • Living the Values: This step explores whether the values are integrated into the business culture and governance. We suggest strategies to ensure these guiding principles are not just words on paper but are actively embraced.
  • Adjusting to Changes: Businesses evolve over time. We examine whether your mission, vision, and values are adaptable enough to remain relevant as the business grows and changes. If needed, we offer recommendations for re-aligning these foundational elements with the current state of the business.
  1. Family Dynamics and Behavioural Risk

Family dynamics can have a significant impact on a business’s success. This section assesses the complex interactions among family members and the risks associated with these dynamics.

  • Family Relationships and Communication: Assess the quality of relationships and communication patterns among family members. Identify areas of tension and suggest ways to improve communication.
  • Roles and Boundaries: Evaluate the clarity of roles within the family business to avoid overlap and conflict. Suggest strategies for clearer boundaries.
  • Generational Differences: Explore how different generations within the business interact and offer guidance on bridging generational gaps.
  • Emotional Conflicts and Stress: Examine potential sources of emotional stress and conflicts within the family. Provide conflict resolution strategies and ways to manage stress.
  • Behavioural Risks: Identify specific behavioural risks and offer mitigation strategies to reduce their impact on the business.


  1. Family Governance and Decision-Making

Effective governance is crucial for family businesses. This section focuses on establishing and maintaining robust governance structures.

  • Governance Structures: Examine existing governance structures, such as family councils and constitutions. Suggest improvements if needed.
  • Decision-Making Processes: Evaluate the decision-making framework within the family business for clarity and effectiveness.
  • Conflict Resolution: Assess the effectiveness of conflict resolution mechanisms within governance structures.
  1. Succession Planning and Ownership Transitions

Succession planning is vital for long-term success. This section examines how ownership transitions are managed and prepared for.

  • Succession Planning: Review the business’s succession plan, identifying any gaps or risks. Offer guidance on developing a robust plan.
  • Preparing Future Owners: Assess the readiness of the next generation for ownership and leadership roles. Suggest training and development programs.
  • Ownership Transition Strategies: Explore strategies for transitioning ownership and leadership smoothly to minimize disruption.
  1. Financial Literacy Health and Ownership Structures

Financial health is essential for business sustainability. This section looks at financial management practices and ownership structures.

  • Financial Literacy for Owners: Assess the level of financial literacy among owners and suggest improvements.
  • Ownership Structures: Examine the current ownership structure to ensure it aligns with business goals.
  • Financial Health: Conduct a high-level financial analysis in relation to the family ownership to identify potential risks and areas  for improvement.