Walking the tightrope between family and business; longitudinal reflections of a Family Business Advisor

This longitudinal study of the relationship between a Family Business Advisor (FBA) and client confirms that the advisory relationship is complex, evolutionary and influenced by multiple factors. The relationship passes through phases, the nature and relative importance of each varying with changes in the structure of the business, the role and expectations of the family, the level of trust between the FBA and the client, and the market in which the business is operating. Outcomes from one phase become inputs to the next and the interactions needs to be considered part of a process and not a series of individual events. Building upon the literature in this field, the experiences of the FBA in this case reveal four critical success factors; clarifying the identity of the client; making agreements with the client at key phases in the process; defining the nature of the process; and being clear on the desired outcomes. In some cases, the success of FBAs’ interventions may not mean ensuring that the business remains in family ownership; a successful outcome may be that the business continues under other ownership or management, but family unity has been preserved and individuals are doing what they want to do.