Tailored Family Advisory Services
At Origin Group’s Lumenrock, we specialise in offering tailored Family Advisory Services designed to create holistic financial plans that bridge the gap for our clients. Our main objective is to assist families in defining their individual identity separate from the businesses they own. This involves formulating their vision, values, and goals independently from those of the business, ensuring a clear distinction that fosters both personal and professional growth.
Core Values and Family Constitution
Family Advisory Services are particularly beneficial for families with family-owned businesses, which comprise about 80% of South African businesses. While these businesses often excel in the first and second generations, they frequently face challenges when transitioning to the third generation. To navigate this transition successfully, families must evaluate and agree upon their core values, formalised in a Family Constitution.
Family Constitution and what it entails
A Family Constitution is an agreement that outlines the rights, values, responsibilities, and rules for stakeholders in the family business. It establishes plans and structures to address situations that may occur during the business’s operation. Through the Family Constitution all family members are informed regarding the process which the family follows in making important decisions having an impact on them. It is not only a document; it also assists with effective communication between generations.
Bridging the generational gap
Our Family Advisory Services help bridge the generational gap by fostering a shared understanding of the family’s vision and values. By involving all family members in the planning process, we ensure that everyone has a voice and a role in the business’s future. This collaborative approach helps build a cohesive family unit that can work together towards common goals.
Contact us today to learn more about our tailored Family Advisory Services and start building a secure and prosperous future for your family business.
