Family Business Services
Given that the vast majority of businesses within the funeral industry are owned and operated by families, Funeral Direction offers a range of services tailored for families in business.
Having worked for a large multi-generational family business for almost twenty years, Martin Tobin is acutely aware of the unique advantages and challenges associated with being a family in business.
Martin is also an accredited family business adviser with Family Business Australia (FBA), the national peak body for Australian family-owned enterprises.
Details of some of Funeral Direction’s most sought-after family business services, which are fully tailored to the needs of your business and market, are outlined below.
Martin has taken numerous funeral companies through his comprehensive succession planning process. This process typically involves:
- Identifying what assets/investments and income are needed to experience your desired post-retirement lifestyle
- Exploring the pros, cons and implications of your succession options
- Developing a detailed written plan and assisting you with its long-term implementation.
A Family Meeting (or Family Council) is a process which helps ensure open and healthy communication and relationships amongst family members working in the business.
Family meetings are designed to:
- Provide a safe and open environment for family members to raise and discuss various issues of importance
- Enhance the level of communication, loyalty and friendship amongst family members
- Provide family members with an opportunity to comment on, and have at least some input into the strategic decisions and direction of the Business (regardless of where they sit in the structure, or whether they work in the business at all)
- Create a line of communication between family members and the business.
Outlined below is a list of the kind of issues the Family Forum is designed to address/explore:
- Communication amongst family members
- Business leadership, strategy & direction
- Ownership issues – equity succession, divestment, mergers etc
- Major business investments and changes
- Changes to the Family Charter
- Hiring, counselling, training/development and exit of family members
- Roles, responsibilities, expectations, remuneration of family members
- Dividend policy
- Initiatives to inform, educate and foster the interest of the next generation of family members.
As an accredited Family Business Adviser, Martin Tobin has helped a number of multi-generational family businesses establish a regular and constructive family meeting process.