The Henning Family Business Center will bring an independent perspective to your situation. Assessment will be free from personal interest and internal company and family politics. The objectivity will foster new and productive dialogues among the chief executive, his/her family, management and employees. Problems will be broken down into their cause and effect for easier solutions.
Unlike a company employee or yourself, Mike Henning will personally devote full attention to your situation. By conducting an independent consultation, the knowledge gained about your business and your family will be objective and comprehensive.
We help clients coordinate planning for transition of their companies to the next generation to include management, leadership, ownership, and control. Common issues and concerns:
- Successor training and leadership model selection
- Role of senior generation
- Financial security for senior generation
- Maintaining healthy relationships during transition
- Asset transfer methods designed to save taxes
- Career mapping
- Leadership development
- Letting go
- Retaining & gaining key employees
- Coordinating estate plans
From one leader to a partnership or team. Training and empowering the next generation and the management resources necessary for its future success. We will conduct a formal evaluation of individual management strengths and weaknesses. Additionally, we will provide resources necessary for future success through assessment, career counseling, and arrange for appropriate training in a timely fashion. Common issues and concerns:
- Individual competence
- Handling power and privilege
- Developing skills for a job in the future with unknown expectations
- Leadership development
- What training needs to take place, when and how
- Selecting individuals who "fit"
- Team leadership performance profile
Involves a structured process of assessment, interview, retreat, and action-planning involving all affected family members with equal emphasis on family and business issues. Common issues and concerns:
- Improved communication
- Developing teamwork throughout the organization
- Decision-making skills
- Working to resolve longstanding conflicts
Evaluate and recommend changes in the estate planning documents. The overall goals are to minimize estate taxes, treat all heirs equitably and put appropriate emergency plans in place. Common issues and concerns:
Treating both active and non-active business family members fairly, use of trusts, health care proxy, and buy-sell agreements.
Documents and issues addressed: prenuptial agreements, divorce, creating the proper emergency plans and generally avoiding the ten most common pitfalls.
We will assist clients to define the company's mission and purpose, set goals, and develop marketing and business plans needed to achieve stated goals and objectives. Common issues and concerns:
- Dealing with appropriate organizational structure
- Regular meetings of the management team, employees and advisors.
- Compensation
- Accountability/board of directors
Improving communication throughout the organization and family. Use of the professional Personal Profile Indicator developed by Inscape Publishing, a technique for understanding personal style and improving team effectiveness. Common issues and concerns:
- Defusing long-standing conflicts and rivalries
- Unhealthy competition
- Unclear perceptions
- Lack of sibling support
- Dysfunctional family members
The purpose of the retreat is to provide a forum for introspection, problem-solving and policy-making. For some participants, this will be their first opportunity to talk about their concerns in a non-confrontational atmosphere. It can be the first step to a healthy transition from communication by emergency to a unifying and ongoing family dialogue. Common issues and concerns:
- Entry and exit policy for family members
- Reward system
- Communication with the family
- Understanding and compromise
- Estate planning
- Performance evaluation
- Transition timing
- Preparing adult children to enter the business
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Henning Family Business Center
1006 N. Pembroke Ct.
Effingham, IL 62401
Phone: (217) 342-3728
Fax: (217) 342-3768
hfbc@mikehenning.com