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The Family Business:
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Is our business a family business?
Do I belong to the family business?
A family business is any business that is directly or indirectly controlled by one family or several families.
This definition is suitable for old and new businesses, large and small, with large or small equity capital.
Probably your business falls within this definition.
The definition of a family business doesn't relate in any way to the legal structure of an individual business, partnership, private company, public company and so on. The relationship is to the question of who controls the management of the business affairs in practice. Accordingly also the customary legal definitions of majority and minority do not apply - if there is a sufficiently large distribution of shares in a company, it is possible that it can be controlled by means of a small quantity of shares.
Family Business consultation requires knowledge in several areas:
Dealing with family businesses is a combination of knowledge and experience in a number of fields:
The field of inter-personal relationships - the network of relationships between family members and themselves, and between the employees and owners of the business.
The management field - crystallization of the business structure, moving the business forward in the light of changes required by a change in the number of partners or managers.
The legal field - adjustment of the legal structure to the realities in the field, shaping them, family laws, articles, arrangements between partners, arrangements between family members, gift arrangements, wills, the field of accounting and taxation - carrying out the required changes while observing the tax laws and the accounting rules, and while exploiting the tax shelters and payment of the minimum tax in accordance with the law.
Think Ahead's professional team provides solutions in any of the above fields, in full cooperation with the client, his family members, employees and consultants.
Neglect in taking care of the planning for continuity is liable to lead to struggles for control, high taxation (of up to 50% of the family assets), loss of family assets, and a breakdown in the family relationships.
Only preventive treatment during the course of the life of the senior generation, can provide solutions to all of these matters.
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