Pluris Wealth would like to help family businesses maintain family peace and cohesion, appreciate and foster shared goals and values, and effectively and efficiently resolve internal conflicts, including political and intergenerational conflicts, among others.
The family heritage is effectively a broad range of shared interests characterized by a powerful interest in proper self-governance. More than just simple material wealth, this heritage comprises a set of values, pride, a unity, a history, a tradition, mutual support and a legacy of service.
The governance of a family business constantly wavers between two equally important foci of attention: the business and the family. The business grows and changes, and the family does too. The values and operating methods that are firmly entrenched today may no longer be valid tomorrow.
The traditional pitfalls of family businesses include:
- Mistaking the company’s cash flow for the family’s cash flow
- Mistaking the shareholders for management capacity
- Mistaking all-forgiving family bonds for business relationships that require results
- Not respecting market salaries for family members who work in the company, whether setting them too high or too low
- Indefinitely postponing the issue of succession