Representing family owned businesses and privately held businesses is an opportunity to work with very good hard working decent honest folks. The family owned businesses and privately held businesses are run by individuals that are always more interested in creating a successful, enjoyable and trusting environment. Most family dynamics aside there is more of an effort to focus on running things efficiently and building something that lasts.
It is not about just making money, but making money, providing jobs to the local community, being a part of the local economy, giving back to the local community, helping others acquire the knowledge and opportunities that are needed for success. It is not about figuring out how to make a quick buck, but how do you build a business that earns the respect and trust of the local community. Family owned and privately held companies are able to do this more than others, because larger companies or public companies have more shareholders and members to answer to.
Whereas, there are fewer shareholders and members in family owned and privately held companies. More importantly, larger public companies have more pressure to earn a profit increase their dividends and price per share. The danger with family and privately held businesses is the internal struggles for control. This can be a challenging and difficult environment to navigate and many professionals struggle with figuring out how to represent the clients in the right way. Sometimes clients need to be saved from themselves and other times, clients may already have the right solution and just assistance in execution is needed.
Finally, making it possible to create an atmosphere of change, growth, and empowerment of employees and diversifying control to those with the knowledge, skill and desire to take the time to understand and operate the business is key. As lawyers, we sometimes forget the business is like a marriage and sometimes you marry the wrong spouse–so, what do you do try to reach an amicable divorce without airing dirty laundry in the courts. However, sometimes the struggle for internal control is so entrenched and the culture is so difficult to change that you must start over and fresh somewhere else.
You cannot ever allow any client to control the ability to provide a well-researched, thought out, reasoned, and impartial recommendation and opinion that solves the problem and pays for the solution. Without taking the time to do so, all you will be is a guy bringing problems to the clients. Bringing clients to the problems will not aid in creating change, but lead to more bitter and entrenched struggles to shift responsibility to the other parties, employees, owners, officers or directors. However, without addressing the problem directly you will never be able to solve it.
Thus, sometimes you just have to take the bull by the horns and make sure you are dealing with the problem head on and explore as many risks, liabilities and methods of paying for the solution as possible. Without this level of attention to detail, service and anticipation of the clients’ problems and hot buttons that will result in the clients’ pushing back you cannot represent family owned or privately held companies. For more go to: www.privatelyheldbusinesslawyer.com, www.vrplawgroup.com, www.bipeblawg.com, www.eebrunchclub.com, www.iptrialattorney.com and www.chicagobusinesscounsel.com
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