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"THE MANY ROLES OF THE FAMILY BUSINESS ADVISER" [2019] ELECD 1421; in Zwick, A. Gary; Jurinski, J. James (eds), "Tax and Financial Planning for the Closely Held Family Business" (Edward Elgar Publishing, 2019) 1

Book Title: Tax and Financial Planning for the Closely Held Family Business

Editor(s): Zwick, A. Gary; Jurinski, J. James

Publisher: Edward Elgar Publishing

Section: Chapter 1

Section Title: THE MANY ROLES OF THE FAMILY BUSINESS ADVISER

Number of pages: 13

Abstract/Description:

Chapter 1 introduces topics discussed throughout the book. The chapter details the role and special skill set needed by the family business adviser. Family business advisers need to employ a broader range of technical knowledge than most legal and tax professionals. Additionally, because advice often has both financial and emotional consequences on family members, the adviser also needs to appreciate the psychological impact when working with business-owning families. Problems often arise when business values clash with family values. The adviser must also be alert to common issues including compensation and control which often cause resentment and conflict. The adviser must recognize the business owner’s goals for the business and the family, including the perpetuation of the business as a legacy for the family. Finally, the adviser must help overcome the owner’s reluctance to plan, and should also consider intervention when family conflicts threaten the financial welfair of the business and its owners.