Academic journal article Journal of Accountancy

Marketing to Family Businesses Checklist

Academic journal article Journal of Accountancy

Marketing to Family Businesses Checklist

Article excerpt

A unique demographic bubble is occurring: The men and women who started businesses after World War II are reaching retirement age. This means many family businesses face issues--management succession, compensation, estate planning, business valuation and future control and direction of the business that require more than the usual assistance from professional advisers. These and other issues give CPAs an opportunity to expand their practices, but special technical and interpersonal skills are needed.

REQUIRED RELATIONSHIP SKILLS

CPAs must be

Willing to develop relationships with multiple generations involved in the family business.

* Good listeners as family members sort through complex business and relationship issues.

* Able to distinguish between when it's possible for clients to solve problems themselves and when professional psychological help is needed.

* Comfortable convening a group of family members to discuss both the company's finances and its future.

EXPOSURE AND EXPERTISE IN THE FAMILY BUSINESS MARKET CPAs should be

* Willing to learn more about family businesses by attending conferences and seminars or joining professional organizations.

* Able to develop sufficient family business expertise to position themselves and their firms as offering value-added services. …

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