The primary desire of family business advisors, like myself, is to see family-owned businesses live on for many generations. But some family businesses are beyond saving and want to die peacefully.
Those businesses need hospice.
Hospice is a service and philosophy of care for terminally ill patients. Hospice has four primary goals:
While best known for helping a terminally ill person and their family, there’s a growing need to extend hospice to terminal family-owned businesses.
Terminal family businesses can be characterized as having one or more of the following situations:
A hospice story
Certified family business advisors are trained and equipped to provide hospice-type services. Lisë Stewart, founder and president of Galliard Family Advisor Institute, recently shared a hospice-type story.
A third generation family member asked Lisë to go with him to meet with his grandfather and father. She asked “Why?” He replied, “I need your support when I tell them that I have no interest or intention of joining the family business.” That’s an example of family business hospice care.
Is your family business in need of hospice? I’m ready, willing and able.