A professional seeking to expand his or her representation of family-held businesses must develop and market a multifaceted expertise in an effort to prolong the life of the family business. This article represents a compilation of recommendations by several experts in the Real Property, Probate and Trust Law Section who discussed their views on marketing issues during a presentation at the 1995 ABA Annual Meeting. The Lawyer's Representation Must Be Multifaceted. It is important to identify the needs of the entire family, not just the needs of the primary shareholder. It may be wise to inform each of the family members that you represent them as a group, to make sure your representation does not infringe on conflict of interest rules.
Many dynamic issues arise during the estate and succession planning process.
Dr. Fowler has developed the Family Business Assessment Tool, which encourages the participation of all family members in an effort to recognize methods of promoting both business success and family harmony. This tool uses a questionnaire completed by each family member as well as by outside advisors and key nonfamily executives that is meant to lead to personalized analysis by flushing out issues that may otherwise simmer below the surface. Work with the Client's Lateral Professionals. In getting to know a family business, the lawyer works with and can learn from other professional associates, such as accountants, insurance agents, and investment bankers. Every business must have an accountant to prepare and file tax returns.