In our advice to family businesses we understand the unique challenges which they face, and we help to address the competing conflicts which often arise between family and business.
Family businesses are the backbone of the UK economy, representing nearly 70% of all businesses. Research suggests that only 30% survive, still being owned by the same family, through to the second generation, and only 10% make it to the third generation. One of our aims is to improve these statistics.
The unique set of challenges which family businesses face arise because of the different roles people have, for example being both members of the business and the family. Also, the family and business value systems can lead to conflict and/or difficult decisions. Because of common values within the family and the business, family businesses can be exceptionally strong and successful On other occasions, different values and relationships can create problems.
Successful family businesses generally understand the needs and values of family members. They also recognise the respective contributions which family members can make to the business and create a team to lead, strategically develop, and grow the business.
As independent external advisors, with no family involvement or bias, our experience can help family businesses face the challenges and avoid the pitfalls. We can help with the understanding of issues affecting the family business, and encourage discussion within the family. Our aim is to help create a more successful business, and also a stronger family.
- Succession planning
- Ownership and governance arrangements
- The use of trusts
- Tax mitigation
- Remuneration planning for family and key non family members
- Planning the succession of the next generation
- Business strategy
- Shareholders agreements
- Family charters
We work closely with the family and the business to help them find the most positive way forward. We will also help to clarify the boundaries between the family and the business, to help individuals understand their roles, responsibilities and privileges.
We work closely with the International Centre for Families in Business (ICFIB) based at the University of West of England. We have often worked collaborately with ICFIB on consultancy assignments, and they provide training to our team on family business issues. We are one of the founding corporate members of ICFIB, and David Pierce was one of the first thirteen fellows of the International Centre for Families in Business. These awards were made because of our recognised expertise in advising family businesses.