Accountants specialising in family businesses
We have helped many family businesses to become more successful by offering specialist services and supporting them to deal with the challenges they face, including:
1. No succession planning
There is going to come a time when someone retires, leaves, or perhaps passes away. A succession plan is a necessity to ensure the business passes from one generation to the next. Yet, our research regularly shows that many family businesses do not have a succession plan in place. We can help you prepare and implement a thorough succession plan and help you to mitigate your inheritance tax liabilities.
2. Family feuding
Being unable to separate business and personal lives can be the source of many family business conflicts. This can arise from the varied interests of each family member, personal rivalries or egos that spill into the business environment. We can act as a neutral party to mediate and resolve family disagreements.
The fastest way to alienate the employees is to create a company culture based on family favoritism. Hiring, promoting or paying someone based on a familial relationship rather than their actual merits and abilities, will quickly demotivate your team. In addition, family employees may become complacent because they will not face consequences for under-performance. We can advise on how to get the balance just right.
4. Career opportunities
There are two main reasons non-family employees will leave are family conflict and limited growth opportunities. Most employees want to advance within a company, however in most family businesses there are often limited opportunities for advancement. This is because family employees occupy the leadership positions within the company and without opportunity to advance or take on a leadership role, many talented and ambitious employees may move on. We can advise family businesses on employee incentivisation and tax efficient remuneration strategies to help motivate your staff and drive forward the business.