Family Business

 

Why are Family Businesses so important, and what makes them so different?

 

In the UK, and probably to a greater degree in the South West, the majority of businesses are owned and managed by families, employing a significant proportion of the workforce. They are a fundamental part of the economy, and the communities where they operate. Finding the balance between the family and the business is often key to the success of these businesses. Read more

Why are Family Businesses so important, and what makes them so different?

 

In the UK, and probably to a greater degree in the South West, the majority of businesses are owned and managed by families, employing a significant proportion of the workforce. They are a fundamental part of the economy, and the communities where they operate. Finding the balance between the family and the business is often key to the success of these businesses.

Francis Clark recognises and understands the importance of Family Businesses, and the reality that so many of our clients are based around families. This introduces a whole level of complexity and issues that are not present in a non family enterprise; family and business are two very different and often conflicting systems at work. Long term planning around the family dynamics becomes important to ensure that there is successful succession and that business growth is promoted.

We work with the business and the family to help them plan the longer term, be it addressing single issues (job specifications for family members in the business, bringing in external managers, revising share structures, etc.) to helping to create a Family Constitution which will provide an agreed basis upon which the business will be run and owned for the longer view.

Of course, Francis Clark provides a full range of award winning accounting and taxation services to Family Businesses in the same way as it does for all clients, but the expertise coming from years of experience and specific training enable us to go so much further in helping Family Businesses prosper and continue across the generations. The really important thing to remember is to start with the family, understanding the passions and ambitions that drive them and apply them to the business needs and vision.

This is what makes us different; we start with the family.

Your  Experts

Paul Giessler

BSc ACA

Partner

T: 01722 337661

  Download Paul's contact card

The Family Business Growth Programme

Francis Clark has been a long standing leader in the field of family business advice.

In recognition of the importance we attach to our family business practice, the firm is... Read more

Francis Clark has been a long standing leader in the field of family business advice.

In recognition of the importance we attach to our family business practice, the firm is participating in a major initiative aimed at boosting family business growth in South West England.

Our involvement in this programme will further augment the depth of knowledge we are known for and provide us with the tools to ensure that our family businesses can produce strong balance sheets generation after generation.

As part of the programme businesses ranging from farming families to funeral directors can apply for an initial business health check with consultants from one the professional firms and organisations who have received the specialist IMD training at the global business school.

Francis Clark partners and specialist family business advisers from across the firm’s offices are part of the team of professional advisers helping participants to navigate their way through the complexities of family business to focus on the sustainability and growth of their companies from one generation to the next.

 

Start with the Family

We have a tailored approach which we follow when we work with family businesses.

This approach is detailed and specifically developed based on our in-depth experience of working with family... Read more

We have a tailored approach which we follow when we work with family businesses.

This approach is detailed and specifically developed based on our in-depth experience of working with family businesses, but in summary includes the following key elements:

The “Fact Find”

This is a very important element and seeks to establish the true commitment of the family to “successful succession”. When starting this process with existing clients we'll often know a lot of the information already, however we do get some surprises which really highlights the importance of this step.

Identification of key areas of development

At this stage it is important to start isolating the major issues for the particular business. These may include roles for the incoming generation; training for management; looking at how the existing generation is provided for; considering if outside help is needed (non-executive director, Growth Accelerator etc.); and questioning if we know how the shares are dealt with in the Will (the contents of the Will should not be a surprise!).

Creating action plans

Once the major issues for the business have been identified we work with the family to create tailored plans to address them. To succeed these must be:

Measurable; Achievable; Time-bound; and Specific in terms of who is responsible.

Follow up and ensuring implementation

Our input at this stage will generally be as facilitators to help keep the plans on track.

 

Family Circles

A unique feature of the family business is the way in which family, shareholding and business management overlap, and perhaps pull in different directions. We create a “map” of those... Read more

A unique feature of the family business is the way in which family, shareholding and business management overlap, and perhaps pull in different directions. We create a “map” of those relationships to help us understand the competing interests, and to focus on those at the centre of the circles, who juggle all three!

Download our "Family Circles" diagram to see our visual interpretation of how Family, Business and Ownership intercept - a model which is at the heart of how we work with family businesses.

 

 

The 5 Key Questions

"Keeping it in the family" isn't easy.

  1. Do all family members buy in to the vision for the future?
  2. Have we agreed and recorded how the business will be owned... Read more

"Keeping it in the family" isn't easy.

  1. Do all family members buy in to the vision for the future?
  2. Have we agreed and recorded how the business will be owned and governed?
  3. Do we have regular family meetings?
  4. How are decisions made?
  5. How are differences managed in the family?

At Francis Clark we have a long history of helping Family Businesses answer these questions and increase the likelihood of a successful transition to the next generation.

It's something we think we do well, and enjoy doing.

 

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Call us now

  • Exeter - 01392 667000
  • New Forest - 01425 610166
  • Plymouth - 01752 301010
  • Poole - 01202 663600
  • Salisbury - 01722 337661
  • Taunton - 01823 275925
  • Torquay - 01803 320100
  • Truro - 01872 276477
 
Leading Edge Alliance Awards 2013
Taxation Awards 2014
The British Accountancy Awards 2014
South West Insider Annual Dealmaker Awards 2015
South West Insider Annual Dealmaker Awards 2016
Payroll World Awards 2016
ICAEW Chartered Accountants