Families in Business

Families in Business

Our lawyers are all experts in their chosen specialisms, but you need your advisers to be able to look beyond the specific deal or project to understand your business sector. That is why our lawyers immerse themselves in specific industry sectors, making sure that they understand your business as well as they do their own.

Family Businesses – expert help is at hand

Q  Could your family business run more effectively?  If the answer is ‘Yes’, then your business is not alone.

We have joined up with specialist family business consultants FIB, to bring our clients access to the best possible solutions available today in family business know-how.

Top 10 Tips for Running a Successful Family Business

Family businesses have a unique set of business issues often created out of complex family relationships. It could be that areas of general business structure are simply missing like a proper strategic business plan, succession plan or an up-to-date shareholders agreement. The lack of these often means shareholder disputes, unfair decision-making, disproportionate profit sharing, unstructured strategy and people pulling in different directions.

According to the FIB 2014-2015 Annual Survey of family businesses:

  • 70% have no formal succession plan
  • 16% have a full and protected shareholders agreement, and 30% believe they don’t need one at all

It could be the case that personal issues are clouding what would otherwise be a successful enterprise including difficult divorce, director disputes, extended family interests or lack of expertise.

  • 22% of family businesses surveyed do not have a Finance Director function or FD role of any type
  • 43% of family business only have family members on the Board

FIB offers a number of innovative methods, events and leadership tools to help each business to operate with clarity about its structure, the business focus, the personal focus of all directors and helps to secure stronger and understanding family relationships which impact on the effective day-to-day running of the business. These tools will help your business to develop and grow with confidence.

With simple and cost-effective external expertise, your business can reach its true potential in accelerated growth, finances, personal wealth, family relationship development and business resilience.

I think the biggest thing for me is the fear of failure…….I’ve put my entire life into the business and sometimes I think that can cloud your judgement”  a FIB member testimonial

Find out more:

Please contact our email address family@howespercival.com where our experts will be able to discuss your needs in greater detail and with total confidentiality.