A family business can be anything – from a husband and wife team working from their kitchen table, all the way through to a multi-million turnover company with 3 generations working in the business – and everything in-between.
Sometimes there can be the misconception that a family business is at the smaller end of this scale but this couldn’t be further from the truth. In fact, according to the Institute of Family Business (IFB), two-thirds of UK businesses are family run, equalling 4.8 million in total. Of this number 18,000 are medium and large businesses, demonstrating the importance of the family business to the UK economy.
So what is the difference between running a business and a family business? With the latter, there tends to be additional dynamics to consider, such as management and ownership succession issues, or a desire to be fair to all family members, or perhaps overcoming barriers caused by relationship differences. What remains fundamental is that family businesses take time to consider their options and plan properly if the business is to support current and future generations.
At PKF Francis Clark, we work with hundreds of family businesses to understand the challenges that are often unique to this key market. We aim to build long term relationships and focus on strategic goals, focussing not only on the business, but the family itself.
Our vision is ‘Shared Ambition’ – whatever a business’s goals, we will work with our clients to achieve these. Importantly, we don’t impose what we think success is on to our clients; we start by listening to what our clients would like to achieve and then considering how we can make that happen.
So whether it’s that our clients want a better work/life balance or maybe they want to put in motion a succession plan to enable them to take a step back from the business, we work with our clients to ensure this is achievable.
Our experienced advisers will explore many different angles, and ask questions that the individual and the business don’t even realise need to be asked. This approach provides us with a holistic overview in order to identify opportunities and put in place appropriate safeguards so that the family can achieve their longer term objectives.
This is all possible as a result of our new online advisory platform, ‘Family Business Connect’ which provides a structured approach to help family and owner managed businesses access understanding, support and guidance across every area that they may face.
To begin to look inside your business and family wealth with a little more clarity and confidence, get in touch with one of our Family Business advisers at PKF Francis Clark and see how Family Business Connect could make a significant difference to you.