Succession planning and growth were the top business challenges facing family run businesses in 2014 according to Families in Businesses (FiB), an independent organisation set up to support family business in the UK.
Inevitably family run businesses encounter that tough question of "How will the next generation fair in the business world and handle the reins of the family establishment that has taken years to build?"
It is often an issue most businesses find hard to address but it is an issue that we need to tackle early on. Achieving the needs of not only the business but family members spread across generations can be a great task.
If you haven’t already, you should consider protecting your business now. Start to plan for the future and the different roles within it. Are the right people in place and do they have a firm idea and positive approach to where the business is heading?
What roles exist for family members not employed by the family business? Do you recognise the challenges specific to you and are you doing enough to deal with them now and in the future?
Considering a strategy and putting in place a workable plan for succession is a must for businesses that want to survive.
At Goughs we consider all of the challenges facing our family run business clients and their respective personal needs.
We can advise on planning for growth in your industry and developing and protecting your business and can talk you through structuring your business to allow for retirement.
We can help address all issues from employment matters, corporate governance, finance and restructuring. We are firmly committed to working closely with our clients, advising you on a realistic succession plan bespoke to your business.
It is important to put time and investment into family run businesses as the impact on the economy in the UK cannot be underestimated.
Family businesses account for two in every three of UK private enterprises with three million family businesses in the UK employing over nine million people.
This equates to 40% of total private sector employment. To give you a real idea of what this means, this is around 50% more than the entire UK public sector. This makes family businesses the largest source of employment in the private sector.
Having a combined annual turnover of £1.1 trillion, family run businesses contribute to almost one quarter of all GDP to the UK economy. A vital and key business industry that needs to be protected.
Make 2015 the year to invest in the continued success and longevity of your business.