Family and Family Style Businesses
Nearly half of the UK private sector work in family businesses.This model is popular for good reason; it can bring excellent growth and job satisfaction because people are working with others who they know really well, and the business owners are likely to share a similar vision and culture. Nevertheless, these businesses bring unique challenges to the market because business decisions are mixed up with personal relationships.
Often there will be more people who are taking a living out of the family pot than there are people working in it.
The businesses may have a mixture of entities including companies, trusts, LLP’s and partnerships.
Decisions are made typically with some emotion rather than just pure business sense.
Cameron Baum Hollander have been privileged to work with many families, who have faced these and other challenges.
We work in many varied capacities including:
- Carrying out regular accounts and tax compliance
- Succession planning and/or exit strategies
- Managing business change
- Conflict resolution
- Acting as general family adviser in a formal or informal capacity
No two families are the same which means that no two engagements will be identical. Each family has a bespoke schedule of work agreed in advance to ensure that all members of the family feel looked after.
As Chartered Accountants we bring over 50 combined years of experience working with family businesses and advising them in a way that is professional but also empathetic to the individuals’ circumstances and needs.