- Accountancy and Audit
- Business Advice
- Raising Finance
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- Starting in Business
- Tax Compliance
- Fee Protection Service
Family Business Issues
Continuing to succeed through the generations
Many of our clients are family owned enterprises, the oldest dating back to the 19th century. More than two thirds of all East Anglian businesses are family owned and they employ around half the region’s workforce.
Such businesses are a unique blend of commerce and emotion. However, the fact is that less than 10% of family businesses make it beyond the third generation. The pitfalls and problems are many and varied ………. but rarely unique, even though it may feel like that at the time.
We have a specialist family business team able to respond to the need for advice and support, often going beyond normal accountancy and tax planning. Steven Scarlett, who leads the team, and two of his colleagues - Brian Floringer and Neil Orford - have gained post-graduate certificates in Family Business Advice from the University of Gloucestershire, and are Fellows of The International Centre for Families in Business.
Succession is the greatest challenge faced by family businesses; the issues most frequently tackled are:
- The need for planning to ensure an effective succession process.
- Conflict caused by change within a family enterprise -- families tend to be inward looking and feel threatened by change. Proven consultation techniques can overcome the emotional conflicts.
Successful communication, as well as planning, is usually the key to avoiding conflicts in the first instance; involving a third party is often crucial in providing impartial guidance.
Following a popular series of seminars on the subject, we formed the Lovewell Blake Family Business Club which holds informal breakfast sessions through the year. They are usually hosted by a family business and cover the most significant topics. Steven Scarlett on 01603 663300 will provide details of future activities.
Steve Scarlett, Neil Orford and Brian Floringer are Fellow members of ICFIB and have been awarded Postgraduate Certificates in Family Business Advice by the University of Gloucestershire.