We know that running a family business can be challenging and comes with a myriad of problems. PM+M have over 90 years experience working with family businesses in Lancashire and the North West, giving support every step of the way from starting up to next generation succession.
Over the years, we have developed a close-knit team with expert knowledge of issues that arise in family businesses. We can guide you through family management, mediation, vision and strategy creation, realising family values and long-term goals, and planning for succession. We are still working with many of our original family business clients, which just goes to show the depth of our understanding of family businesses pays off!
From our offices in Blackburn and Burnley, the PM+M team work together to provide full support for your family business. Our various experts on wealth management, family tax, and IT support pull together to give you a holistic and knowledgeable service.
It’s common for conflict to occur in a family business, but sometimes the dynamics of the family can interfere with the running of the business. We understand that emotional involvement can make it difficult to gain an objective viewpoint.
Planning the succession of your family business is a time when many of these conflicts can occur. You want to pass your business onto your children and grandchildren, but sometimes this comes with more intricacies and problems than at first glance.
We can help you prepare a detailed business plan for succession that negotiates any conflicts, lays down the firm direction for progression and gives you the feeling of security when handing over to the next generation. For example, on occasion, passing the management role onto a family member may not be the best way forward. Sometimes a non-family member may be better suited for a managerial role.
PM+M’s expert advisers are trained to mediate these conflicts. We can help you navigate the difficult conversations and arrive at a solution that satisfies both the desires of the family and the needs of the business. Our mediating team focuses on tact, empathy and knowledge. We consider the ‘family’ of family business, just as valuable as the ‘business’ side and know that it’s important to consider both elements together for the best solution.
As a family business, you’ll have personal values and ideals that shape the way you run your business. We will always keep your vision and long-term goals in mind when advising you on the next steps. Our team can help you define a business strategy that serves you best in achieving the vision you have for your family business - one which will continue through to the next generation.
To show our dedication, we are a proud member of the International Centre for Families in Business (ICFIB). The ICFIB is a select group of accountancy firms who are committed to learning about and providing a supportive, helpful, and understanding environment where families in business can work through the complications they experience.
We believe in the ICFIB ideas so much that, as its sole corporate member here in the North West, we have created The North West Centre for Family Businesses, a region-specific branch. This centre is a hub for family businesses to receive expert advice and resolve difficulties in all areas including, management and ownership succession, reconciling business plans with family goals, family tax and wealth management.
We enjoy helping our client’s succeed, and we’re always pleased to talk to you. If you need help running your family business, you can phone us for some independent, expert advice or to arrange a meeting either at our Blackburn and Burnley offices or a place of your convenience.
And don’t forget to order a free copy of our 'Living in a Family Business' booklet – this guide addresses some of the main challenges and issues faced by all families in business.