Family Businesses

What is a family business?

A family business can be described as one in which a number of different members of a family have an interest or influence. That interest can be active or passive, it can be employment, stakeholding or simply an emotional tie with the activities of the business.

Why are family businesses so important?

In the UK some three quarters of all businesses are family businesses and they employ around half the entire workforce. Yet relatively few survive in the long term: only one in eight will get to the third generation, therefore we think family businesses need specialist help and advice to maximise their long-term chances of success!

What makes family businesses different?

The more that we work with families the more we appreciate that family business consulting is more about 'family' than it might seem at first. Problems in a family business are often deeply rooted in relationship issues between family members and are less about the commerciality of the business. Advisers need to understand more about the relationship issues in order to be able to offer sound, professional advice to their clients and the family businesses themselves need to be honest and accept when there are issues and deal with them appropriately.

 

How can PM+M help with your family business?

We have recently been awarded corporate membership of The International Centre for Families in Business (ICFIB) which means we have access to their expertise, specialising in advising on the unique issues facing the family business sector.

This unique initiative between ICFIB and PM+M seeks to bring insight, knowledge, expertise and a true understanding of the real issues facing the family business to the fore.

Working with both ICFIB and Praxity, we believe we can make a significant contribution to the success of your family business in the following areas:

  • Creating a vision and goals for the family and the business
  • Managing family involvement with the business
  • Help with governance and a family constitution
  • Succession planning and family wealth preservation

 

In conjuction with ICFIB, we have produced a guide which highlights the areas that need to be addressed if a family business is going to be successful. To recieve a copy of the guide - Taking The Family Business Seriously - please contact us.

 

To see the results of our family business survey, please click here.