A family-owned business may be defined as any business in which two or more family members are involved, and most of the ownership or control lies within a family.
Most decision-making rights are in the possession of the natural person(s) who established the firm, or in the possession of the natural person(s) who has/have acquired the share capital of the firm, or in the possession of their spouses, parents, child, or children’s direct heirs. Most decision-making rights are indirect or direct.
At least one representative of the family or kin is formally involved in the governance of the firm. Listed companies meet the definition of family enterprise if the person who established or acquired the firm (share capital) or their families or descendants possess 25 per cent of the decision-making rights mandated by their share capital.
Listed companies meet the definition of family enterprise if the person who established or acquired the firm (share capital) or their families or descendants possess 25 per cent of the decision-making rights mandated by their share capital.
Succession planning in family business
The purpose of succession planning is to make sure a company always has the right leaders in place should a change happen quickly. By failing to create an orderly plan for succession, your company may not get a second chance if it doesn't adapt immediately after a key player leaves the company or passes away.
We can help with the commercial aspects of your business such as financial and management reporting, structuring and ownership, corporate tax and succession. And we can advise on personal finance matters like wealth management and inheritance tax.
But for our family business clients, we’re much more than just a trusted business and financial adviser. We’re counsellors, mentors, an impartial sounding board and an empathetic ear. We’re a source of even-handed advice when you’re facing the difficult decisions that running a family business can throw at you.
We’re here to guide you through the sometimes-contradictory demands of family and business. We'll help you to stay focused on your strategic aims, reach the right decisions, and understand the consequences of what you decide to do.
Our advice is always independent and tailored to your individual business and family priorities. And we’re highly responsive: you’ll have the input of our senior partners whenever you need it.
• Succession planning
• Strategic planning and business advice
• Management reporting
• Structuring and ownership
• Corporate tax planning
• Personal tax planning
• Inheritance tax planning
• Wealth management