Family Businesses

According to an article in the Harvard Business Journal (April 2014) around 70% of family businesses do not survive more than one generation; clearly, when an estimated 8 out of 10 businesses across the world are family-owned, this is a worrying statistic.

SO WHY DO SO MANY FAMILY BUSINESSES FAIL AFTER ONE GENERATION?

The Harvard Business Article cites the lack of Succession Planning, Strategy and Financial-Audit as key reasons, and the fact that family businesses rarely pre-determine the skills required for the Board and, therefore, new directors, as would usually be the case in non-family owned businesses.

Family businesses choose HTB as their Chartered Accountant as we understand the unique challenges they face, and are able to complement our client’s skills and experience with our own, to ensure the ongoing success of the business.  As you would expect from a Chartered Accountant, our services include managing, monitoring and reporting on all financial matters, however, we are also able to provide advice and guidance on business strategy, succession planning and much more.

Our succession planning service can include the smooth transition of the family business to the next generation, or in other cases the sale of the businesses so the founder can enjoy a well-financed and restful retirement.  

Whatever stage your family business is at please contact Harvey, Telford & Bates Chartered Accountants as our team relish working with family businesses, watching them flourish, grow and pass from generation to generation.

 

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