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 this country 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 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?

As active members of the Praxity alliance, we have access to expertise from The International Centre for Families in Business (ICFIB) who specialise in advising on the unique issues facing the family business sector.

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

Working with ICFIB and Praxity, PM+M 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

 

If you have a more specific query, one of our family business specialists would be delighted to speak with you.