A lack of succession planning is the number one reason family-owned businesses fail to survive. But for those who intend to pass on the business to the next generation, assumptions about how the transition will work without clear communication and an agreed structure can have a devastating effect on the business continuity and personal relationship…

Family businesses go beyond numbers. Most act according to family values and ethical principles, embrace responsible capitalism and positively impact their local communities. This means they are generally better positioned for long-term success when compared to non-family-owned enterprises. But recent challenges, such as the pandemic, and high infl…

In March 2022, the Bank of England raised interest rates by a quarter of a percent. This was quickly followed by an identical raise in May and June, bringing the base rate to 1.25%, the highest rate we’ve seen in over thirteen years. At the same time, the UK recorded inflation of nine percent, reaching a forty-year high. Considering all these macro…

Taking over the family business can be a real turning point, with many variables and questions. Should you follow in the footsteps of those who led before you? Do you maintain the status quo? Is now the time to leave your own mark? Is this opportunity right for you at this stage in your career? To answer these questions, we speak with Cara Macklin,…

Taking over a family business brings with it many responsibilities. That shift in decision-making and autonomy can affect the dynamics of the company and the family. But some families have transitioned successfully. So what made the difference for a successful transition? How difficult is it to balance personal ambitions and family legacy? And how …

In season 3 of Exploring Family Business, we address the topic of the NowGen to NextGen transitions. We will explore both the personal and practical aspects of handing over ownership and the management of a family business and the challenges and opportunities that change can bring. Today, we’re joined by Alan Frost, Partner at Mazars UK. Alan advis…

The final episode sees George Lagarias (Chief Economist at Mazars in the UK), join Natalie Wright to discuss the economic landscape and how its affecting family businesses in the UK. We touch on various sectors including manufacturing, retail, and wholesale as well as property and construction. Although still in the midst of a global pandemic, we a…

In the penultimate episode, Natalie is joined by Paul Joyce, a partner in Mazars’ Mergers and Acquisitions team. They discuss employee-owned trusts as an alternative route to succession. Trusts come in many different structures that can be incredibly flexible and tax-efficient, but ultimately whether they are appropriate or not often depends on spe…

In the 4th episode of season 2, Natalie is joined by Zoe Peck, a Tax Advisory Partner for Mazars, to discuss how different tax structures can be used pre, post, and during the transition of succession. They consider different options available for family businesses to structure their planning in a way that allows them to limit tax leakage and maxim…

In the 3rd episode of season 2, Natalie is joined by Andrea Jones, a Partner in the Private Business Wealth Team at Irwin Mitchell. Both discuss the legal framework that business owners and leaders should consider as ‘must haves’ to ensure that the long-term succession, control, decision making and ownership of the business are aligned with the int…

In our 2nd episode, Natalie is joined by Russ Haworth, a Family Business Consultant and founder of the Family Business Partnership. Russ is also the host of the widely acclaimed Family Business podcast, which he launched in 2017 https://fambizpodcast.com/ Natalie and Russ discuss the emotional and more personal side of succession planning – prepari…

For the first episode of season 2, Natalie is joined by Alan Frost, Partner in the Consulting division of Mazars and the third and final generation of his own family business. They discuss how essential it is to involve both family and non-family members in designing a general business plan, so the business can thrive. Defining the aims, value, and…

Entering into the family business and the experience it offers – 3m 30 It can be difficult to know what you want to do in life as a career and for Chris, he was toying with the idea of becoming a painter and decorator. However, plans changed when his father stepped in to offer him a 6-week placement that turned into a 34-year long career, offering …

How to approach must-have conversations – 4m 34 Succession must be talked about but how do you bring it up and where do you begin? Dave and Oliver tell us that it’s all about understanding what you want to achieve and when. Identifying personal and family objectives is key. This then opens up a whole host of discussions about people – do you have t…

Understanding what digital activity is – 3m 10 Digital activity can vary for different clients. Some clients need you to write a strategy, some need you to guide them on how best to go about marketing their businesses. Some people need you to help them skill up their people, others, it might be creative thinking around their brand, their product, t…

Dealing with personal relationship dynamics – 3m When running a business with a spouse, it can be tricky to understand who takes the role of leader. To make this a bit easier, try to separate home and work life and set defined roles, responsibilities and boundaries. Having the succession talk – 10m It can be difficult when the next generation doesn…

In this episode, the importance of building a sustainable business and the competitive advantage a family business can bring to the table are discussed along with understanding the importance of non-family board members, bringing in the next generation and how to adapt and protect your business for the short and long term. Building a sustainable bu…

The meaning, purpose and importance of governance – 5m 25 Governance is something that can be an afterthought or ignored because it may not have much urgency or can be outside comfort zones. However, it’s incredibly important as it attends to the business’s future. The benefit of values when considering governance – 12m 18 Values under pin strategy…

Transitioning to business leaders – 4m 24 While content in their own personal careers, both Hannah and Tom were asked by their Father to be part of the family business. Throwing themselves in the deep end, they were able to see how different the corporate world was to that of the SME/family business world and had to learn how they could improve and…

The biggest challenges for family businesses – 6m 16 Looking at the current environment and crisis management aside, Natalie, Paul and Mairi discuss the biggest challenges for UK family businesses and decide whether communication plays a fundamental factor in business survival during the Covid-19 pandemic. Succession Planning and future plans – 10m…