Too many family business owners don’t think of succession planning. Succession expert Rochelle Clark shares why that’s a problem.
For some families, the holidays are a “no fly zone” for conversations about the family business. This needn’t be the case, according to Rochelle Clarke.
Business disputes can be difficult at the best of times. However, in family businesses, it’s even worse.
The corporate and commercial team at Hillyer McKeown has found a common golden thread when it comes to family businesses: good planning means fewer arguments. Here’s guidance based on frequently asked questions from clients – such as ownership and how to protect your assets.
With Easter fast approaching, Real Business spoke to Jay Rawal, one half of the brother-and-sister team behind luxury British chocolate brand, The London Chocolate Company.
If you are setting up a family business, it is sensible to consider what could happen to it if your relationship breaks down.
Most people have heard the old generalisation, “those who can, do, and those that can’t, teach”. But less commonly known is, “those that know business, become entrepreneurs, those that don’t become city academics”.
Family businesses are the mainstay of the UK economy, accounting for more than a third (36%) of employment, and generating over a quarter of UK GDP. But running a family business presents a unique set of challenges.
Around a third of family business leaders are not convinced younger generations are ready to step up and run the company when the time comes.
When you hear the words family business it might bring to mind a slightly parochial “mom and pop” store or family-run restaurant. My own was founded as a grocer’s shop in 1940s Grimsby, and has grown into a leading wholesale exporter of British food and drink.
Going into business with friends and family is a popular route for many entrepreneurs and for good reason. You already know each other’s strengths, weaknesses and passions, plus the likelihood is that you came up with the business idea together so you are both hugely invested in it.
Tricia Cusden, founder of pro-age beauty brand Look Fabulous Forever, looks back on the experience of going into business with family – specifically, her two daughters.