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Family Businesses – Sell on, Pass on, Carry on, or Die… |
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 Hemant Amin Do you wonder what will happen to your business? But then does that thought remain with you only for a moment? Is it too painful to think any further - or is it that you do not know where to begin? Hemant Amin, partner and a member of the Family Business team at solicitors, Charles Lucas & Marshall explains why not doing anything is not an option.
I would say that many family business owners know what the issues are in their business but do not know where to start to address them.
But how long will it be before events occur which will dictate the direction and destiny of your business? After all the hard work in establishing your business – is it not right that you and your family should have control over what happens with your business in the future?
What are the options? There are many – if you plan ahead - and there is plenty of help out there. If you do not plan then the business will die. Would it not be better to be in control and whatever the outcome – whether you sell, pass it on, carry on or plan a shut down – for you to manage it and implement a deliberate strategy.
So, what should you do? First – some work – thinking and understanding of the issues involved. The aims and ambitions of the "family" involved in a business may be quite different from those of the key people involved in the "business" itself. Understand that. The "business" faces challenges everyday; changing growth, revenue and profit patterns, external factors and fast changes at the way business is conducted.
The factors at play within a "family" fight for priority - for stability, family harmony, family life in balance, wealth. The desires are different between members of the family. The key question is - what are the family values/ethics? The chances are these will be reflected in the running of the business and what the business does.
Strategic planning for the future is vital for any SME or Owner Managed Sector business - certainly in order to achieve long term objectives but also for the stability of family members over short and medium terms.
The Family Business Centre at Charles Lucas & Marshall was set up a couple of years ago to help on technical problems which arise when family businesses decide to follow a particular strategic route but also to look at and help "family businesses" and "business families" address the complex issues that exist in the "family business system".
For further information contact Hemant Amin on 01635 521212 or hemant.amin@clmlaw.co.uk
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