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2026 FAMILY, PRIVATELY OWNED AND OWNER-MANAGED BUSINESS SURVEY

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Sectors

Family Businesses

Specialist accountancy & advisory for every generation of family business

Running a family business is a journey unlike any other. The boundaries between the boardroom and the living room are rarely clear, and the decisions you make carry a weight that goes far beyond the balance sheet. At Armstrong Watson, we understand that you aren't just managing an SME; you are stewarding a legacy. Since 1867, we have acted as a trusted partner to family firms, providing the objective, professional perspective needed to navigate the complexities of shared ownership and generational change.

Supporting the unique lifecycle of family-owned firms

  • Generational Transition: Tailored strategies for the seamless transfer of leadership and ownership from one generation to the next.
  • Governance & Harmony: Establishing clear frameworks that protect the business while preserving the harmony of the family unit.
  • Wealth Protection: Robust tax planning to ensure the rewards of your hard work are secured for future generations.

Key contact

David Jones, Accounting Partner

David Jones

Accounting Partner

Contact David

Our 2026 Family Business Survey Report

Our latest survey gathered views from more than 840 business owners, providing valuable insight into the priorities, challenges and opportunities facing family, privately owned and owner-managed businesses across the UK.

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Understanding the dynamics of multi-generational success

The evolution of leadership: from founding to future

Every generation brings a new perspective. While the founding generation often focuses on establishment and growth, the second or third generations may look toward diversification and sustainable scaling. Our role is to act as the bridge between these viewpoints, ensuring that the wisdom of experience meets the energy of innovation. We help you mentor the next generation of future leaders, so they have the commercial acumen and confidence to lead when the time is right.

Protecting the 'family purse' through specialist tax advice

A family business is often the primary source of a family’s wealth. Protecting that wealth requires proactive planning that accounts for the nuances of UK tax law. We don't just look at the annual accounts; we look at the long-term horizon. Our experts ensure your business structure is optimised for current trading while remaining flexible enough to support your retirement goals and your successors' aspirations.

Creating a framework for harmony

The most successful family businesses are those that recognise the need for clear communication. We assist you in formalising your "family way" of doing things—from how family members enter the business to how dividends are distributed. By creating a transparent framework, you can enjoy the unique benefits of working with family while maintaining the discipline of a high-performing SME.

Recent news stories

Insights banner for Armstrong Watson’s 2026 Family, Privately Owned and Owner-Managed Business Survey Report.

25th September 2026

Tax increases and inflationary pressures top concerns for Yorkshire businesses, while cyber attacks have hit 1 in 3, latest survey reveals

Insights banner for Armstrong Watson’s 2026 Family, Privately Owned and Owner-Managed Business Survey Report.

25th September 2026

Changes to taxation, inflationary pressures and rising costs top concerns for Cumbrian businesses, survey reveals

Insights banner for Armstrong Watson’s 2026 Family, Privately Owned and Owner-Managed Business Survey Report.

25th September 2026

Changes to taxation and inflationary pressures top concerns for Scottish businesses, whilst cyber attacks have hit 1 in 3, latest survey reveals

Family business insights & research

Tracking the evolution of the UK family business sector through the years:

Frequently Asked Questions

Find answers to common questions regarding business transitions, from initial discovery sessions and family charters to tax-saving strategies and fair valuations.

Family businesses are unique, but like any other, your business will changed hands – that’s 100% guaranteed, and having a clear plan of how that should happen is key. The best time to start is long before you think you need to. We recommend an initial "discovery session" where all generations can share their aspirations in a neutral environment. This allows us to build a roadmap that addresses both the financial requirements and the emotional readiness of everyone involved.

A Family Charter is a non-legally binding document that outlines the family's values and its relationship with the business. It is highly recommended for multi-generational firms as it provides a clear reference point for decision-making and helps prevent misunderstandings regarding future ownership and employment.

In the UK, Business Property Relief (BPR) is a vital tool that can allow a trading business to be passed on with significantly reduced IHT. However, the rules are strict, particularly regarding "investment" assets within the firm. Regular reviews of your business activities are essential to ensure you remain eligible for full relief.

Valuing a business for family transfer requires a balance between a fair market price and the sustainability of the business for the incoming generation. We provide independent valuations that satisfy HMRC requirements while supporting the financial goals of both the retiring and succeeding parties.

Protecting your family’s hard work today and for the generations to come.

Our specialists are here to listen, advise, and support. Whether you are facing a challenging transition or looking to scale your family firm, let’s talk about how we can help you achieve your goals.

CONTACT OUR FAMILY BUSINESS TEAM

Download our Family Business Survey Report 2026

Get in touch

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Supporting family businesses

Latest news

Insights banner for Armstrong Watson’s 2026 Family, Privately Owned and Owner-Managed Business Survey Report.

Tax increases and inflationary pressures top concerns for Yorkshire businesses, while cyber attacks have hit 1 in 3, latest survey reveals

by Armstrong Watson - 25th September 2026

Insights banner for Armstrong Watson’s 2026 Family, Privately Owned and Owner-Managed Business Survey Report.

Changes to taxation, inflationary pressures and rising costs top concerns for Cumbrian businesses, survey reveals

by Armstrong Watson - 25th September 2026

Insights banner for Armstrong Watson’s 2026 Family, Privately Owned and Owner-Managed Business Survey Report.

Changes to taxation and inflationary pressures top concerns for Scottish businesses, whilst cyber attacks have hit 1 in 3, latest survey reveals

by Armstrong Watson - 25th September 2026

Insights banner for Armstrong Watson’s 2026 Family, Privately Owned and Owner-Managed Business Survey Report.

Changes to taxation and inflationary pressures top concerns for businesses, whilst cyber attacks have hit 1 in 3, latest survey reveals

by Armstrong Watson - 25th September 2026

North West Insights banner for Armstrong Watson’s 2026 Family, Privately Owned and Owner-Managed Business Survey Report.

Inflationary pressures and tax increases top concerns for North West businesses, whilst cyber attacks have hit 1 in 3, latest survey reveals

by Armstrong Watson - 25th September 2026