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A new landscape for Family Businesses?

At 10pm last night, the 8^th of June 2017, the polling stations closed and the counting across the UK began surrounded by excited discussions about the exit poll results which were released at the same time.  The exit poll has proved to be one of the most accurate in election history and was an early indication of the political landscape.  As the sun rose this morning, the 9^th of June 2017, the UK has a hung parliament.

10 Top VAT considerations for your business

The supposed ‘simple tax’ VAT impacts on many businesses, both big and small across the country and there are many considerations that should be made in relation to it.  In this article, I will set out ten of the key areas and issues that arise on a weekly basis for our clients at Armstrong Watson.

Could your legal practice be one of the 53% that would cease trading?

For a number of years Legal & General (L&G) has conducted a range of research with owners of businesses of all sizes at different stages of their development and growth. More than ever before legal practices are undergoing significant change; in leadership, succession planning and business structure as the most tax efficient and flexible vehicle is sought.

Is your business ready for sale

Almost a third of family business owners plan to exit the business by selling the business whether it be to the highest bidding third party, through a sale to a bidder who will carry on their ethos and values or through a management buy out. It is then surprising how many conversations I have when people say the plan is to sell, but they have given no consideration to how this will happen and the things they could be doing now to maximize their returns.

How will you retire from your business?

Recently, Armstrong Watson undertook a survey of family businesses across the UK and most have a clear focus - providing a good lifestyle for their close family members.

Armstrong Watson are committed to supporting and advising these businesses and our Financial Planning Consultants can work in tandem with business owners to ensure that they protect the business and the people in it, whilst also supporting their plans to achieve the retirement they desire.

Have you planned your business exit strategy?

My colleague, Nick Palmer, recently wrote an interesting blog about the importance of planning your business exit strategy. Nick quoted some fascinating statistics from the 2017 Armstrong Watson Family Business Insight:

Inheriting a family business - for the next generation taking over the business

Making the decision to take over a family business is always a leap of faith for the next generation. It is however a leap of faith that can be made with varying levels of assurances, especially if the team supporting you knows what you are going through.

The Family Business and Succession Planning

The recently published Armstrong Watson Family Business Insight, compiled from our survey of over 400 businesses mainly across Scotland, Cumbria and Yorkshire, led to some interesting statistics from the Scottish survey respondents.

The Scottish respondents noted a much higher proportion of first generation owners still running the family business at 62% compared to the overall average of 53%.

Do you have big ideas but need that support to make them happen?

You have some big ideas. You recognise that the world of business is ever-changing and standing still is not an option. You have the inspiration, but you can never seem to actually take action. You’re not alone…

Get serious about growing your business

Do you want to take your business to the next level? Think about the following questions and statements and how that ties in to what you have done, plan to do, or just haven’t even thought about yet…