Sectors
Family Businesses
Expert guidance to balance commercial success with the enduring strength of your family’s legacy.
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.
Our 2025 Family Business Survey Report
Our latest survey gathered views from over 850 business owners, providing unique insight into the current focus on people, technology, and planning for the future.
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
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.
Download our Family Business Survey Report 2025
Get in touch
Get in touch to speak to one of our specialist advisers and explore how we can help you.
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What our clients say
We're committed to delivering the best client experience. Hear from those who have worked with us and discover how we've helped them achieve their goals.
Our family business has been supported by Armstrong Watson over the past 40 years, this alone is testament to the quality service and invaluable advice they provide us. They are only a phone call away, whether it be about tax, pensions, payroll, accounts or personnel queries.
We know that we can pick up the phone and our queries will be promptly dealt with in a professional but friendly manner. To be quite frank we would be lost without them.
Fontana's Fish and Chips
I’ve been with Armstrong Watson for over 20 years and have worked with them on quite a range of things from accounts, corporation tax, self-assessment returns and general compliance.
What sets Armstrong Watson apart from other accountants is the personal relationship we have developed. They always go the extra mile and are always there when I need help and advice.
I trust Armstrong Watson. They always act in my best interest - and having that feeling of security is priceless.
Ben Peters
Managing Director, BHP Associates, Harrogate
As a family owned and managed manufacturing business we have the skills and experience to know what to do, when to do it and how to do it.
We have the day to day running and management of the business in hand. That said, what we have never challenged ourselves on is the bigger picture, we all know our roles and responsibilities.
What the team at Armstrong Watson have done is to challenge how we work not in the business, but on the business. Their input and knowledge has allowed us to stand back from the day to day operations and work on the business, looking at the bigger, more strategic plan, rather than the day to day operational issues.
We have found, and are still finding, their input challenging, insightful and of great value. They have a wealth of knowledge and whilst we believe the issues in our family owned and managed business are unique to us, it becomes more apparent that the issues are common throughout many similar businesses.
Jon Ward Joint MD Kay Dee Engineering Limited
I first encountered Justin when he provided training for my work colleagues about the introduction of pension auto enrolment and I was impressed by the quality of the information provided and Justin’s clear and knowledgeable response to concerns and questions raised. When I was looking for someone to provide me with pension advice leading up to my retirement Justin immediately came to mind. The advise and support that Justin has provided has been excellent, just the right level of detail to allow me to make informed and realistic decisions about my pension and future finances. Justin has certainly lived up to my expectations - brilliant!
Karen Bowen
We were recently left with a very complex family estate to unravel. Helen was able to guide us through the process of IHT submission to HMRC and help unravel a number of complex tax issues in a calm and professional manner. She answered all of our questions promptly and provided clear guidance as to the individual steps we needed to take, making the whole process a lot easier and simpler to deal with.
Helen's work meant we did not have to engage a solicitor to close the estate, thus saving expensive legal costs and time and also brought in other experts (Trust & Investment Funds) to advise us as and when needed. At all times we found Helen easy and pleasant to deal with no matter how stressed we were with having to deal with what was essentially an emotional roller coaster ride. The estate took over two years to close out, but without Helen's support it would still be going on now.
I would recommend Helen and Armstrong Watson without any hesitation or reservation; they are the “go to source” for all financial issues and advice in my opinion.
Phil & Justine Waddington
Running a 'family business' carries with it a set of unique challenges and opportunities specific to the balance between 'family' and 'business'. As easy as it may to think that keeping the two distinct from each other is straightforward, the lines can become very blurred and often difficult to manage. As my experience in both business and family life grows the more I come to believe that you cannot "do it on your own" - in either area. The listening ear of other people, the experience of other people and the perspectives of other people are essential to making real and lasting progress.
We have recently embarked on a more strategic business advice approach with David Richmond and the Armstrong team as we recently stepped away from our day to day labours leaving many perceived problems at the office and stepped into an independent and trusted environment where we have been able to speak freely (both jointly as a management team and individually in one to one sessions). The first session was both a relief and a revelation. The relief in taking a positive step to help ourselves - the revelation in how easy it was to open up and talk about issues we had probably thought too sensitive to get out in the open. Then comes the real value - a realistic plan. Having listened, questioned, and challenged we all worked together to agree definite objectives and plans to achieve them - both together and individually. This forward looking, objective based approach is stimulating and allows the principles established at the Blue session to be taken back into the maelstrom of day to day business - where, because of their clarity, they have a chance to take root.
We have wanted to develop ourselves and our business with a fresh approach - going in with an open mind, we have quickly gained a different perspective and we have started to change. There is a fascinating blend of gradual, slow, 'wait and see' adjustment and some decisive, quick, 'take the plunge' change...its exciting to be moving to a new way of thinking, building on all the good things we have and leaving some of the not so good things behind.
Mark Sugden
Managing Director, John W. Laycock Ltd
Armstrong Watson work very closely with our company and we meet with Tony Bullock regularly to discuss the business and strategic matters. During one such meeting we mentioned a new craft tool that we were involved with, and some of the technical challenges we had faced in this regard.
Armstrong Watson immediately made us aware of research & development tax relief. We then met with their R&D tax relief expert who explained the relief clearly and we agreed a way forward in order to make our first claim under this relief. Armstrong Watson helped us every step of the way, making the process easy and really showing knowledge and expertise throughout.
I would strongly recommend any company involved in science or technology to seek help with R&D tax relief claims from Armstrong Watson
Brian Welch
Managing Director, UK Industrial Tapes Limited
Supporting family businesses
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