Key services: family businesses

Family businesses make up around two-thirds of the UK’s private sector enterprises and are crucial to the nation’s economy.

But the sector faces unique challenges. These firms want to grow and expand, like any other business, but without diluting their control to the point where the family factor is swallowed up by other shareholders or institutions.

Succession planning, for a smooth transition of ownership when an owner wishes to retire or leave the business, is another key issue: only one-third of UK family businesses are passed on to a second generation.

And forward planning is also essential to protect business assets forming part of an estate, to minimise inheritance tax liability.

The local strength and reputation of MGI firms means that they have vast experience in working with family businesses, which are at the heart of their client base.

Their expertise and specialist knowledge of the sector makes them ideally placed to identify risks and opportunities and to help family firms to find new ways to move forward and achieve success.

To find out more about working with MGI member firms, please contact us.