Establishing and running a business within a family unit creates a dynamic which can be very effective and successful but also requires careful management and long-term planning to ensure longevity.
Our partners have worked with many family businesses in a range of sectors, approaching each client with the correct mixture of diplomacy and tact, combined with the necessary commercial insight, to ensure the business continues profitably and tax efficiently.
Many second generation family businesses fail because of improper planning and poor strategic decision making. We work with our clients, often for many years, as they structure and grow their business to ensure that when the time comes to transition in new management or transfer to the next generation they have already answered all the hard questions and selected the most appropriate course of action.
Once a family business is up and running the next stage in the business cycle deals with the issue of succession and how the founder will transition. This process can take a considerable amount of time and should be approached relatively early, often much earlier than expected, as successors have to be identified, groomed and bedded into the business long before the actual transfer occurs. There are also a range of commercial and tax implications around succession, not to mention potential familial concerns.
At McKeogh Gallagher Ryan, we are sensitive to the needs of a family business and assist business owners throughout the life-cycle of a family business and perhaps through the generations.
We provide a full range of accounting, audit, tax and advisory services to family businesses.