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Advising the Family Owned Business

Offers practical advice to lawyers (usually solicitors in small and medium-sized practices) on dealing with family business clients.
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ISBN/ISSN: 9781846615573

Product description

Why should you buy Advising the Family Owned Business

This title offers practical advice to lawyers (usually solicitors in small and medium-sized practices) on dealing with family business clients. No business starts as a family business. It becomes one when changes need to be made to the structure or ownership of the business. Such businesses are the backbone of the British economy. Problems are often rooted in family issues rather than commercial issues and therefore advisors, be they legal financial or management need to be attuned to some of the complex family issues as well as the commercial issues.

The International Centre for Families in Business (ICFIB) which advises family businesses working alongside lawyers and accountants has seen a marked increase in interest from law firms in the family business sector. It is an area of business highlighted by the Coalition Government as a growth sector, and collaborative law is also on the government?s agenda.

The purpose of this book is to offer practical advice to lawyers (usually solicitors in small and medium-sized practices) on dealing with family business clients. It will also explain the dynamics of a family business and why they should be approached in a different way to other corporate entities.

Contributors

Claire Ainley, Compliance Partner, Veale Wasbrough Vizards, Emma Bradley, Tax Partner, Veale Wasbrough Vizards, Andrew Commins, St John’s Chambers, Edward Cumming, XXIV, Old Buildings Lincoln’s Inn, Ruth Dooley, Hazlewoods Accountants, Oliver Early, David Emanuel, Veale Wasbrough Vizards, Paul Esmiley, Foot Anstey, Peter Griffiths, Hazlewoods Accountants, Michael Halsey, Veale Wasbrough Vizards, Katie Hanson, Veale Wasbrough Vizards, Julia Hardy, Veale Wasbrough Vizards, Samantha Hickman, Veale Wasbrough Vizards, Richard Hiscoke, Veale Wasbrough Vizards, Professor Andrew Keay, Leeds University, Andrew Marsden, Commercial Chambers Bristol, Steve McGuigan, Veale Wasbrough Vizards, Victoria McMeel, Bevan Brittan LLP, Jos Moule, Veale Wasbrough Vizards, Natalie Payne, Mackrell Turner Garrett, Irene Pedder, Chair, Clark’s Shareholder Council, David Pierce, D R Pierce Consultancy Limited, Emma Rudge, Michelmores LLP, Jessica Scott-Dye, Veale Wasbrough Vizards, John Tucker, Family Business Consultancy, Sarah Want, Veale Wasbrough Vizards, Matthew Welch, Paula Williams, Veale Wasbrough Vizards

Foreword

There is something unique about family businesses – from the local shopkeeper to the international corporation. The ethos of a family business is special. Because the business and the product it sells is attached so intimately to a person and their relations, I believe that family businesses look at the world differently than other businesses. Read the full foreword...

Preface

This book would not have come into being without the help of a great number of people.

Most of the thinking included in the book is the result of countless hours of discussions with family business clients and colleagues from across the family business movement. Read the full preface...

Introduction

Why this book?

The family business is the oldest and most common form of economic organisation on the planet. A selection of the evidence supporting this claim is contained in chapter 1 (Introducing the Family Owned Business).

Even so neither the management and behavioral professions nor the academic world had, until recently, paid much attention to family businesses as a distinct category. This has changed significantly over the last thirty years or so. During this period a whole raft of writing, theorising and thinking has taken place about family business issues. Read the full introduction...

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Table of contents

Introduction
The Family Owned Business and its Dynamics
- An Introduction to the Family Business
- Themes
- Tools, Models and Theories

Business Matters
- Tax Basics and the Family Business Structure
- Employing Family Members
- Non-family Employees
- Management Succession
- Directors’ Duties
- The Family Business Name
- Property and the Family Firm

Ownership
- Ownership Overview
- Selling the Family Owned Business
- Family Business Partnerships
- Family Business Trusts
- Ownership Succession
- Tax and Family Business Ownership

Family Matters
- Governance and the Family Owned Business
- The Family Business and Marriage
- Inheritance Disputes

Family Business Disputes
- Family Business Shareholder Disputes – Overview and Key Issues
- Unfair Prejudice and the Family Company
- Just and Equitable Winding Up
- Derivative Claims and the Disgruntled Family Member
- Shareholder Disputes – Remedies, Reasonable Offers and Costs

The Family Business Advisor
- Process Consulting and the Role of the Family Business Consultant
- Advising the Family Business Client

Appendices


Read the full contents