A lack of succession planning is the number one reason family-owned businesses fail to survive. But for those who intend to pass on the business to the next generation, assumptions about how the transition will work without clear communication and an agreed structure can have a devastating effect on the business continuity and personal relationships. In 2010, Gavin Howarth started working at his family business, Howarths, an HR and employment law firm. In 2013, Gavin became the Managing...

Family businesses go beyond numbers. Most act according to family values and ethical principles, embrace responsible capitalism and positively impact their local communities. This means they are generally better positioned for long-term success when compared to non-family-owned enterprises. But recent challenges, such as the pandemic, and high inflation are leading family businesses to reconsider priorities and the future. Should we expect to see an acceleration of the transition from...

In March 2022, the Bank of England raised interest rates by a quarter of a percent. This was quickly followed by an identical raise in May and June, bringing the base rate to 1.25%, the highest rate we’ve seen in over thirteen years. At the same time, the UK recorded inflation of nine percent, reaching a forty-year high. Considering all these macroeconomic challenges, we want to understand how they will impact family business funding in a post-pandemic economy. David Baggott, a Director in...

Taking over the family business can be a real turning point, with many variables and questions. Should you follow in the footsteps of those who led before you? Do you maintain the status quo? Is now the time to leave your own mark? Is this opportunity right for you at this stage in your career? To answer these questions, we speak with Cara Macklin, Founder and Chief Disruption Officer of Caram. Cara is a Next-Gen Entrepreneur who grew up in a second-generation family business in Northern...

Taking over a family business brings with it many responsibilities. That shift in decision-making and autonomy can affect the dynamics of the company and the family. But some families have transitioned successfully. So what made the difference for a successful transition? How difficult is it to balance personal ambitions and family legacy? And how is NextGen driving their new ideas into action? Josie Morris, Managing Director at Woolcool, an award-winning business that now supplies products...

In season 3 of Exploring Family Business, we address the topic of the NowGen to NextGen transitions. We will explore both the personal and practical aspects of handing over ownership and the management of a family business and the challenges and opportunities that change can bring. Today, we’re joined by Alan Frost, Partner at Mazars UK. Alan advises family-owned businesses ranging from the 2nd to 4th generation. He also benefits from speaking from personal experience, as he was the 3rd and...

The final episode sees George Lagarias (Chief Economist at Mazars in the UK), join Natalie Wright to discuss the economic landscape and how its affecting family businesses in the UK. We touch on various sectors including manufacturing, retail, and wholesale as well as property and construction. Although still in the midst of a global pandemic, we are moving away from lockdowns, resulting in more demand for products; the result being a demand for employees, rising business volumes, and a more...

In this penultimate episode, Natalie is joined by Paul Joyce, a partner in Mazars’ Mergers and Acquisitions team. They discuss employee-owned trusts as an alternative route to succession. Trusts come in many different structures that can be incredibly flexible and tax efficient, but ultimately whether they are appropriate or not often depends on specific business objectives. An Employee Owned Trust provides a structure to purchase a controlling interest in a company at market value without...

In this episode, Natalie is joined by Zoe Peck, a Tax Advisory Partner for Mazars, to discuss how different tax structures can be used pre, post, and during the transition of succession. They consider different options available for family businesses to structure their planning in a way that allows them to limit tax leakage and maximise profit extraction without putting the integrity of the business at risk, and whilst also allowing them to protect their long-term legacies.

This week, Natalie is joined by Andrea Jones to discuss the legal framework that business owners and leaders should consider as ‘must haves’ to ensure that the long-term succession, control, decision making, and ownership of the business are aligned with the intentions of the family.

Natalie and Russ discuss the emotional and more personal side of succession planning – preparing the family. Russ explains how to break down emotional barriers so families can prepare themselves for the next stage of the business and next stage of life.

For the first episode of season 2, Natalie is joined by Alan Frost, Partner in the Consulting division of Mazars and the third and final generation of his own family business. They discuss how essential it is to involve both family and non-family members in designing a general business plan, so the business can thrive.

In the final episode of the series, Natalie is joined by Chris Black, the MD and second generation of award-winning Sound Leisure. The family-owned business based in Leeds are one of only two traditional jukebox manufacturers in the world. Natalie and Chris discuss the every day dynamics of running a family business, the skills needed as well as introducing the next generation into the mix so the business can adapt, thrive and focus on long term growth.

Natalie is joined by fellow Mazars colleagues, Oliver Hoffman (national head of mergers and acquisitions) and Dave Hilton (corporate finance partner specialising in lead advisory and project management) to discuss succession planning and what family businesses need to consider before passing on the company. We delve into what options are available, what to do if you don’t have the right skills within the business, or a next generation to take over and ultimately lead the business in the...

In our 6th episode, Natalie is joined by Fiona Proudler, Chief Executive Officer at Yard, a performance marketing and technology agency for brands looking to challenge and create change in their markets. Natalie and Fiona discuss how using digital marketing doesn't have to be a daunting process. Instead, businesses can embrace it and learn how to provide the best customer experience, all while holding on to their story and heritage.

Natalie is joined by Louise Frankland, the managing director of Mansfield Pollard, an engineering company based in Bradford that was, until earlier this year, a third-generation family-owned business. Natalie and Louise discuss the challenges and opportunities of transitioning from a family business to a privately-owned business and how to take a business forward when the family name is still above the door, but the family aren’t involved, all while working through a pandemic.

Natalie is joined by Bob Betts, MD of Smiths of Derby (FBU Manufacturing Award winner), Heather Whitworth (5th Generation) and Nick Whitworth (6th generation) Family Business Directors, plus Alan Frost, Consulting Director at Mazars. In this episode, they demonstrate the importance of building a sustainable business, the competitive advantage a family business can bring to the table, the importance of non-family board members, bringing in the next generation and how to adapt and protect your...

This week, Jo MacSween, (Vistage Chair and former MD of Macsween, a Scottish Family business) and Alan Frost (Mazars, Consulting Director) join Natalie Wright to discuss how governance can help family businesses in effective decision making and action. And also why working with advisers external to the family business is important so that owners are challenged and can separate themselves from personal/emotional attachments, leading to a greater chance of success.

This week, Natalie Wright is joined by Hannah Barlow, Managing Director, and Tom Mathew, Director, of Dunster’s Farm (FBU 2020 Entrepreneurship Award winners), where they will be discussing how they transitioned from having their own careers to running their family business as the third generation; what they were able to bring to the business and the challenges they faced along the way. We will also discuss the impact of Covid-19 and the transformation that the business has undergone in...

Natalie Wright, Head of Family Business, Mazars, is joined by Mairi Mickel; founder and owner of Business Families and Paul Andrews, founder and CEO of Family Business United, to discuss the current environment, challenges facing the family business sector and what hot topics family business are talking about right now.