Family businesses face most of the same challenges and difficulties as all other businesses, but have the added complication of involving important personal relationships. Such relationships can cause the business to have different considerations and priorities, and when things go wrong, the consequences can be even more severe. In our experience, problems relating to ownership and management of a family business tend to be less prominent during the first generation of ownership, but we typically see problems start to arise when the second generation of family members is looking to step in or take over.
Running a family business can be all-consuming, but taking time out to plan for the future is important, and doing this properly is the key to successful succession planning.
Murray Beith Murray Partner, Peter Shand, writes in The Scotsman today about the rising trend of the super-wealthy in setting up finance and legal offices to deal with their affairs.
Family businesses are an integral part of the economic health of Scotland, and in light of the COVID-19 pandemic, it is more important than ever that we as professional advisers, assist our clients in overcoming their legal and practical problems.