The role of family businesses

Today marks the start of 'Family Business Week' - a week-long celebration highlighting the vital role family-owned businesses play in shaping and supporting their local communities, economy, and natural environment.

Led by Family Business UK, the 4th annual celebration runs from 25 – 29 November and shines a light on the amazing work of family businesses and their leaders across the country, ensuring the contribution they make to our economy and communities is recognised and celebrated.

At Boodle Hatfield, we know that in the UK and around the world, successful family businesses sit right at the heart of economies and communities. As drivers of growth, as employers, as innovators and philanthropists, their impact cannot be underestimated. Just like every family, every family business is unique and they face challenges other companies do not. We have been a long-term strategic advisor to family businesses for generations, guiding families and their businesses to help achieve their commercial objectives, advising some of the largest family businesses in the UK and internationally.

Last year, to mark Family Business Week we explored, What Does the Future Hold for Family-Owned Businesses? where we looked at the evolving landscape of family businesses, from adapting to technological advancements to navigating generational transitions. As part of this year’s celebration, we are delighted to share a series of resources, articles, and podcasts that continue this conversation, equipping family businesses with the insights they need to thrive in a dynamic world. These not only share some best practice, but also cover topics that could be seen to many business leaders as taboo.

In Conversation With Clare Stirzaker, Neil Davy and Karen Greenshields

In this episode, Partner, Clare Stirzaker is joined by two leading individuals in the family business sector, who share some their perspectives on what it means to be a ‘responsible business’ and how this can forge change for future generations. With Clare, GAP Hire Solutions Managing Director, Karen Greenshields and the CEO of Family Business UK, Neil Davy discuss the flexibility that being a family business provides in comparison to their public company counterparts and the importance of having ‘the right people on the bus and in the right seats’. Listen here.

Longevity: The Family Home Analogy

Partner and Head of Private Wealth, Hayden Bailey looks at the challenges and opportunities of human longevity in reshaping succession planning for business families and the importance of establishing ground rules. Read more.

Managing multigenerational expectations in your succession plan

Partner and Head of Private Wealth, Hayden Bailey details how, as a nation, we’re both living and working much longer than our predecessors and whilst increased longevity is welcome news and can offer a business stability thanks to a wealth of experience, the ever-growing generational crossover within the workplace can create challenges to a smooth transition. Read more.

Navigating modern philanthropy

Private Wealth Partner, Clare Stirzaker reflects on the growing focus on ‘legacy’ and critical thinking about the purpose and impact of wealth. Read more. 

The Lessons in Legacy Podcast: Do we underestimate the impact that divorce, incapacity or death can have on a legacy?

In the latest episode of The Lessons in Legacy Podcast, Clare Stirzaker, Hayden Bailey, Katie O’Callaghan and Nicola Bushby discuss a series of topics that can often be underestimated when it comes to planning for the future. Individuals, families and their respective businesses will, more often than not, associate divorce, incapacity and death by their very nature as themes that are cloaked in discomfort or misunderstanding. In the episode, we reinforce the importance of addressing these life events and highlight why we mustn’t underestimate the impact they can have when it comes to legacy. Listen here. 

Are trusts an appropriate vehicle to hold shares in a family business?

Using trusts as part of the ownership strategy for family businesses can enable succession planning while providing flexibility, asset protection and an ability to keep the voting block held together by trustees. Partner and Head of Private Wealth, Hayden Bailey clarifies when and how trusts are likely to be appropriate for family businesses. Read more. 

Boodle Hatfield is one of FBUK’s corporate partners and has been carefully selected as a highly respected independent family business service provider. More information on FBUK and Family Business week can be found here.