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In season three 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.
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.
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?
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...
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.
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.
Family businesses are unique and require specialist advice to help protect their legacy, as well as support designing and implementing effective succession plans for the long term.
Our Exploring Family Business Podcasts delve into the inner workings of family business in the UK today. Each week Natalie Wright, our Head of Family Business, interviews a panel of special guests, all of whom work in this sector, to discuss the challenges they face and their strategies to overcome these.
In this series, Natalie Wright and her guests will be discussing ownership, culture, managing family dynamics, engaging with future leaders, as well as preserving personal and future wealth.
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