Succession Can Create A Difficult Conversation, But It Doesn’t Have to…
Preparing to pass the business to the next generation is often seen as one of the biggest challenges facing the family business, resulting in changes both for the family and the business. In addition, there are issues that need to be faced such as the fact that the current leader is getting older, and getting closer to ‘death’ which is a topic that is not often up for discussion, and there is the matter of the next generation waiting in the wings, some willing and able to take the helm and others quietly hoping that they will never be asked.
Creating An Internal Market For Shares In The Family Business
As family businesses pass through the generations there is a tendency for the shareholding to become more dispersed as more family members own shares in the business. Obviously, with a more disparate shareholder base there are potential issues in terms of communication but the bigger issue tends to focus on the value of the shares and the ability of an individual to sell them.
Back from holiday, seconds out – Don’t let conflict hit the family firm!
Family firms are built upon relationships and clearly when you work with your nearest and dearest there is a tendency not to draw the line between business and family life. Managing boundaries in the board room is clearly essential if you want to reduce the risk of disputes that could escalate out of control so that you are not one of the 70% of family firms who fail to survive to the second generation.
Family Businesses, Surviving the Generations
Family businesses are the backbone to the UK economy but few survive to the 3rd generation – Howard Hackney considers why, how to avoid being one of the statistics and what is the advisers’ role.
Managing Your Partner Resource
In this article Howard extracts the key points applicable to PI firms from the issues raised in a Webinar that he presented to the Law Management Section of the Law society on 18 September 2013 while it has been updated for the impact of the changes announced in the Chancellor’s autumn Statement.
Selling your Law Firm
The purchase and sale of law firms are at unprecedented levels given the strategic changes that have taken and continue to take place in the “legal industry”. In this article Howard Hackney – who presented much of this in a Webinar to the Law Management Section in March 2013 – considers the issues involved and how best to maximize value.
Managing Your Escape
Giving up practicing life comes to us all realisation of value becomes the key issue. This can be achieved by outright sale, planned closure or admission of partners.
Howard Hackney looks at the practicalities of succession planning for private client firms, either through selling the firm or bringing in new partners – and what retiring partners need to do to plan their own future.
Leading Cheshire Firms Facilitate Specialist Acquisition Deal – Cheshire-based firms Aaron & Partners LLP and Howard Hackney LLP have concluded a significant acquisition deal on behalf of a leading asbestos litigation practice. Read Full Release