Family-owned firms are a crucial part of the business community – particularly across the South West – and some of the most successful and well-established businesses locally and nationally have seen members of the same family involved for several generations.
At Old Mill our approach to working with all clients – building up long-term relationships, and gaining an understanding of both the business and the aims and aspirations of the owner – is ideally suited to supporting and advising businesses that are family owned and run. We recognise that emotions need to be taken into greater account in a family business because of the relationship dynamics, and we know that as a family business owner, you are more likely to take a proactive approach to resolving family business issues.
While family and business are very different institutions, our experienced teams also understand that in some areas the two will overlap or come into potential conflict. We are able to offer you expert advice and guidance on issues such as succession planning in family businesses, reconciliation of family disputes, business valuations on death or divorce, drawing up a family business constitution, and advice on what’s ‘fair’ when family disputes arise around ownership or remuneration issues.
Working specifically with progressive business owners who require the management of changing entities and issues on a daily basis, Old Mill has numerous years of experience to advise on and seek resolutions.
• Helping family businesses achieve their future goals
• Family and business are two very different, often conflicting systems
• Facilitating a family business constitution
• Family business consultancy services
• Reconciliation of family disputes
• Business valuations on death/divorce
• Advice on ‘what’s fair’ when family disputes arise around ownership and/or remuneration issues
Many rural businesses, particularly in the farming and agricultural sectors, are built around the family unit, and have existed for several generations. The continuing success of those rural family businesses will often depend on a progressive approach from the current head of the business, and a proactive approach from specialist and experienced advisers.
Working specifically with farmers and rural businesses, our team of specialists has numerous years of experience advising on and seeking resolutions to family business issues.
We understand the importance of accommodating emotional factors in family business resolutions, the need for long-term succession planning, the effect that changing family dynamics (including marriage, divorce and death) can have on the family business structure, and the crucial role that we have to play as a trusted adviser and mediator around the kitchen table.
As a family business you tend to find yourself wearing a lot of hats, so it’s essential to have an adviser like Phil Mills who knows our industry and is a good sounding board. The move onto Xero was a massive transition for us as there’s a lot of paperwork generated because of the cheese sales and we needed to set up all the cost centres and systems. We can now pull the right information on a monthly basis to provide us with much better insights to be able to run the business.