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Advising the Family Run Business offers practical advice to lawyers (usually solicitors in small and medium-sized practices) on dealing with family business clients. No business starts as a family business. It becomes one when changes need to be made to the structure or ownership of the business. Such businesses are the backbone of the British economy. Problems are often rooted in family issues rather than commercial issues and therefore advisors, be they legal financial or management need to be attuned to some of the complex family issues as well as the commercial issues.
The International Centre for Families in Business (ICFIB) which advises family businesses working alongside lawyers and accountants has seen a marked increase in interest from law firms in the family business sector. It is an area of business highlighted by the Coalition Government as a growth sector, and collaborative law is also on the government’s agenda.
The purpose of this book is to offer practical advice to lawyers (usually solicitors in small and medium-sized practices) on dealing with family business clients. It will also explain the dynamics of a family business and why they should be approached in a different way to other corporate entities.