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Family Business Focus

Keeping you informed on the key issues impacting the success and growth of your business.

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Helping your family business thrive for future generations.

Top tips for dealing with intergenerational conflict in family businesses

Author: Johnathan Dudley, Partner, Head of Manufacturing

One of the key questions we get from our family business clients is how to deal with conflict and conflicting priorities between the generations within the business. This is particularly prevalent when the business is undergoing a change of leadership if the family is struggling with the conflicting values goals and priorities of the next generation.

In this article we have outlined some of the things your family can do to help manage any conflicts you may have, both now and in the future.

  1. Schedule a family meeting – The first thing to do to help resolve conflict is to schedule a meeting with all those involved in the family business. In this meeting everyone in the family can set out their desires and objectives and how these align with those of the business.
  2. Create a family business timeline - this will help you to predict when key family events may occur which may effect when business decisions will need to be made. For example when family members will be due to retire.
  3. Create a family charter - A Family Charter is a document drawn up between family members which records their agreement on how a family business should be run. It is a really important document which operates like a treaty between the family members.
  4. Hire a business coach – A business coach can help with a wide variety of issues that family businesses face from helping to devise a business strategy to planning for succession. Families find that being able to interact with a coach for help whenever it suits them helps to give them peace of mind that any arising issues can be dealt with as soon as possible. Receiving personalised feedback and practical advice from someone who understands your business and what you are trying to achieve could also be much more affordable than undertaking an MBA (Master of Business Administration).

Get in touch

For more information take a look at some of the business growth tools we use with our clients.

For more information on dealing with conflict or to discuss your family’s circumstances get in touch with  Johnathan Dudley your usual Crowe contact.

Previous topics covered in our Family Business Focus series

Getting the economy moving post COVID-19 – is low taxation the answer?
It seems inevitable that at some point in the near future, taxes are going to have to rise.
Protecting the family business – reorganising to reduce risk and find efficiencies
Looking at the options to reduce the level of reserves at risk and potential wins to achieve this.
How could future tax reform affect family businesses?
How could possible potential tax rises affect family businesses and its owners?
Making Tax Digital: Key questions for family businesses
How will MTD impact your business, what you need to consider and the next steps.
What does the end of the COVID-19 government support schemes mean for family businesses?
Secure support for your business to get you through there uncertain times.
Five top tax tips for family businesses coming out of lockdown
Tax issues to raise with your advisor ensuring the business thrives.
Gifting shares to the next generation
 The tax consequences of passing the business on to your successors. 
Getting the economy moving post COVID-19 – is low taxation the answer?
It seems inevitable that at some point in the near future, taxes are going to have to rise.
Protecting the family business – reorganising to reduce risk and find efficiencies
Looking at the options to reduce the level of reserves at risk and potential wins to achieve this.
How could future tax reform affect family businesses?
How could possible potential tax rises affect family businesses and its owners?
Making Tax Digital: Key questions for family businesses
How will MTD impact your business, what you need to consider and the next steps.
What does the end of the COVID-19 government support schemes mean for family businesses?
Secure support for your business to get you through there uncertain times.
Five top tax tips for family businesses coming out of lockdown
Tax issues to raise with your advisor ensuring the business thrives.
Gifting shares to the next generation
 The tax consequences of passing the business on to your successors. 
For more information, visit our Business lifecycle.

How we can help

We can help you navigate the business lifecycle and support you through the challenges and opportunities at each stage of your journey to success. For more information please visit our Business lifecycle or speak to your usual Crowe contact.

Contact us

Our national private clients team provides specialist tax advice to some of the most successful individuals and families in the UK. We understand that absolute discretion is essential and take pride in building long-term relationships with our clients. Get in touch with us today.
Rebecca Durrant
Rebecca Durrant
Partner, National Head of Private Clients
Manchester