Will your family business survive?

Family and owner managed businesses represent over three quarters of all businesses in Ireland and provide half of employment in the economy, yet many fail to make the successful transition to the second generation. Recognising and understanding that, in addition to general business requirements, family and owner managed businesses face a unique set of challenges, Colm O’Grady, Client Service Partner at Russell Brennan Keane Chartered Accountants advises that, ‘Running a family or owner managed business can be more complex in many ways due to individuals managing two relationships, that of a stakeholder and a family relationship, in a business environment.’ Colm, who specialises in strategy for owner managed businesses, says ‘In order to succeed, family businesses must have a clear management structure and a long term plan and vision. Critically the business must be clearly structured and the following points should be addressed: