What does the future hold for family-owned businesses? - Boodle Hatfield

Your lawyers since 1722

21 Nov 2023

What does the future hold for family-owned businesses?

2 min read

This week marks 'Family Business Week' - a week-long celebration championing the central role family-owned businesses play in shaping and supporting their local communities, economy, and natural environment. Led by Family Business UK, the 3rd annual celebration runs from Monday 20 - 24 November and this year shines a spotlight on innovative and pioneering family business leaders and organisations that are shaping the future of family business for the next generation.

At Boodle Hatfield, we know that in the UK and around the world, successful family businesses sit right at the heart of economies and communities. As drivers of growth, as employers, as innovators and philanthropists, their impact cannot be underestimated. Just like every family, every family business is unique and they face challenges other companies do not. 

Our recent 'Lessons in Legacy' research has reinforced that the world of private wealth is changing fast and defining and securing a legacy requires more sensitivity and defter planning than ever before. The next 25 years is going to see a huge transfer of wealth to new generations and philanthropy, entrepreneurship, pandemic disease, conflict and climate change all feed into conversations that a succeeding generation may view differently to the last. To secure a successful succession and leave a strong legacy requires intelligent planning and the family need to think beyond their day-to-day affairs and consider a range of potential futures. Our ‘Lessons in Legacy’ campaign explores what legacy now means in the twenty first century and we speak to a number of leading academics, professional advisers and business leaders about the evolution in the approaches, attitudes and adjustments successful individuals and families are taking to plan for wealth transfer. We break down some of the themes that are now front of mind for those responsible for family wealth and take into account the priorities of the succeeding generation and look at how, in turn, we as advisers can support and steward a legacy’s sustainability and reflect a families’ longer-term purpose, values and sense of cohesion.

Our episodes with Ben Morton Wright, Professor Beth Breeze, Sarah Woolnough, Dr Justin Craig, Catherine Grum and Maria Villax can all be found below or can be accessed via SpotifyPodbeanApple Podcasts or Soundcloud.  To find out more about the series please click here.

Boodle Hatfield is one of Family Business UK’s (FBUK) corporate partners and has been carefully selected as a highly respected independent family business service provider. More information about FBUK and their Family Business Week can be found here. 

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