QUESTIONS TO ASK IN YOUR FAMILY BUSINESS
1. What are the most common problems with family businesses?
2. How can we minimise the risk of disputes over the running of the business?
3. What can I do if family members who work for the business don’t get on well together?
4. What can be done if a family shareholder is using their shares as a weapon in a family feud?
5. Can we stop a family shareholder giving shares to the ‘black sheep’ of the family?
6. What sort of issues should we cover in a shareholders’ agreement for a family business?
7. Are there any restrictions on employing family members?
8. Can we favour family members over non-family employees?
9. Should we encourage our children to work for the business?
10. Are there any restrictions on appointing family members to the board of directors?
11. Should we have directors from outside the family?
12. How can I get the advice and support I need?
13. Can I give my spouse a salary so that we take money from the business in a more tax-efficient way?
14. Can I give my spouse shares so that we take dividends from the business in a more tax-efficient way?
15. Can we pay dividends instead of salaries to reduce our tax bill?
16. How can we attract additional financing into a family-controlled business?
17. How can we bring in outside investors but still retain control?
18. Do we have to take account of minority shareholders’ interests and wishes?
19. Can I reinvest profits in the business as a way of building up a retirement fund?
20. How do I protect my family against the possibility of the business collapsing?
21. How can I make sure I will keep control of the business if I get divorced?
22. If there is a divorce in the family, can we get shares back from an ex-spouse who is no longer a family member?
Need help with the answers to some or all of the questions above? Do some of these questions concern you more than others? Why not let John Barnes Non-Executive Director and his trusted associates help you to a better business future.