Family businesses are a major contributor to the UK economy, but they also involve challenges different to those of other types of company. These are three tips you need to pay attention to if you want your family firm to last from one generation to the next.

Speak to professionals when needed

It can be easy for family-run firms to become insular, but there are times when getting outside professional help will make sense. For example, when dealing with financial issues such as inheritance tax, a family business accountant in South Yorkshire or anywhere else can help you find ways of maximising tax efficiency.

Hold business meetings each week

Try to arrange business meetings once a week, when it is convenient for all family members involved with the business, and restrict discussion to company matters only. Set a tight agenda for these, to avoid time being wasted on non-business matters and consider inviting outside parties, like your accountant or solicitor, to help keep the agenda on track. Here at Adaptive Accountancy, we provide our family business services at all times of the day.

Keep home and business life separate

It is harder for people running businesses with their families to avoid work and home life bleeding into each other, but bringing personal issues to work will lead to tensions that make it impossible to run the company effectively. Make sure you set strict boundaries between the two and that every member of the family observes them.