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Family business in Scotland: The legal and financial challenges

A major new report was published in the “Insider” website, listing Scotland’s most profitable family-owned companies.

According to the report, family owned and operated businesses are a huge contributor to the Scottish economy, with the top 100 firms collectively generating £1.1bn in profits and supporting more than 103,000 jobs. The Top 100 Scottish firms account for 11 per cent of the country’s onshore gross domestic product, with a combined turnover of £16.6bn.

Judging from our experience, we know that the motivation for a lot of our clients who run Scottish family businesses is to build a sustainable business and create wealth for the family. A common question that often occurs is how to balance the general business concerns with family.

From a specialist’s perspective, alongside all the usual legal challenges there are more specialised concerns that family businesses have to bear in mind such as; managing succession plans for the business, efficiently managing the family wealth and dealing with family members as staff, which might have a much bigger impact on a family business.

At Morisons Solicitors we have an experienced multi-disciplinary team which provides specialist advice on matters as diverse as succession planning & asset protection, commercial contracts and guardianships. Please contact our Family Business team to talk about your business in more detail and we will be delighted to provide tailored legal advice to your family business needs.

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