“More than three quarters of businesses in Ireland are
family-owned but less than a third make it through to the second
generation.”
(Sunday Independent)
Family businesses can be found in every sector of the economy, in all shapes and sizes. Regardless of size, however, running a successful family business brings unique challenges which can affect its chances of survival and the transition to the next generation. Irish family firms face increasingly complex issues that affect not only the future of the business, but also those of the proprietor, their family and employees. How does a proprietor reconcile their own and their family’s aspirations with the commercial goals of the firm? Can they motivate family and non-family employees alike? Should they try to solve problems themselves, or should they take independent advice? When should they start addressing and planning for the major issue of succession, and who should they choose? Other key issues include whether to sell, raise external finance, diversify, merge, and bring in more family members or more outside management.
Featuring case studies and checklists of key steps to take, this book
addresses:
- the conflict between the more emotional aspects of family life and the objective view required by business management;
- the critical importance of having a family strategic plan;
- integrating outside employees and family employees;
- the value of an independent board of directors; and
- succession problems and relinquishing control.
Kieran McCarthy brings together the key strands of his in-depth understanding of family businesses, across a whole range of issues from the commercial to the emotional.
“The words ‘passion’ and ‘long-term’ occur regularly throughout this book, which is essential reading for any family business and those words are the secrets!”
Senator Feargal Quinn
For further information, contact publishing@charteredaccountants.ie or telephone on (+353) 01 637 7204
The Author
Kieran McCarthy, FCPA, AITI, is a partner in the firm of Baker Tilly Hughes Blake Chartered Accountants. He acts for family-owned businesses and has built up an extensive network of contacts and experience in his field. He is the son of two entrepreneurs, which has also given him an essential insight into the inner workings of family businesses and first-hand knowledge of the challenges they face. Kieran previously worked as an accountant with a ‘Big 4’ firm and worked in industry for two years. He also lectured in accounting at Cork Institute of Technology for a number of years.
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