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Business Risk Services
Our Business Risk Services team deliver practical and pragmatic solutions that support clients in growing and protecting the inherent value of their businesses.
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Corporate Finance and Deal Advisory
We offer a dedicated team of experienced individuals with a focus on successfully executing transactions for corporates and financial institutions. We offer an integrated approach, with our corporate finance specialists working seamlessly with tax and other specialists to ensure that every angle is covered.
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Economic Advisory
Our all-island Economics Advisory team combines expertise in economics and business with a wealth of experience across the public and private sectors.
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Forensic Accounting
We have a different way of doing business by delivering real insight through a combination of technical rigour, commercial experience and intuitive judgment. We take pride in delivering responsive and tailored solutions to all our clients, capitalising on the wealth of experience housed within our Belfast and wider Forensics team
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People and Change Consulting
The Grant Thornton People & Change Consulting practice works with clients on these issues as well as on all aspects of how they attract, retain, engage develop, deploy and lead their people.
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Restructuring
We work with a wide variety of clients and stakeholders such as high street banks, private equity funds, directors, government agencies and creditors to implement solutions which provide the best possible outcomes.
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Technology Consulting
Motivating and assisting our clients to pursue, maintain and secure the benefits of digital solutions is at the core of our Digital Transformation teams' agenda and goals. We work with business leaders to deliver efficient digital strategies and operating models that provide new or enhanced capabilities.
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Corporate and International Tax
Northern Ireland businesses face further challenges as they operate in the only part of the UK that has a land border with a country offering a lower tax rate.
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Employer Solutions
Our team specialises in remuneration and incentive planning and works closely with employers, shareholders and employees to ensure that business strategies are aligned and goals achieved in the most tax efficient, cost-effective manner.
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Entrepreneur and Private Client Taxes
Our team of experienced advisors are on hand to guide you through any decision or transaction ranging from the establishment of new business ventures, to realising value on exit, to succession planning and providing for loved ones.
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Global Mobility Services
Grant Thornton Ireland offer a different approach to managing global mobility. We have brought together specialists from our tax, global payroll, people and change and financial accounting teams across Ireland and Northern Ireland, while drawing on the knowledge and insights of our global network of over 143 offices of mobility professionals to provide you with a holistic approach to managing global mobility.
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Outsourced Payroll
Our outsourced service provides valued service to over 150 separate PAYE schemes. These ranging from 1 to 1000 employees, working for micro, SME and global employers. The service is supported by the integrated network of tax and global mobility teams and the wider Grant Thornton network delivering a seamless service. Experienced staff deliver a personal service built around your business needs.
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Tax Disputes and Investigations
Our Tax Disputes and Investigation team is made up of tax experts and former HMRC investigators who have years of experience in dealing with a variety of tax investigations. Our expertise and insight can guide you through all interactions, keeping your cost at a minimum while allowing you to continue with the day to day running of your business.
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VAT and Indirect Taxes
At Grant Thornton (NI) LLP, our team helps Northern Ireland businesses manage their UK and global indirect tax risks which, as transactional taxes, can quickly become big liabilities.
Planning for the future of a family firm
30 Apr 2019A recent study by Grant Thornton showed that family run businesses make up two-thirds of all businesses around the world and account for over 70% of global GDP each year. In Northern Ireland, the picture is similar, with a higher ratio of family run businesses than any other region of the UK.
The broad mix of Northern Irish family run businesses which export both skills and goods globally is a testament to the quality of the skilled labour and resources that we have here.
Recent statistics from the UK based Institute for Family Business however, showed that only 10% of family run organisations are currently in the ownership of the third generation and only 8% are in the ownership of the fourth generation or more.
Choosing the right person to take the reins is perhaps the most important strategic decision a family run business can make. Leadership talent within the family should be identified and nurtured from an early age. When the timing is right for the handover, it should be orderly and co-ordinated in a way to ensure the institutional memory of the former leader(s) does not leave the business immediately.
The worst case scenario involves forcing or expecting the next generation to take control if they don’t want to, or if they lack the appropriate skills and experience to take the business forward. As you might expect, this approach does not tend to produce positive results.
In addition to succession planning, a lack of formal structure and poor corporate governance procedures are an unfortunate common weakness among family run businesses. All too often, the lines between family, business ownership and the management of the business are blurred.
Although often challenging to introduce due to the presence of a strong patriarchal/ matriarchal figure, a clear written structure can be very useful to define and regulate the relationship between family members and the business, and seek to limit potential areas of conflict.
Like all businesses large and small, robust financial planning and analysis is essential. Without this, the ability to effectively manage cash flow, review key performance indicators and ensure profitability can be challenging.
Thankfully, however, in recent years there have been significant technological improvements for SMEs in this area, which can provide the perfect cost-effective solution to good quality financial information. This new technology is often 'cloud' based and available on any mobile device, meaning that the information is accessible to all and can be easily reviewed and analysed.
Family run businesses will remain key to the growth of Northern Irish economy and with consideration of the challenges faced above, it is hoped that they can survive and flourish long into the future.