-
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.
-
Digital Risk
Grant Thornton offers solutions to the digital risk issues you are sure to face. Our skilled and experienced security team can helping by advising and consulting, giving you peace of mind, clear value for money and an enhanced ability to react to attacks.
-
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.
-
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.
-
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
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
Properly dealing with business succession is a key survival requirement for any family business or owner-managed business. This can ensure that the business continues to grow sustainably and enables the current owners to secure their retirement.
Key ingredients to a successful succession plan include having a well-structured retirement plan for the current owners and ensuring that the business has a capable management team (family and/or non-family).
Starting to plan early for succession is likely to pay off, giving time for the necessary retirement fund to be accumulated and for the management team to develop/acquire the key skills required to lead the business for the future.
Businesses are often seen to have either not started the process early enough or have owners who are reluctant to fully support a succession process. This isn’t surprising as many current leaders of family businesses were original founders and key drivers of the business for many years and tend to mix being an owner of the business with being the key management; it is not easy for them to shift their mindset quickly.
This could explain why the statistics for family businesses survival beyond the first and second generations are poor. Current business owners tend to be too optimistic about their chances of successfully passing the business on to the next generation.
It is therefore important that any business succession process includes a serious assessment of whether the business should be sold. This is the ultimate succession step and will guarantee the funds are available to ensure that the current owners can enjoy their retirement. The current owners of the business are always likely to be the best people to initiate and lead a sales process, they know the most about a business, the dynamics of the market in which it operates and who the most suitable buyers might be.
Deciding to transfer the business to the next generation should therefore not be viewed as the natural step to take without considering all of the above factors. It is in many ways a more radical step than selling the business and can involve greater risk. Businesses that embrace having members of key management who are not family members (perhaps even as Managing Director or Chief Executive) and properly separate the role of an owner with being a member of key management are likely to be more successful. There will be a focus on good corporate governance and fair rewards for fair efforts.
Having a forum to secure the input of wider family members (who may have an ownership share of the business but are not employed by the business) can also aid longevity by improving communication and avoiding damaging disputes. The role of this forum should be documented in some form of shareholders agreement or family constitution.
Successfully managing a succession process requires time and effort and should only be contemplated after considering whether a better outcome could be achieved by selling the business.
Alan Gourley can be contacted at alan.gourley@ie.gt.com