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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.
The family business
07 Nov 2017Family-owned businesses are often, and rightly so, referred to as the backbone of the Northern Ireland economy. They employ well over 50,000 people and in relative terms there are more family businesses in Northern Ireland, than in any other part of the UK.
The largest of the local family businesses are well known, and several are represented in the 2017 Sunday Times Grant Thornton Top Track 250 League Table, including LCC Group, Graham Construction, Lagan Construction Group, FP McCann, Norbrook, and Wrights Group.
Many family firms will point to the strong personal bonds, loyalty, commitment and a long term strategic view, as characteristics that underpin their success and provide a unique competitive advantage. Fundamentally however, it is the ability to develop a culture that respects and accommodates the best interests of the business and the needs of the family that will give a family business longevity.
Where the line between family and business interests becomes blurred, both the business and the family unit will tend to suffer, and despite the notable success stories, the long term failure rate of family businesses remains high, with over 90% of NI family businesses failing to make the third generation.
To improve the chances of becoming a multi-generational business, there are five key considerations that family owned businesses should address.
Communication; strong relationships require good communication. Often within family-run businesses, poor communication can turn negligible disagreements into major conflicts. Appointing a non-executive director or establishing an advisory board to provide an impartial viewpoint will help prevent emotions from clouding business decisions.
Financial planning and expertise; all businesses, not just those that are family-owned, should ensure they have an appropriate level of financial expertise to prepare the business for growth. A common hazard is not seeking financial advice when needed, as often this means looking outside the family.
Conflict avoidance; the business environment can often be a stressful one. Add family relationships to the mix and the potential for conflict increases significantly. Family conflicts need to be avoided or dealt with at an early stage and clear guidance through a written constitution, or similar document setting out how to deal with conflict and disagreements, can be invaluable. A trusted third party may also need to be involved in more serious manners.
Talent management; talent outside the family may often be better placed to help run the business. Pay packages that reward the family in excess of ability or performance will decrease staff morale, increase staff turnover and push away key talent.
Succession planning; around 40% of employees in SME’s feel the business wouldn’t survive without the founder, so the earlier the succession planning starts, the better. Choosing the right person to lead the business into the future is one of the most important strategic decisions a family-run business will face. Therefore, if the strategy is to retain leadership roles within the family unit, the importance of nurturing talent identified at a young age cannot be underestimated.