Family businesses across Cumbria and beyond make a considerable contribution to the UK economy and should be supported with effective advice.
A second-generation family business itself, Lamont Pridmore already work with family-led firms from a wide range of sectors. We appreciate that these companies generally take a longer view of business and have different values to a purely commercial organisation owned by shareholders, which is why they often manage to succeed in difficult situations where others may fail.
However, we also appreciate that alongside the strengths, family-run businesses also have a very different set of challenges to face – some of which revolve around complex family relationships.
As a successful family firm, we understand the unique challenges and opportunities which affect the day-to-day operation of a family business. It is undeniable that family businesses make a huge contribution to the region and we are fortunate in Cumbria to have a high number of successful family-run companies.
Working with brothers, sisters, uncles and aunts can at times cause some unique scenarios, particularly when it comes to succession, but ultimately these close ties mean that these firms can operate in a different way to other private businesses who may have to deal with shareholders.
It was vitally important that these businesses have an effective and practical management and shareholding structure, which includes engagement with family members who aren’t involved in the business and this is particularly key when transferring ownership and management of your family business to the next generation, which is where owners can benefit from the advice of specialists, such as Lamont Pridmore.
At Lamont Pridmore, we regularly get involved in advising on transferring ownership and management of your family business to the next generation. This is part of our wider package of specialist services, which focus on improving profit, minimising tax liabilities, investing wealth wisely and protecting the family business for generations to come.
Our own experiences play directly into these services, which means that we are able to offer unique advice in a wide range of complex scenarios.
Family businesses face several unique challenges and opportunities which affect their day to day operation and potential future growth. As a successful family business ourselves, we understand these wide-ranging issues and are in an ideal position to support and advise you.
Our family business experts are a father and son team, Graham and Chris Lamont. They have drawn on personal experience and their expertise in assisting clients to develop a comprehensive package of services for those operating in this sector.