Howard Hackney

Legacy is a double-edged sword in family businesses. It creates pride and purpose—but it can also trap future generations in outdated visions. The real challenge? Balancing tradition with transformation. #FamilyBusiness #Legacy

LLPs can be a good planning vehicle and can be very flexible for the future and being used more and more to protect wealth for the next generation, depending on the circumstances. #SeekAdvice #ComplexPlanning #FamilyBusiness

When crafting a shareholders agreement for a #familybusiness it is vital that the adviser is trusted by all sides and seen to be even-handed by all parties - something that is not easy to achieve!

Creating wealth outside of the business for the older generation is important so that they are not dependent on the performance of the business and the decisions of the next generation in later life. #SeekAdvice

Reducing law firm bank account interest and potential ''confiscation' by the Government forces the need for law firms to focus on businesses making trading profits and not to become reliant on that bank interest.

In business you can have three things - price, quality and speed. You often find businesses with two of these but not often all three. Where does your business fit?

When selling a business usually three forms of consideration. Up front cash payment, deferred consideration and earn out from achievements in the subsequent period. Complex arrangements around Capital Gains Tax that need to be discussed and a plan agreed. #SeekAdvice

In family businesses, succession planning isn’t just about passing the baton; it’s about preserving legacy and values. #FamilyBusiness #Legacy #SeekAdvice buff.ly/3VCrhfw

Promotion to partner is often seen as the ultimate career milestone in professional services. In reality, it’s the beginning of a new & far more demanding phase, moving from high performer to business owner #lawfirm #professionalpractice #partner

Family businesses aren't just about profits; they're about legacy, values, and building something that lasts generations. #FamilyBusiness #Legacy

As professionals working with clients dealing with real mental illness and capacity issues is particularly difficult. #FamilyBusiness #LawFirms

Surprising how often significant loans are made to shareholders without considering the impact of a section 455 liability which means a third of the loan is due in tax over to the Revenue. Often paid late and incurring interest on late payment and penalties too.

Family businesses offer a unique edge: deep trust, shared vision, and long-term commitment. In a world of quick wins, they’re built to last. #FamilyBusiness #Sustainability

Succession stress is real. Many family-owned caravan parks face tension over "who takes over next" — but no one’s asking "how do we future-proof this business?" #FamilyBusiness #SuccessionPlanning

LLP's are wonderfully flexible and you can mirror anything within a FIC within an LLP and enable succession to take place before the inheritance tax changes take effect #FamilyBusiness

Legacy is the true profit of a family business. It’s not just about passing down wealth, but wisdom, values, and purpose. #LegacyBusiness #FamilyDriven

Really looking forward to an inspirational #FamilyBusiness day in London this Thursday at The Great British Family Business Conference eventbrite.co.uk/e/the-great-br…

Succession is still, and probably always will be, a hot topic to be addressed in the world of family business

"We've always done it this way." The 6 most dangerous words in a legacy family business. Respect the past, but don’t let it write your future. #FamilyBusiness

Develop a succession plan early. Prepare the next generation for leadership roles through training and mentorship. #FamilyBusiness #SuccessionPlanning