Howard Hackney

Dividends v Salary - Now advise businesses to pay commercial salaries as you don't have to put the cash aside to pay the dividend tax due later, it represents commercial reality when valuing the business, is just about beneficial tax wise & you have a salary to justify a mortgage

Creating a leadership path for the next generation fosters confidence and loyalty. Provide mentorship and responsibility at every step. #FamilyBusiness #Succession #Leadership

When there is a contract being determined with ongoing WIP it is often a good idea to agree % shares between partners at the time of signing to avoid issues at a later date. #SeekAdvice

When working towards a buy-out of a partnership it is often a good early process to discuss the key concerns and challenges and to document a memorandum of understanding before entering into formal discussions and moving towards Heads of Terms.

Really lovely when you catch up with someone you acted for over 20 years and they come back in search of more advice now. Great to have relationships that endure.

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 It creates pride and purpose—but it can also trap future generations in outdated visions.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

Great discussions around governance and individual responsibilities.

Lovely dinner in Sheffield with an old colleague who specialises in Employee Ownership Trusts and Independent Trustees - having some really good debates on some of the technical issues involved. Great to meet like minded individuals with interest in the EOT sector.

Drives younger entrepreneurial professionals away from salaried partner status and call into question the future drivers/leaders in professional practices.

Numerous examples of salaried partners in professional practices earning £100,000 per annum through PAYE and two kids and refuse salaried partner promotion and £25,000 salary increase due to higher tax rates and loss of childcare allowance

Often the issues is already known but the parents just don't want to confront the issue for fear of losing a relationship with a child.

Totally understand that generations of family owners feel the need to appoint joint managing directors in the next generation to avoid making a choice between them but this often just defers the inevitable...

Within the context of family firms with numerous children in the next generation, think carefully about offering shares to children not employed within the business as this is likely to lead to friction at a later date.

Always need to consider minority investment adjustments when considering a transaction - should a minority shareholding be valued at full value or with a minority interest adjustment #SeekAdvice

Valuations - there is often a valuation clause including 'fair value assessed by an independent valuer' which is subjective & may be challenged by others if there is no detailed clarification as to the aspects of the valuation such as multipliers, working capital adjustments etc

Always advisable to secure tax clearances from HMRC to mitigate the danger of a transaction being taxed as income rather than capital.

All governance documentation should be reviewed by the accountants and lawyers together in order that nothing is missed, such as ensuring that put and call options are used on death to avoid the loss of Business Property Relief.

When looking at a management buy-out of the first generation in a business it is really important to take an holistic approach to all aspects of the deal and to consider all of the potential consequences.

As advisers we are privileged to be involved with businesses and their stakeholders and get to be invited in to their inner world and advise on matters accordingly.

Some incredible examples of well run businesses with good governance and great values coming through which as advisers who often get called in to help businesses with challenging situations is really impressive. Some great contenders. #FBOTY2026

Delighted to have been one of the judges for the National Family Business of the Year Awards 2026 - tough decisions with so many credible entries too. Look forward to the winners being announced on June 17.