Howard Hackney

Howard Hackney LLP - advisory only Chartered Accountants focussing on mid market family businesses & professional practices

[Howard Hackney @HowardHackney]

Family farms are the heart of agriculture. They grow more than crops. They grow communities, traditions, and sustainability. #FamilyBusiness #SupportFarmers

[Howard Hackney @HowardHackney]

Nepotism can lead to appointing unqualified family members to key positions, risking the business's growth and success. #FamilyBusiness #Nepotism

[Howard Hackney @HowardHackney]

Generational gaps can result in differing visions and approaches, causing friction and hindering business innovation. #FamilyBusiness

[Howard Hackney @HowardHackney]

Increasingly prefer, in spite of cash flow disadvantages, for family firms to pay directors market rates through payroll, as real costs recorded, no need to save funds to pay tax later, better at higher rates than dividends (not in Scotland) & paperwork helps obtain a mortgage.

[Howard Hackney @HowardHackney]

@seanbriscombe Unless financially secure with wealth independent of the business the best solution for the founder - but not necessarily the successor - is a veto over fundamental reserved matters.

[Howard Hackney @HowardHackney]

Profit share in professional services is three-fold: Interest on capital, fixed prior share and dividend based on ownership. Document the policy and keep it simple.

[Howard Hackney @HowardHackney]

Currently there is no Capital Gains Tax on death so an elderly, frail individual is unlikely to want to make any gifts that crystallise a CGT liability.

[Howard Hackney @HowardHackney]

Often a close call but I like the LLP model unless there is significant borrowing to pay down. #SeekAdvice #LawFirms #AccountingPractices

[Howard Hackney @HowardHackney]

Should a professional practice be operated through an LLP or a Limited company?

[Howard Hackney @HowardHackney]

It might even be driven by a need to pay off bank borrowings that leads to the inflated valuation. #SeekAdvice #FamilyBusiness

[Howard Hackney @HowardHackney]

Often the case with business owners that they have an inflated view of the value of the business. Deals often stumble because the value is more than the potential acquirers are prepared to pay.

[Howard Hackney @HowardHackney]

Often complicated due to different generational expectations and therefore the need for honest, open conversations in order to address the needs for all.

[Howard Hackney @HowardHackney]

Managing existing partners in professional services when looking to grow and appoint new partners is complicated.

[Howard Hackney @HowardHackney]

Need to find ways to create a structure to attract and retain new partners

[Howard Hackney @HowardHackney]

Any partnership, particularly law firms, when talking about results, have partners who really only want to know what they can draw from the profits and what they can draw compared to their colleagues.

[Howard Hackney @HowardHackney]

Family conflicts can escalate and spill into the business environment, creating a toxic workplace and lowering morale. #FamilyBusiness

[Howard Hackney @HowardHackney]

Anyone with more than 25% shareholding in a company needs to prove their identity using online tools and it takes quite a bit of time out of your day. #RedTape What is the purpose? Are all the AML procedures going to catch the people they are really targetting?

[Howard Hackney @HowardHackney]

Small practitioners discussion group this week highlighted concerns about getting hold of the Inland Revenue which appears to be getting worse, unless you deal with a specialist department when seeking tax clearances with responses coming through really quickly.