Daily Mirror (Northern Ireland)
Firms don’t fear Brexit Family businesses not worried of major impact
Family firms don’t expect Brexit to have a major impact on their business. That is one of the findings from an in-depth survey of Northern Irish companies released yesterday.
It revealed while the UK’S divorce from the European Union is causing uncertainty, more than threequarters said it won’t have a “significantly detrimental effect”.
That is despite the fact the vast majority export across the border to the Republic.
BDO, the business advisory firm which carried out the survey, said this is “partially due to a lack of understanding as to what the impact of Brexit will be but, more importantly, it reflects the view that business will continue and whilst, Brexit may provide challenges, it will also provide opportunities for local businesses”.
However, it said businesses need to make sure they are preparing for Brexit as much as possible.
The firm added: “While we do not know what business will look like post-brexit we know family businesses will need to plan for all eventualities to give them the best chance of sustaining and growing for years to come.”
Maybeth Shaw, partner at BDO Northern Ireland, added. “Family businesses are unique in that they have to find a balance which meets the needs of the family while also sustaining the business.
“Early planning and good guidance are critical to ensure they can thrive now and transition efficiently when the time comes.”
Areas that can be addressed now include looking at VAT and custom duty charges, the impact of corporation tax, the tax impact for employees working across Europe and non-tariff trade barriers such as regulation and passporting.
BDO, in the report entitled The Future of Family Businesses in Northern Ireland said around three quarters of companies in Northern Ireland are family run, and worryingly, only onequarter have a clear succession plan in place.
Ms Shaw added: “Many of the businesses who took part in our survey recognised the real threat they faced in transitioning to the next generation and this is where proactive structured planning is key.
“While most understand the importance of planning, the majority of businesses have yet to implement policies they know are vital to the continued success of their business.”