Our Insights

When it comes to accounting services, many practices focus exclusively on tax returns and compliance. These services are necessary, of course, but for mid-size, multi-generational family businesses, they often fall short of addressing the complexities and aspirations unique to these enterprises. Family businesses need more than just financial record-keeping and compliance; they require a partner who can help navigate strategy, tax and business advisory, and succession planning. 

 Why is this broader portfolio so valuable? Let’s explore how it benefits family businesses like yours. 

 Holistic Business Insights 

Tax compliance and returns are essential, but they offer a narrow view of your business’s overall health. Advisory services go beyond the numbers, providing a comprehensive perspective on financial and operational performance. These services allow your business to identify inefficiencies, uncover growth opportunities, and align day-to-day decisions with long-term objectives. “It’s not just about compliance,” explains one Thorntons client, “It’s about having a roadmap for where our business is headed.” 

 This approach ensures that solutions are customised, taking into account your family’s history, values, and aspirations. Unlike generalists, a firm with a broader advisory portfolio dives deeper into your unique needs and goals, empowering you to make informed decisions. 

 Proactive Planning and Risk Mitigation 

Family businesses face a myriad of challenges, from navigating tax complexities to responding to market changes. A broader advisory service is proactive, helping you stay ahead of potential issues. Through comprehensive strategy sessions, your business can identify new revenue streams, streamline operations, and prepare for industry disruptions. Advanced tax advisory ensures your business minimises liabilities and maximises cash flow, freeing up capital for reinvestment or family wealth. Moreover, advisory services help you pinpoint vulnerabilities, such as leadership gaps or operational bottlenecks, and craft solutions to mitigate them before they become significant problems. 

 This proactive approach positions your business for sustained growth and resilience, even in challenging times. 

 Succession Planning: Preserving Your Legacy 

Succession is often one of the most sensitive and critical issues for family businesses. Yet, it’s a challenge that many defer until it’s too late. Without a structured plan, the transition of leadership or ownership can lead to uncertainty, disputes, and even the loss of the business itself. Advisory firms with expertise in succession planning address these challenges head-on. They create structured transition plans that align with your family’s values and goals, while facilitating conversations between generations to avoid conflicts and foster alignment. These firms also prepare future leaders by providing mentorship, education, and support. 

 “We weren’t just planning for the next year,” says the CEO of a family manufacturing business. “We were planning for the next generation.” 

 Adding Value Across Generations 

Family businesses often aim to create wealth and opportunities not just for today, but for generations to come. A broader advisory portfolio helps achieve this by focusing on strategies to safeguard family assets and optimise them for reinvestment. It also involves preparing the next generation to lead effectively through financial and managerial training. This approach ensures that your family business remains a source of pride and prosperity for years to come. 

 Adapting to Market Changes 

In today’s rapidly evolving business environment, agility is key. Advisory services help family businesses adapt to market shifts, regulatory changes, and economic fluctuations. By identifying and seizing opportunities to innovate, your business can maintain competitiveness in the market. Real-time insights and analysis enable you to respond effectively to challenges and changes, ensuring that your business thrives in any market condition. 

 Building Stronger Relationships 

Working with an advisory firm that understands the unique dynamics of family businesses fosters a deeper, more trusting relationship. These firms are not just service providers; they become strategic partners who walk alongside you in your journey. A single firm that handles compliance and offers broader advisory services brings consistency and efficiency to your operations. This reduces administrative burdens and ensures you always have a trusted advisor ready to guide you through challenges and opportunities. 

 Conclusion 

For mid-size, multi-generational family businesses, a broader portfolio of accounting and advisory services is not a luxury; it’s a necessity. By going beyond compliance to offer strategy, tax and business advisory, and succession planning, Thorntons can help you navigate the complexities of your business, preserve your legacy, and prepare for a prosperous future. 

 Your business is more than numbers; it’s a story of hard work, resilience, and family pride. Choose a partner who helps you write the next chapter. 

 ——— 

 Thorntons is an accounting and advisory practice to mid-size, family-owned businesses in Western Australia. We offer a fully integrated portfolio of financial, tax, succession, and estate planning services and have the experience to guide you through the complexity so that you can enjoy stability, peace of mind and certainty. 

 To discuss your individual business needs and find out if we might be a fit for you, please contact Thorntons at tp@thorntons.biz or call (08) 9421 1722.