Building Britain for Generations: A Policy Agenda for Family Businesses
Summary of Recommendations A Accessing Finance and Business Support
Financial Products for family businesses
Start, Scale and Stay Provide better incentives for family offices to invest patient capital in other businesses looking to scale up. This will recycle capital from one set of successful family businesses into the next, enabling diversification and harnessing scale-up potential. Allow rollover relief for investing in private trading companies. If someone sells an asset and reinvests the money into buying shares in a UK private trading business, they should be able to roll over paying Capital Gains Tax as with the current Enterprise Investment Scheme (EIS) system, but without limits on the size of the company.
Export Finance and Business Support Create an Export Support and Finance ‘task and finish’ group to address the unique barriers family firms face. Convened by FBUK, DBT and UK Export Finance (UKEF), this would help more family firms take their first, or next, steps into international trade.
Mentoring Expand mentoring capacity for family‑owned firms by recruiting and training more mentors with direct family business experience into mentoring bodies such as MentorsMe.
HM Treasury and the Department for Business and Trade (DBT) should develop dedicated financial products for family firms and create a clear, easy-to-navigate ‘Family Business Products’ section within the Business Growth Service. Use the Government’s convening power of growth funding to ensure banks and lenders understand family governance models and expand growth capital funds which are tailored to non-venture-backed ‘asset rich/cash poor’ family businesses.
Page 9
Made with FlippingBook - professional solution for displaying marketing and sales documents online