Member Article

Succession and growth challenges for family businesses on agenda at event

Succession planning and growth strategy are the top business challenges facing family businesses in 2014, according to the findings of a survey run by the national, independent support organisation for family businesses, Families in Business (FiB).

FiB’s ‘Family Business Fortunes’ live survey involved family businesses rating their biggest business challenge - coming joint first was growth strategy and succession planning, communications was second, relationships third, and ownership fourth.

The East Midlands boasts the highest percentage of family businesses in Britain, being home to 237,000 family businesses, which accounts for 77 percent of all businesses in the region and eight percent nationally.

This month, Nottinghamshire family businesses facing these kinds of challenges have the chance to get specialist free face-to-face advice on how to tackle these and other issues at a unique speed dating style style event for family businesses and advisers

The FiB Ask the Adviser event on 25th April at The Carriage Hall, Plumptree, is designed to connect family businesses with an array of non competing advisers.

“It presents the unique opportunity for family business representatives to have short one-to-one confidential meetings with up to five advisers, in one place and one morning,” explains Dani Saveker, CEO of FiB. “It is a fast-paced, networking based concept specifically designed for busy family business owners, leaders and key team members.”

John Massey, Chairman of Mansfield-based manufacturer BM Catalysts, the reigning Midlands Family Business of the Year, is guest speaker at the event and will share his own personal story of being in the family business.

Advisers specialising in working with family firms taking part in the event include The Wilson Organisation – the founders of the Midlands Family Business Awards - PKF Cooper Parry, Cooper Parry Wealth, HR Protected, and Expense Reduction Analysts.

The Nottingham Ask the Adviser runs from 8.30am to 1pm on Friday 25th April. For more information and to book a place: www.fibcommunity.com/ask-the-adviser-nottingham, or contact Dani Saveker, Tel: 07812 99 27 26, Email: dani@fibcommunity.com.

Dani adds: “My advice to family businesses concerned about succession planning would be that it’s never too early to start planning. Where possible this should be an inclusive process involving family and non family members. Succession isn’t just about leadership, it’s about the whole business and it is vital to have a clear and concise strategy for the short, medium and long term, and to communicate the plan to everyone.”

The FiB Community provides a go-to place of understanding and support for family businesses, together with tailored support packages and programmes for its members. It has a growing network that includes professional advisers and supporters of family businesses. FiB is an approved Growth Accelerator Training Provider and its ‘Introduction Workshop: Working with family businesses’ is certified by the CPD certification service.

This was posted in Bdaily's Members' News section by Families in Business (FiB) .