Exploring Family Business

A lack of succession planning is the number one reason family-owned businesses fail to survive. But for those who intend to pass on the business to the next generation, assumptions about how the transition will work without clear communication and an agreed structure can have a devastating effect on the business continuity and personal relationships.

In 2010, Gavin Howarth started working at his family business, Howarths, an HR and employment law firm. In 2013, Gavin became the Managing Director, following many open discussions and careful planning. His parents subsequently implemented the transition of ownership to Gavin, which saw him become the majority shareholder.

As a NextGen leader, Gavin has had to find his own management and leadership style to remain authentic, feel confident, maintain a good relationship with his father, and build on the values that created the business. In this episode, Gavin shares his experience so that other businesses can thrive.

Guest

Gavin Howarth

Howarths

The Howarth Foundation

Family businesses go beyond numbers. Most act according to family values and ethical principles, embrace responsible capitalism and positively impact their local communities. This means they are generally better positioned for long-term success when compared to non-family-owned enterprises.  

But recent challenges, such as the pandemic, and high inflation are leading family businesses to reconsider priorities and the future. Should we expect to see an acceleration of the transition from NowGen to NextGen?

To answer this question, we invite Neil Davy and Fiona Graham of the Institute for Family Business. They also share current trends regarding family business succession, what NowGen can do to align its interests with those of the Next Gen, and what changes NextGen will bring to the family business and the UK business community.

Guest

Neil Davy

Fiona Graham

Institute for Family Business Website

Royal National Lifeboat Institution

RISE Corporate Purpose Advisory

2NZ

Department for Business, Energy and Industrial Strategy

Align: A Leadership Blueprint for Aligning Enterprise Purpose, Strategy, and Organisation by Jonathan Trevor

In March 2022, the Bank of England raised interest rates by a quarter of a percent. This was quickly followed by an identical raise in May and June, bringing the base rate to 1.25%, the highest rate we’ve seen in over thirteen years. At the same time, the UK recorded inflation of nine percent, reaching a forty-year high. Considering all these macroeconomic challenges, we want to understand how they will impact family business funding in a post-pandemic economy.

David Baggott, a Director in the Mazars Deal Advisory team, joins the conversation today to explain the changes in the M&A market and how rising inflation influences the ability to raise funds, specifically regarding family and privately owned businesses.

David has over fifteen years of experience advising and supporting family businesses through different transitions. He leads the debt advisory service at Mazars, providing specialist advice to shareholders seeking investment or funding for growth, as well as funding for succession. David was also shortlisted for Young Accountant of the Year in the Insider North West Young Professionals Awards 2020.

Guest

David Baggott

How understanding your funding options can re-shape your succession plan

How to plan for Successful Succession

Navigating the emotional side of succession planning

Taking over the family business can be a real turning point, with many variables and questions. Should you follow in the footsteps of those who led before you? Do you maintain the status quo? Is now the time to leave your own mark? Is this opportunity right for you at this stage in your career?

To answer these questions, we speak with Cara Macklin, Founder and Chief Disruption Officer of Caram. Cara is a Next-Gen Entrepreneur who grew up in a second-generation family business in Northern Ireland.  

In 2019, having contributed to a sizable increase in revenue, with staff numbers more than doubling and several awards under her belt, she decided to leave the family business. In 2020, Cara launched her own business, Caram, to help Next-Gen family entrepreneurs globally innovate and scale to stay ahead and forge their own paths.

Guest

Cara Macklin

Caram

The C-Suite Network

Irish Business Organization of New York

Irish International Business Network

The Institute of Directors

Taking over a family business brings with it many responsibilities. That shift in decision-making and autonomy can affect the dynamics of the company and the family. But some families have transitioned successfully. So what made the difference for a successful transition? How difficult is it to balance personal ambitions and family legacy? And how is NextGen driving their new ideas into action?  

Josie Morris, Managing Director at Woolcool, an award-winning business that now supplies products to some of the most recognized brands around the globe, answers all the questions.  

Josie is the 2nd generation of Woolcool, and today, she talks about her journey and challenges in joining the family business. Josie also shares how her family has managed the transition while maintaining strong personal relationships throughout the process.

Guest 

Josie Morris

Mazars Family Business Services

Exploring Family Business Podcast Episodes

Emerging risks

The Wool Cool Packaging Limited

ESG Health Check, a sustainability starting point

The economy & your investments webinar series

In season 3 of Exploring Family Business, we address the topic of the NowGen to NextGen transitions. We will explore both the personal and practical aspects of handing over ownership and the management of a family business and the challenges and opportunities that change can bring.

Today, we’re joined by Alan Frost, Partner at Mazars UK. Alan advises family-owned businesses ranging from the 2nd to 4th generation. He also benefits from speaking from personal experience, as he was the 3rd and final generation in his own family’s business.

In family businesses, usually, the owners select and put relatives in the most senior positions. But Alan believes they should prepare by detaching themselves from personal connections and instead consider the requirements of the business first. A greater focus on what the business needs and what is best for the organisation and its stakeholders, is required for a successful transition of control.

Alan also shares how family businesses can prepare NextGen for leadership and decision-making roles and how to create a strategy and the framework to formalise the process.

Guest 

Alan Frost

Mazars Family Business Services

Preparing your business for succession with Alan Frost

The board's role in driving transformation

The economy & your investments webinar series

The final episode sees George Lagarias (Chief Economist at Mazars in the UK), join Natalie Wright to discuss the economic landscape and how its affecting family businesses in the UK. We touch on various sectors including manufacturing, retail, and wholesale as well as property and construction. Although still in the midst of a global pandemic, we are moving away from lockdowns, resulting in more demand for products; the result being a demand for employees, rising business volumes, and a more optimistic future for businesses. However, against this backdrop, concerns around inflation, pivoting business models, rising employment costs, and the need for more rapid digital transformation are all things we need to contend with.

Guest 

George Lagarias 

Mazars Family Business Services

Exploring Family Business Podcast Episodes

Family Business Survey 2020

The economy & your investments webinar series

In the penultimate episode, Natalie is joined by Paul Joyce, a partner in Mazars’ Mergers and Acquisitions team. They discuss employee-owned trusts as an alternative route to succession. Trusts come in many different structures that can be incredibly flexible and tax-efficient, but ultimately whether they are appropriate or not often depends on specific business objectives. An Employee Owned Trust provides a structure to purchase a controlling interest in a company at market value without any capital gains tax. As well as the obvious tax advantages, it provides a framework resulting in less disruption, greater confidentiality, and more opportunities for the existing employees and family members to acquire ownership and control. 

Guest

Paul Joyce 

Mazars Family Business Services

Exploring Family Business Podcast Episodes

Family Business Survey 2020

How understanding your funding options can re-shape your succession plan

In the 4th episode of season 2,  Natalie is joined by Zoe Peck, a Tax Advisory Partner for Mazars, to discuss how different tax structures can be used pre, post, and during the transition of succession. They consider different options available for family businesses to structure their planning in a way that allows them to limit tax leakage and maximise profit extraction without putting the integrity of the business at risk, and whilst also allowing them to protect their long-term legacies.

Special Guest

Zoe Peck

Zoe.Peck@mazars.co.uk

Related Links

Mazars Family Business Services

Exploring Family Business Podcast Season 1

Exploring Family Business Podcast Season 2

Family Business Survey 2020

In the 3rd episode of season 2, Natalie is joined by Andrea Jones, a Partner in the Private Business Wealth Team at Irwin Mitchell. Both discuss the legal framework that business owners and leaders should consider as ‘must haves’ to ensure that the long-term succession, control, decision making and ownership of the business are aligned with the intentions of the family, be that current or future generations. This includes shareholders agreements, Wills, gifting, pre and post nuptial agreements, lasting Powers of Attorney, and trusts.

Guest

Andrea Jones, Private Business Wealth Team Partner at Irwin Mitchell

Mazars Family Business Services

Exploring Family Business Podcast Episodes

Family Business Survey 2020

In our 2nd episode, Natalie is joined by Russ Haworth, a Family Business Consultant and founder of the Family Business Partnership. Russ is also the host of the widely acclaimed Family Business podcast, which he launched in 2017 https://fambizpodcast.com/

Natalie and Russ discuss the emotional and more personal side of succession planning – preparing the family. Russ explains how to break down emotional barriers so families can prepare themselves for the next stage of the business and the next stage of life. 

Succession is inevitable, but the success of the plan and ultimately the business hinders on the communication and honesty of all members of the family system. By creating a safe environment for both open discussions and (positive) conflict, Russ explains how he challenges thinking and beliefs so that families can design a succession plan that suits their long-term needs.

If you have any questions or have show suggestions, please email us

Hosted by Natalie Wright, Head of Family Business at Mazars UK 

Links

Mazars Family Business Services

Family Business Survey 2020

The Family Business Podcast Life Boat Drill Article

Mental Health Awareness in Family Businesses

Guest

Russ Haworth, Family Business Consultant

https://familybusinesspartnership.com/

For the first episode of season 2, Natalie is joined by Alan Frost, Partner in the Consulting division of Mazars and the third and final generation of his own family business. They discuss how essential it is to involve both family and non-family members in designing a general business plan, so the business can thrive. 

Defining the aims, value, and mission will lead to more open conversations around succession planning and will help determine who the future owners, leaders and managers of the business will be, accepting that these roles are not synonymous. 

By aligning your business plan and succession plan you will ensure that the business has the best chance of long term continuity and success, and when the time comes you will be ready to hand over the keys. 

If you have any questions or have show suggestions, please email contact@mazars.co.uk

Hosted by Natalie Wright, Head of Family Business at Mazars UK https://www.mazars.co.uk/Users/Our-team/Natalie-Wright

Guest

Alan Frost, Partner Mazars Consulting 

https://www.linkedin.com/in/alan-frost/?originalSubdomain=uk

Alan.Frost@mazars.co.uk

Links

Mazars Family Business Services

https://www.mazars.co.uk/Home/Services/Privately-Owned-Business-Services/Family-business-services

Family Business Survey 2020

https://www.mazars.co.uk/Home/Services/Privately-Owned-Business-Services/Family-business-services/Family-Business-Survey-2020

Entering into the family business and the experience it offers – 3m 30

It can be difficult to know what you want to do in life as a career and for Chris, he was toying with the idea of becoming a painter and decorator. However, plans changed when his father stepped in to offer him a 6-week placement that turned into a 34-year long career, offering experience from factory work to sales to customer relations. 

Family dynamics – 11m

If one sibling is allowed to go and have a career out with the family business then join in later years, while the other has worked their way up the family business ladder, can this cause resentment? Or does it actually help provide different perspectives and skill sets?

Taking on the parent’s business role – 15m 50

Becoming the MD or essentially the face of the business isn’t an overnight occurrence. Instead, it is a continuous process of learning and gaining insight and experience of others to help push the business forward.

Bringing in the next generation – 20m 50

It’s a good idea to understand the next generation’s skills and what they can bring to the business. Is there a gap in the business where help is needed and if so, can you train them to be the right fit?

What skills will the next generation bring to the family business? 24m 50

The future will bring more automation, digital and updated machinery but in terms of people, common sense is something that is vital, so you have a basic starting point. From there, skills can be developed along the way. 

Join the family business or have your own career? 27m

A lot of time, the next generation in line will go off to university and create their own path by working for someone else. However, Chris notes that a lot of the time, the next generation will miss the feel of the family business and come back to it. Regardless, of where someone may end up, it’s important to understand your purpose, the purpose of the business and whether it will be the right path for you. 

How to manage family conflict – 33m 10 

Having space throughout the day can help separate family and business as everyone will be attending to their own roles. As well as this, it’s important to remain calm, relaxed and work as best you can to have a successful workday with the family.

Mazars

www.Mazars.co.uk

Email: contact@mazars.co.uk

Twitter: @Mazars_UK
Facebook: Mazars UK
LinkedIn: Mazars UK

In 2018, we launched our first Family Business survey in partnership with Family Business United. The survey revealed the challenges, opportunities and issues that family businesses are facing on a daily basis. And whilst the specific detail may change because of external factors, such as Brexit and now the global pandemic, it became clear that there are a number of issues that family businesses will always face, so we wanted to continue with our research in 2019 with a second survey and our 2020 survey will be published this Autumn. 

To view the Family Business Survey 2019, click here

To request a copy of the Family Business survey when it is released, click here 

How to approach must-have conversations – 4m 34

Succession must be talked about but how do you bring it up and where do you begin? Dave and Oliver tell us that it’s all about understanding what you want to achieve and when. Identifying personal and family objectives is key. This then opens up a whole host of discussions about people – do you have the right people in the business right now? Is there anyone in the business with the ability to take on leadership and management responsibilities, and is there an appetite to take the business forward, either in the family or within the wider management team? This then leads on to a discussion about what options are available. 

Why it’s important to have a clear succession plan in place – 7m 16

A succession plan enables the family to evaluate what's important and at what stage that plan needs to come to fruition. But it's not just about the financial aspects. The succession plan has to touch on the family identity, wellbeing, what’s fair and not being divisive. Because often within family businesses, as the tree gets ever bigger, so does the potential conversations that need to happen with different members of family, different entitlement, different working relationships within the business and it becomes much more complex. By having a clear, articulated succession plan, it helps to alleviate some of those concerns and some of those potential problems before they even arise. Essentially, it creates a platform to protect the value and the business.

COVID-19 and the effect it has had on business owners – 12m 03

The last few months have been challenging for everyone; however it has given a lot of time for business owners to reflect. This in turn has led many to consider if their business is equipped for the next stage of growth, if they need to upskill and move in to markets, and for some it may be a time when they think about accelerating their exit, or at least providing the family with financial security by de-risking. 

Having the right skill set for the new normal – 15m 59

Innovation is one thing the next generation can bring to the table that will help the business move forward. As well as being able to provide different ideas, challenge existing ways of working, engage the wider team and focus on new markets. If your business isn’t quite up to date with a particular skill set, then consider bringing someone into the business or having a joint venture with another business who can add value to your product or service offering.

No next generation? What other options are there? – 20m 20

Management buyouts have lots of different forms from vendor-initiated management buyouts, where the vendor controls the process, to management buyout, looking at the second tier, to a two-stage buyout, where you do it in segments. So there's lots of opportunities. EOTs, employee ownership trusts, are really a growing trend, and lots of people are becoming aware of that potential John Lewis type ownership structure moving forward.

Management buy outs and employee ownership trusts – 23m 41

The key with management buyout is, it's a private arrangement, therefore people won’t know that the business is for sale. Pride can be important for family businesses so having a private arrangement is an ideal scenario. Plus, its likely that you already employ the people who are best placed to run your business.

An employee ownership trust, an EOT, is effectively a management buyout too. It's just the structure that the management buyout is achieved by. Effectively, an EOT is selling your business to the employees. There's often the thought that it has to be split equally between all the employees and that's not the case. So there can be different groups of employees that have different ownership structures.

Top tips for considering succession planning – 32m 06

Be ready, consider your business in the eyes of a buyer, what would you find attractive and what would concern you? And how can you improve this? Its important to act now to be sale ready because you never know when a buyer can come knocking. 

Mazars

www.Mazars.co.uk

Email: contact@mazars.co.uk

Twitter: @Mazars_UK
Facebook: Mazars UK
LinkedIn: Mazars UK

In 2018, we launched our first Family Business survey in partnership with Family Business United. The survey revealed the challenges, opportunities and issues that family businesses are facing on a daily basis. And whilst the specific detail may change because of external factors, such as Brexit and now the global pandemic, it became clear that there are a number of issues that family businesses will always face, so we wanted to continue with our research in 2019 with a second survey and our 2020 survey will be published this Autumn. 

To view the Family Business Survey 2019, click here

To request a copy of the Family Business survey when it is released, click here 

Understanding what digital activity is – 3m 10

Digital activity can vary for different clients. Some clients need you to write a strategy, some need you to guide them on how best to go about marketing their businesses. Some people need you to help them skill up their people, others, it might be creative thinking around their brand, their product, their service, or just a campaign. Or a combination of all aspects.

Changes in technology from a marketing perspective – 4m 15

It used to be that brands would build their plans on a ten-year basis. As time went on, businesses started to live quarter by quarter. The biggest disruption has been the introduction of the internet, and from there, saw marketing completely change and able to offer so many different approaches and how to understand the customer and their expectations. 

How does digital help businesses succeed? - 11m 30 

Now that we live amongst a pandemic, digital has been more important than ever to communicate with customers. Digital allows businesses to offer a personal experience, promote messages, interact with customers, be creative and express the business’s story resulting in the customer’s overall experience of the brand. 

Staying true to your heritage while embracing digital – 15m

Having a heritage or history doesn’t mean you can avoid digital but rather gives you the opportunity to be authentic in how you position yourself in the market while remaining true to your core values.

The purpose of social media - 17m

Social media means connecting with an audience. Each platform can be better in different ways e.g. Instagram's for heritage. Twitter is for service. Facebook's for community. However, social is not about necessarily looking at each platform in isolation. It's about thinking about the overall customer experience strategy, and then making sure that social media lines up to how you intend to deliver that and then taking what you learned from social media and feeding that back and looping that back into the customer experience.

Why digital strategy is important – 19m 20

Businesses simply cannot have one. These days, if you don’t have a digital strategy then you could be easily replaced in your market by a company who decides to embrace digital. With digital, you can be transparent online, build your brand and therefore, consumers can see your business for what it is and see if it’s right for them. 

Top tips for digital strategy – 22m 40

Don’t be put off by marketing jargon or even terms like digital transformation. It can be over used and hard to grasp but what it really means is moving forward with the times. Getting started is so important so you can connect with customers and are able to optimise what you’re actually doing digitally – understand the platforms you’re operating on, the systems you have in place, the processes, understand the overall journey for the customer. Don’t leave it to chance. 

Designing and implementing a digital strategy – 29m 30

Understand the audience and what’s going to motivate them, understand how to optimise social media and learn how to measure your results so you can learn from them. 

Mazars

www.Mazars.co.uk

Email: contact@mazars.co.uk

Twitter: @Mazars_UK
Facebook: Mazars UK
LinkedIn: Mazars UK

In 2018, we launched our first Family Business survey in partnership with Family Business United. The survey revealed the challenges, opportunities and issues that family businesses are facing on a daily basis. And whilst the specific detail may change because of external factors, such as Brexit and now the global pandemic, it became clear that there are a number of issues that family businesses will always face, so we wanted to continue with our research in 2019 with a second survey and our 2020 survey will be published this Autumn. 

To view the Family Business Survey 2019, click here

To request a copy of the Family Business survey when it is released, click here 

Yard

Fiona Proudler - https://www.linkedin.com/in/fiona-proudler-009361/

Yard - https://weareyard.com/

Facebook: https://www.facebook.com/WeAreYard

Twitter: https://twitter.com/YardDigital

LinkedIn: https://www.linkedin.com/company/weareyard/

Suggested Inspirational Reading:

Why being family owned is a competitive advantage

Entrepreneur article on family business

The digital transformation of family business legacy speed and customers

Family businesses in the digital economy

How family businesses are using social media to engage in lockdown

Digital marketing strategies for family business

Dealing with personal relationship dynamics – 3m

When running a business with a spouse, it can be tricky to understand who takes the role of leader. To make this a bit easier, try to separate home and work life and set defined roles, responsibilities and boundaries. 

Having the succession talk – 10m

It can be difficult when the next generation doesn’t want to take on the business. So, what do you do next, who do you talk to and do you know what you’re looking for? For Mansfield Pollard, looking for someone who identified with the company’s values was important. 

Letting go of family legacy - 13m50

For Louise, there was never a conversation about changing the business name and there was always that respect for what the business stood for and achieved over the last 100 years. However, there was need for new ideas and how to evolve the business around competitors, market segments and clients. What was important was making sure to also have that clear communication with those that have been with the business for any years and make sure all are able to adapt to change.

Transitioning from a family business to a privately-owned business – 16m 50 

To transition, trust with your staff is fundamental. As well as having openness, honesty and integrity as your core values. Being able to be in the position to say where you are now and where you want the business to go is key and being able to communicate it well. 

Focusing on the long term and when to be reactive – 21m 45

The positives of being a privately-owned business is having an idea and being able to run with it, whether that be planning for the future, or if you need to react quickly to economic changes.

Adapting to COVID-19 – 25m

Going into lockdown meant understanding where the business was, where it needed to go, what areas needed attention and what needed more resources. As well as understanding what’s happening in the market and what’s bringing customers in. 

Mazars

www.Mazars.co.uk

Email: contact@mazars.co.uk

Twitter: @Mazars_UK
Facebook: Mazars UK
LinkedIn: Mazars UK

In 2018, we launched our first Family Business survey in partnership with Family Business United. The survey revealed the challenges, opportunities and issues that family businesses are facing on a daily basis. And whilst the specific detail may change because of external factors, such as Brexit and now the global pandemic, it became clear that there are a number of issues that family businesses will always face, so we wanted to continue with our research in 2019 with a second survey and our 2020 survey will be published this Autumn. 

To view the Family Business Survey 2019, click here

To request a copy of the Family Business survey when it is released, click here 

In this episode, the importance of building a sustainable business and the competitive advantage a family business can bring to the table are discussed along with understanding the importance of non-family board members, bringing in the next generation and how to adapt and protect your business for the short and long term. 

Building a sustainable business 4m 30

There are three things to safeguard: company reputation, family and clients. There will be times when difficult decisions have to made in order to maintain the company’s future, however understanding how to be adaptable, putting it into practice and making those changes can pay off.

Challenges with strategy and direction 9m 40

Having a family business can be a challenging thing in itself, therefore having both family and non- family members involved in decision making can be essential to ensure options are critiqued and analysed from different angles, so that the business benefits for the long term.

Benefits of having a non-family member in a leader position 11m 25

It’s key to key communication channels open when having a non-family member. That way, as Heather points out, it can be a really exciting time as it brings new energy, ways of working and a fresh view on the company that some family members may not have thought of. 

The difficulties that come with being a non-family member 13m 50

Within a family business, there should be no egos and you have to work as part of a team. Being an outsider and coming into with wider experience and skills means you do have to be humble and understand that for others, the business is their livelihood. Sometimes there can be disagreements, but this is good to have as it allows employees to express themselves, be confident enough to give an opinion and continue building relationships. 

Going beyond the here and now 19m 57

It may be hard to see beyond what this year has brought in terms of the pandemic but still planning ahead whether that be the next year, the next five years or next decade is still something businesses should do and when it comes to the future, businesses should strive to invest in people by training them and developing their skill sets. 

What the next generation bring 26m 45

A new generation can bring practicality, experience from past careers and knowledge from various industries, while still understanding they have a responsibility to the business. 

Advice for the next generation 35m

Have the want, commitment, desire, interest and longing for the business to be successful. Speak to customers that the business serves, get the feedback, understand what the business can offer and think about resolutions. There are always ways to directly and indirectly learn within the company and don’t be afraid to ask for help.

Mazars

www.Mazars.co.uk

Email: contact@mazars.co.uk

Twitter: @Mazars_UK
Facebook: Mazars UK
LinkedIn: Mazars UK

In 2018, we launched our first Family Business survey in partnership with Family Business United. The survey revealed the challenges, opportunities and issues that family businesses are facing on a daily basis. And whilst the specific detail may change because of external factors, such as Brexit and now the global pandemic, it became clear that there are a number of issues that family businesses will always face, so we wanted to continue with our research in 2019 with a second survey and our 2020 survey will be published this Autumn. 

To view the Family Business Survey 2019, click here

To request a copy of the Family Business survey when it is released, click here 

Special Guest - Smiths of Derby

Twitter: @SmithofDerby

LinkedIn: Smith of Derby Limited

The meaning, purpose and importance of governance – 5m 25

Governance is something that can be an afterthought or ignored because it may not have much urgency or can be outside comfort zones. However, it’s incredibly important as it attends to the business’s future. 

The benefit of values when considering governance – 12m 18

Values under pin strategy and how you run the business, as well as being the heart of the family and what you may consider as fair. Knowing what the values of the business are has impact on culture, so need to be clear. They may be hard to define if you have grown up within the family business, so it may help having someone external come in to help as values will help guide company policies. 

Culture of a family business – 16m 29

Sometimes a family business can have two approaches to cultures: Very inclusive or what the family says goes. It’s important to remember that the family name is on the door, so anything that is done, comes back on the family. Be visible, have accountability and openness so that using your family name benefits the culture and firm.  

Deciding on roles within a family business – 20m 58

There are lots of roles to consider. What’s important to remember when deciding who is right for a position is who you are within the business: are you a family member or an employee? It’s a good idea to have disciple and deploy simple approaches to separate between family members and peers. That way, you can recognise where skill sets and expertise lie and who is better suited to a role. If this is a struggle, having a non-family member come in helps give external perspective, takes you away from family politics and can create better equality. 

Important questions to be answered within the current economic environment – 28m 34

How you treat employees will always be remembered. If you are going through a tough period, treat people well and live through your values and have compassion. Going forward, consider how your business model will operate, don’t put plans on hold, consider succession plans and have those difficult conversations. 

Contact Details:

• Website:  https://www.mazars.co.uk/Home/Webinars-Events/Podcasts/Exploring-Family-Business
• Email: contact@mazars.co.uk
• Twitter: @Mazars_UK
• Facebook: Mazars UK
• LinkedIn: Mazars UK

In 2018, we launched our first Family Business survey in partnership with Family Business United. The survey revealed the challenges, opportunities and issues that family businesses are facing on a daily basis. And whilst the specific detail may change because of external factors, such as Brexit and now the global pandemic, it became clear that there are a number of issues that family businesses will always face, so we wanted to continue with our research in 2019 with a second survey and our 2020 survey will be published this Autumn. 

To view the Family Business Survey 2019, click here

To request a copy of the Family Business survey when it is released, click here 

Transitioning to business leaders – 4m 24

While content in their own personal careers, both Hannah and Tom were asked by their Father to be part of the family business. Throwing themselves in the deep end, they were able to see how different the corporate world was to that of the SME/family business world and had to learn how they could improve and make sure they had a core team behind them. 

Achieving balance and implementing innovation - 9m 27

Systems and people can be the biggest challenges and learning how to balance both is vital. Dunster’s Farm understood that by implementing modern systems, it would deliver huge benefits. While some employees were concerned about going too corporate and losing the personal customer touch, values of the business never changed, which meant not losing customer service or ethos. 

Past experiences helping future transformations 13m 20

With Hannah and Tom having past experience outside the family business, it meant bringing in different skill sets but having the same vision and determination of progressing the business. They were able to find out how they could split the business and use their skills and outside perspective to make improvements and transformations.  

Creating buy in 14m 55

It’s important that time is taken to talk to management teams and employees so that your passion and values are recognised. Often, you can find family business values are strong yet unwritten, so it’s important to formalise them so that they are easy to understand and tangible. The more you can ensure management team buy in, the more the results will speak for themselves. 

Keeping employees engaged and motivated 17m 57

Dunster’s Farm recognises they’re fortunate to have a workforce that is flexible, have an all hands-on deck attitude and live the same values which keeps employees naturally engaged and motivated. However, Tom and Hannah recognise, there’s more to this than just having a good workforce.

Covid-19 Challenges - 21m

Covid-19 disrupted many businesses and Dunster’s Farm being no exception. Facing 95% of client’s doors closing overnight due to government guidelines, they did not have the option but to keep the wheels turning and come up with solutions to make the business more resilient.  

The last 5 years – doing things differently - 24m 19

Tom and Hannah reflect on what they would have done differently over the last 5 years and explain that getting business basics right from the get-go is vital as well as trusting your gut.

Future challenges for family businesses beyond 2020 – 28 m 26

The world has changed meaning things may not go back to how they were pre-Covid-19, therefore keeping a realistic mindset is a must.

Contact Details:

• Website:  https://www.mazars.co.uk/Home/Webinars-Events/Podcasts/Exploring-Family-Business
• Email: contact@mazars.co.uk
• Twitter: @Mazars_UK
• Facebook: Mazars UK
• LinkedIn: Mazars UK

In 2018, we launched our first Family Business survey in partnership with Family Business United. The survey revealed the challenges, opportunities and issues that family businesses are facing on a daily basis. And whilst the specific detail may change because of external factors, such as Brexit and now the global pandemic, it became clear that there are a number of issues that family businesses will always face, so we wanted to continue with our research in 2019 with a second survey and our 2020 survey will be published this Autumn. 

To view the Family Business Survey 2019, click here

To request a copy of the Family Business survey when it is released, click here 

The biggest challenges for family businesses – 6m 16

Looking at the current environment and crisis management aside, Natalie, Paul and Mairi discuss the biggest challenges for UK family businesses and decide whether communication plays a fundamental factor in business survival during the Covid-19 pandemic. 

Succession Planning and future plans – 10m 54

Succession planning is a hot topic, and over the last 6 months, generational transitions, Brexit and Covid-19 has forced a lot of businesses to reconsider plans for the future.

The next generation – 13m 6
When is the right time to have the conversation about what’s next for the business? And how do you know who the right people are to take the business forward? 

Balancing personal needs and avoiding family conflict – 17m 11
Honesty is the best policy. When having your conversation for what’s right for the business, understand who has the most interest, who has ambition and strive and understand what roles are suited to each employee. 

Family values and governance - 20m 50
Family business values can sometimes be unwritten but are expressed through the culture and work carried out. Over the last 6 months, businesses have become more transparent in communicating the values as remote working became the norm. 

It’s important to acknowledge the level of commitment from employees and build protocols for the future hence governance. Governance is vital for any business as it addresses both ambition and challenges and is the case of the right people at the right time, discussing the right issue and capitalising on it. 

Opportunities and key trends – 28m 50
Opportunities are out there. Finding new markets, new products or embracing digital allows various routes to market. 

Businesses will have the aim of emerging from Covid-19 with their brand intact and operating based on their values. To move forward, understand what went well, what went wrong, what do your employees and customers need? Test your quality, effectiveness and inclusion as your business comes up to speed. 

Top tips for planning – 36m 34
Natalie, Paul and Mairi conclude the episode with what businesses can focus on as they begin to move into the next stage of planning.

Contact Details:

• Website:  https://www.mazars.co.uk/Home/Webinars-Events/Podcasts/Exploring-Family-Business
• Email: contact@mazars.co.uk
• Twitter: @Mazars_UK
• Facebook: Mazars UK
• LinkedIn: Mazars UK

In 2018, we launched our first Family Business survey in partnership with Family Business United. The survey revealed the challenges, opportunities and issues that family businesses are facing on a daily basis. And whilst the specific detail may change because of external factors, such as Brexit and now the global pandemic, it became clear that there are a number of issues that family businesses will always face, so we wanted to continue with our research in 2019 with a second survey and our 2020 survey will be published this Autumn. 

To view the Family Business Survey 2019, click here

To request a copy of the Family Business survey when it is released, click here