The Institute for Family Business (IFB) is a not for profit, membership organisation supporting and promoting UK family business through events, connections, advocacy and the latest family business knowledge. They provide family businesses with key insights on important family business issues, through programme of events and their knowledge hub. They offer access to family business expertise and best practice from within and outside the family business community, thanks to connections with leading family firms and experts from all over the world. For more information please see www.ifb.org.uk email info@ifb.org.uk or tel 0207 630 6250 . Running your family business is an all- consuming and often stressful process, and it is important that you have the right support processes in place to allow you to get on with doing just that. At Scrutton Bland, all of our business advisory, tax, financial advisory and insurance broking teams work together to ensure our clients receive a fully supportive service. If you would like to talk to us about ways that we may be able to help your business please contact Nick Banks on 01473 267073 or nick.banks@scruttonbland.co.uk
You’ve recently become the IFB East of England Chair – why did you take on this role, and what do you hope to achieve during your tenure? I wish to encourage other family businesses to engage with each other on local level. We are in an era of great economic and political uncertainty. The cross-fertilisation of ideas and sharing of stories in a non- competitive environment could be of solace and support to regional family businesses, as they adapt to the new environment. The recipients should be business owners, their next generations or non-family managers engaged within the businesses. On a regional basis we need to ensure the sector maximises the opportunity to be that “power for good”, in support of the wider IFB objectives. What one piece of advice would you offer to a family business owner? To communicate. Engage early with the next generation and managers, to talk and listen widely to our own and the older generation and to reaffirm values with the next generation.
Family companies are often ‘unsung heroes’ of our communities. What do you see as some of the myths that surround family firms? The greatest myth around family business is nepotism. The responsibility of sustainably running a business for all stakeholders, for now and future generations, and adopting change to adapt to the opportunities of the economic environment means that all family members need to keep their foot to the floor; there are and there should be no easy jobs. Why did you join the IFB and how has it helped you? We joined the IFB because I appreciated the opportunity that a peer group of family business owners presented in enabling improved governance and succession in our business. It provided the context for our older generation to gain the reassurance they needed before we embarked on the governance review, creation of family constitution and family council. It has helped to inform our wider family as responsible shareholders as they in turn have engaged with the IFB through Family Council chair forums, NXG meetings as well as drawing on other IFB resources.
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