Member Article

Family businesses told ‘stay ahead of the game’

Diversification, clear communication and retaining top talent should be amongst the main priorities for family businesses to stay ahead of the game, according to senior representatives from the sector speaking at an event in the West Midlands.

Families in Business (FiB) hosted the networking event at the Bentley Showroom, Birmingham, to mark the official West Midlands launch of the organisation’s Partners. FiB provides specialist services, membership and support to family-run firms.

The organisation’s CEO and founder Dani Saveker told the family businesses at the event just how important it is that they don’t ever stand still in their quest for longevity and sustainability: “Stay ahead of the game and always be open to diversification by seizing opportunities for the business and your people,” she said.

Guest speakers at the event were Peter Salt, MD of tenth generation family business Salts Healthcare, and Jon Hardwick, MD of Grafton International, who shared their personal experiences and journeys of being part of a family-run firm.

Both revealed their common belief that clear communication with all staff at every level is a vital component of a successful family business. Equally, getting the right talent is always a challenge, so retaining, rewarding and looking after employees is critical for successful innovation, alongside matching the right external professional advice to the evolving needs of the family business.

“As the product of a family business myself, I know all too well how important the mutual support and understanding can be at each stage of the family business,” commented Dani, “and FiB exists as the conduit between the family businesses and the family members themselves, and the all-important advisers they need along the way.”

FiB’s official professional partners in the West Midlands Else Solicitors, the Birmingham office of business and advisory firm Smith Cooper LLP, and Yorkshire Bank, were at the event to assist the family business guests with relevant advice from their respective sector specialists.

Jackie Hendley, Partner and Head of Tax at Smith Cooper, Birmingham, said: “It is clear family businesses have many of the same worries as all businesses, but additional and very specific issues too, so a network dedicated to understanding and supporting them as they grow and evolve is something Smith Cooper sees as vital, and we are proud to be involved with FiB.”

Else Solicitors Jonathan Tyson said: “We really understand the challenges for family businesses, their owners, leaders and the wider team, not least as a family business ourselves.”

Nigel Woodward of Yorkshire Bank added: “Family businesses are an important part of the local community that we care about. Support provided via a well-run network like FiB can only help them achieve their goals.”

For more information about FiB, visit: www.fibcommunity.com, follow @fibcommunity on Twitter, or contact Dani Saveker, Tel: 07812 99 27 26, Email: dani@fibcommunity.com.

Photo shows (left to right): Gareth Jones (Yorkshire Bank), Peter Doggett (FiB), Alan Cook (FiB), Jonathan Tyson (Else Solicitors), Jon Hardwick (Grafton International), Peter Salt (Salts Healthcare), Jackie Hendley (Smith Cooper), Dani Saveker (FiB).

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