Family Business: An image problem?
FAMILY business suffer something of an image problem in the UK, with many seen as staid, conservative and un-dynamic.
That is according to a panel of North West owners and executives attending a round table discussion for TheBusinessDesk.com’s Family Business Supplement in association with law firm Kuits and accountants Hurst. Click here to download for free .
William Lees-Jones, managing director of historic Manchester brewery
and pub business JW Lees, feels that in the UK family businesses do not get the recognition they deserve.
“We look down on family companies. Look to the US with huge
family businesses – Wrigley is one example – whereas here they tend to be quieter about their success.
“The voice of family business is not as loud as it should be in the CBI and
other such organisations – these family businesses are some of the larger businesses in this country, if you take out some of the utility firms
Nigel Barratt, partner at accountancy firm Hurst, suggested that it is because of the desire to play the long game that family businesses can mistakenly be labelled as conservative.
“They are not boring or conservative – they are dynamic but they are there for the long-term. They can make much, much longer term decisions and maker braver ones than those looking for a short-term investment,” he said.
Strong emotional bonds can be both a positive driver and a source of
difficulty, when it comes to navigating disagreements within the business for example.
Kuits executive partner Robert Levy said: “Sometimes family issues leak into the business and that’s a big business risk. It’s great to say that you leave issues in the boardroom and don’t bring them to the dinner table but we do see that sometimes these things spill over.”
Tony Hughes, managing director of Hughes Safety Showers said owners should try and keep home life and work life separate: “This is business
and you must leave your emotions at home and stay calm. If you start to
get emotional, especially in a family business, that’s when you lose. Once
you’ve broken a bridge, it is very difficult to mend again.”
