Business First Summer 2017 Business First Magazine Summer 2017 | Page 16

BEST PRACTICE
Family-owned Businesses in Northern
Ireland given a voice
by Maybeth Shaw, BDO Northern Ireland
amily owned businesses face many
challenges and, with market
uncertainties looming on the horizon,
BDO Northern Ireland is aiming to give these
companies a stronger voice on the issues that
matter most through the Future of Family
Business in Northern Ireland survey.
BDO are hoping to use the results of the
survey to promote the provision of relevant
tailored support for local family businesses
going forward. Maybeth Shaw, Partner at
BDO Northern Ireland explains.
Almost three­quarters of companies in
Northern Ireland are classed as ‘family owned
businesses’ and form the majority of BDO
Northern Ireland’s client base.
A ‘family owned business’ is defined as one
in which two or more family members are
involved and the majority of ownership or
control lies within the family.
Like businesses in every corner of the UK,
they are rolling up their sleeves to overcome
a number of once­in­a­generation challenges.
Understanding and empowering family
owned businesses will be vital if Northern
Ireland is to rebalance its economy and
navigate the potentially choppy waters ahead.
Family businesses have a rich heritage in
Northern Ireland, yet despite good
performance the vast majority rarely survive
beyond a third generation.
Family companies remain ambitious;
hungry for growth and long­term success.
There is no doubt that, in isolation, each
business is doing what it can.
By identifying common trends and
concerns, we hope to find and start to remove
the barriers that are preventing businesses
from realising their development potential.
Whilst all businesses face their own
challenges, family businesses face unique and
emotive challenges around succession,
leadership and legitimacy and emotional
issues/family relationships that can affect
decision­making and ultimately the strength
of the business.
The survey is designed to allow us and the
Family Businesses themselves to better
understand these challenges and how
Northern Ireland Family Businesses are
addressing them, by looking at:
• The strategies that Family Businesses are
putting in place, particularly around
succession planning and putting the right
policies/ procedures in place for the future
success of the business;
• Identifying Successors, how businesses
are identifying potential successors, with
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the appropriate skills, interest in and
respect from the business;
• Integrating Successors, the mechanisms in
place to train and integrate successors in
the business once they have been
identified;
• Who is driving change within NI Family
Businesses;
• Who has the necessary skills to grow the
Family Business (Family/ Board/
Employees etc);
• Remuneration policy for family and non­
family employees, and what family
businesses are doing to attract and retain
non­family employees;
• Mechanisms that Family Businesses can
use to manage integration of family and
business priorities;
• Identifying the areas in each business that
are most likely impact on the succession
process;
• Identifying and protecting against threats
that are most likely to cause disruption to
the family and / or the business;
• How adaptable Northern Ireland Family
Businesses are to a changing market; and
• The local organisations that provide help
and assistance for Family Businesses in
Northern Ireland and what else they
should/could be doing to support them.
Participation is confidential and the survey
takes just a few minutes to complete.
All participants will receive a
complimentary copy of the report and can ask
for direct feedback of their responses against
the consensus of other family businesses in
Northern Ireland.
The latter will help company managers to
benchmark current and future plans and
inform new strategies.
The Family Business team in BDO specialise
in helping their clients work through the
succession process, helping them successfully
transition from one generation to another in a
structured way.
BDO Northern Ireland is an award­winning
accountancy practice that employs more than
170 people in Northern Ireland and provides
professional services to more than 1,000 local
companies.
For almost three decades, the firm’s
specialist advisors have assisted family
owned businesses to overcome difficult
external and internal issues and maintain
their growth plans.
BDO would greatly appreciate the
assistance of all Family Businesses in
Northern Ireland in completing the survey
which can be found at www.bdoni.com. If
you would prefer to receive a hardcopy of the
survey, or if you would like to meet with the
Family Business team to complete the survey
or discuss the issues raised please give
Maybeth Shaw or Angela Keery a call on
028 9043 9009.