YourBusinessWithJamesCaan2016 - 50

Protecting values
in a family business
Families in business should identify and protect key values in an appropriate way

W

hether they are multi-million
pound undertakings or much
smaller enterprises, family
businesses are very important to us and
they share many common issues that
require a different approach and way
of thinking than other businesses.
Many place a financial value on businesses
but in a family enterprise the 'value' is so much
greater. It's a connection to the past, it's about
family, it's about fairness and equality and about
making someone proud or proving others right
or wrong. It's about identity and social standing
and a way to stay in control of your destiny.
In a family business that passes from
generation to generation and from leader to
leader, it is important for each generation to

add value. Value is not defined only by financial
growth but can include investments, culture,
innovation and future-proofing ideas and plans.
If a generation doesn't add value, then the
business could plateau or decline. When a family
business fails the seeds of that failure have often
been sown years earlier when insufficient value
was added.
In our experience, the most successful family
businesses are those where the values have
been clearly communicated and shared. This
encompasses the rights of family members to

work in the business, how new opportunities are
assessed, attitude to risk and the treatment of
staff, customers and suppliers.

So how do you pass on values
between generations?
For some it will be more formal than others
and may vary depending on the degree of
involvement that family members have in
owning, as well as running, the business.
If the business is relatively simple and there
are few relatives involved, all of whom work in



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