The first Lincolnshire Family Business forum revealed the key to a successful business on Friday, February 26 at the Lindum Group offices on Station Road.
Streets Chartered Accountants and Andrew and Co LLP teamed up, along with co-hosts NatWest Bank, to investigate what makes family businesses in Lincolnshire so special and diverse, as well as the challenges that are specific to them.
Over 50 people attended the forum to hear key thoughts and insights, including representatives from Lindum Group, Myers Bakery and Ruddocks of Lincoln as well as guest speaker Helen Doughty, founder of the first generation SHD Composites in Sleaford.
A survey, conducted by Streets Chartered Accountants revealed that employees of a family business felt that there was a special bond between owners and staff.
However, it was also revealed that family businesses come with their own individual challenges. Some 68% of companies saw future succession as an issue to be overcome and 44% had concerns over providing for family members in retirement.
James Pinchbeck, Marketing Partner for Streets Chartered Accountants, said: “We have recognised the unique nature of such businesses and the need for dedicated support and advice to help with the challenges they face, not least around sustainability and succession.
“Over the next 12 months or so, and through the provision of future events, it is hoped that the forum supports and truly represents the many diverse first and multi-generation Lincolnshire family businesses.
“The findings serve to highlight the many differences as well as challenges faced by family businesses over and above or different to their commercial/corporate counterparts.
“In forthcoming Lincolnshire Family Business Forum events, we not only seek to understand what makes such business special, but also to provide support and guidance in dealing with the challenges they face.”
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