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Thank you to all delegates, speakers and sponsors who joined IFB National Conference 2018. It was inspiring to see so many current and next generation family business members gathering from all over the UK and around the world to share experiences and learn together about all the facets of family business governance. IFB National Conference truly epitomises the power of the IFB community.
Below you'll find some key insights from the event:
- There are many examples of successful family business governance. And because there is no one size fits all model, the opportunity to talk to other family businesses and explore how they have approached governance in practice can be extremely helpful to develop the best path for your own business.
- Family businesses, especially as they grow and develop across generations, become more complex. They evolve from just doing business, to being diversified enterprises. This provides shareholders with many other opportunities to become involved in the family business than working in it. These may include getting involved in the family governance structure (like the family council, next generation groups, etc), becoming members of the Board or NEDs, taking part in family social impact activities (such as philanthropy and community engagement projects), or getting involved in diversification projects.
- Shareholders’ engagement will help strengthen cohesion and alignment of purpose, which is highly beneficial for the success of a family business. It helps create responsible and enlightened shareholders, and avoid entitlement.
- Good governance can start with the individual, by examining their behaviours and their impact on themselves, their relationships and wealth. The way family business individuals approach their relationships with each other and with their wealth depends on their own story. In order to feel safe within your family business, that is within the relationships and the wealth that compose it, it is necessary to feel safe with oneself first. One way to do so is by looking at past events in one’s life, what kind of thoughts these generated and, in turn, relevant feelings, beliefs and subsequent behaviours. Only by holding themselves accountable for their own behaviours can individuals become successful leaders.
Save the date for IFB National Conference 2019, which will take place in Bath on 6-7 June 2019
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