Family and place
Family owned firms are critical to your place. Imaging loosing just under half your retailers, restaurants and hotels from your place. Statistics highlight the impact of family businesses on these sectors. According to the IFB 85% of all private businesses in the UK are family owned. 46% of all those employed in retail and wholesale work for family firms. Family owned hotel and restaurant businesses also account for 46% of the total employment in that sector.
How the ‘family business’ is lost in place consultations
It’s simple. Family businesses are involved in consultations but they are identified as retailers, hoteliers, restaurateurs or wholesalers. Numerous academic papers acknowledge that family businesses do have an impact on regional planning. They argue that the regional impact of family business may be down to a combination of the embeddedness of the family firm in their community and the role personal relationships play in local networks .
The academic argument on family business impact
Academic papers show that network roles and choices made by individuals within family businesses are different to those in non-family business. This is because family firms have a social and emotional attachment to their place, which is referred to as ‘socioemotional wealth’. Those with high socioemotional wealth tend have more positive impacts on their local community than non-family firms. In some cases family firms may value socioemotional wealth over financial performance. It should be noted that there is some evidence that this commitment to place, above financial reward, is not exclusive to family business. But family connection to place plays a key part in this decision .
The emphasis of public sector support for regional development on quantifiable measures such as GVA can identify the impact family firms have on place. However at times this may be overlooking the long term value of socioemotional wealth to that place.
Practical steps to ensure the longevity of family firms
Several organisations such as the Family Business Network and Family Business United celebrate the best of family businesses regionally and nationally. There are also others who work on supporting the successful transfer of a family business from one generation to another. Be the Business offer various levels of support or family businesses and are working on next generational family business workshops. Thomas Jardine & Co work with the Family Business Network and Be the Business and would be happy to put you in touch with either of these great organisations.
Bring place and family closer together
When making plans for the business sector in your place, please do not just focus on the standard industrial sectors. Consider the generational firms based in your place. Support them and encourage the birth of new family businesses in your place. Successful businesses that are based in a place will look after that place for generations to come.
So, who is your peer?
A peer: “A person of the same age, the same social position, or having the same abilities as other people in a group”
Does this mean the family business is the ultimate peer group
The very nature of family business makes family businesses self contained peer groups. Family members working in a family business are business owners tend to have the same social position. All family members have the opportunity to contribute to the success of the business. A ‘husband and wife’ team will probably be of similar ages. With a generational family business there is a possibility that there will be a number of them of similar ages.
Running your business with your spouse you will be both learning to manage business and personal life. You will be doing this with the one person who knows you better than anyone else. Growing up in a generational family business you will have felt the impact of the peer group. As a family business child you would hear kitchen table conversations between mum , dad and grandad. These family conversations create business actions (or inaction) driven by frank discussions in arenas of trust.
Nothing is more powerful than your peers challenging you
Family businesses are used to everyone from suppliers to customers challenging their plans. We all treat these challenges with the respect they deserve. We know that the challenges that really test us are made by folk who walk in our shoes. Family business owners are used to been challenged by other members of their family. This is what makes them different to non family businesses. Our most memorable impact from facilitating the Lancaster University Family Business Program was the impact of family business owners working in peer groups to challenge each other.
To remain ahead of the game in business, your learning has to be greater than the rate of change. Otherwise you will be left behind.
INSEAD an institution that works closely with some of the largest and most successful family firms from across the world. INSEAD puts the success of these businesses down to bedrocks of: “Clear and well defined family values, trust, networks and innovation” . In todays rapidly changing business environment family busineses can build on their values, trust and networks to be at the forefront of innovation in systems and products. So, our learning must keep up with the rate of change, otherwise we will be left behind.
Action Learning is a powerful tool to enhance your decision making skills on your business journey, fundamentally there is no learning without action!
We have found that combining peer to peer learning with action learning creates a powerful tool. This combination of learning leads directly to actions encouraged by a group of trusted peers. It takes place in a conﬁdential setting of your peers of family business leaders from a variety of sectors. Your peers asks you to examine the challenges within your business in an open and honest way, using open question techniques. By doing this, the peer group improves your conﬁdence helping you achieve personal and business goals and achieve your overall ambitions.
Come and join us with Be the Business
Thomas Jardine & Co are working with Be the Business, the Family Business Network and Cumbria Growth Hub to deliver a family business programme based on peer to peer action learning and would love you to be part of it. Take your first action and come and join us.
This is Cumbria
The ‘This is Cumbria’ collective has this week launched a new brandmark that will represent the forward-thinking group of businesses at a national event next April. The brand has been launched as the collective make a final call for Cumbrian producers and craftspeople to join them at their inaugural event, the Farm Shop & Deli Show at the NEC 8-10 April 2019.
The initiative was formed earlier this year with an aim to create a ‘big impact’ destination stand that could position the very best of Cumbrian food, drink and produce in front of thousands of key buyers. With much of the space already booked, just four trade stands are remaining. Come and join the likes of Hawkshead Relish , Ginger Bakers, Kin Vodka, Tray Bakes, Kendal Mint Liquor and Shed1 Distillery.
‘This is Cumbria’ are also offering a number of affordable ‘Show Case’ stands to developing businesses that are new to national trade shows. Keith Jackson one of the co-organisers from Carlisle-based Thomas Jardine & Co, said “Cumbria is full to the brim with creative people who all share a common bond – they are all inspired by Cumbria to create exceptional things, which comes through in our newly unveiled brand identity.
“We wanted to offer those businesses who are first-time trade show exhibitors an introductory opportunity which requires a lower investment of cash and time than a regular stand would, with the added benefit of extra support through event training and participation in promotional collateral. We’d encourage any businesses that may be interested to get in touch for a chat about what we can offer.”
For businesses taking full trade stands at the event, ‘This is Cumbria’ are also offering a number of unique benefits which include pre-show PR and social media build up, inclusion within a dedicated booklet and a drinks reception hosted by celebrity chef, Nigel Barden.
Sue Howorth of The Family Business network said “We’re delighted to support this exciting initiative that offers growing businesses a platform and a voice outside of Cumbria. I can’t think of a better opportunity for those looking to reach a national audience or to raise their brand awareness.”
The Farm Shop & Deli Show takes place at the NEC from 8-10th April 2019. For more information or if you are interested in joining the growing collective that is ‘This is Cumbria’, contact Keith Jackson on firstname.lastname@example.org or visit the facebook page @ThisisCumbria
Cumbrian Food and Drink
Our county’s vibrant and diverse food & drink scene has made Cumbria a must-visit destination for foodies in recent years. Local food festivals and farmers markets have flourished as a result but now a group of innovative food & drink producers want to join forces to take Cumbria’s finest to the national stage at the NEC Farm and Deli Show in April 2019.
The seed was sown at this year’s Farm Shop & Deli Show in April when a small number of Cumbria-based food & drink businesses exhibited their produce to an audience of 30,000 trade buyers over 3 days. Despite their independent successes, they noticed the gathering crowds of buyers at the large county and regional stands and the idea of the ‘This is Cumbria’ initiative was born!
This is Cumbria
With collective efforts from Jacqui and Keith Jackson at Thomas Jardine & Co, who specialise in generational food businesses and food entrepreneurs and Sue Howorth from The Family Business Network Ltd, the project has been launched to offer trade stand space and sponsorship opportunities. Speaking about the initiative, Keith Jackson said “Maria from Hawkshead Relish and Lisa from Gingerbakers has secured the best location for our ‘This is Cumbria’ stand adjacent to the Live Stage to help us to create a real buzz and curiosity around the produce, but also to offer a unique one stop shop for buyers, retailers, distributers and suppliers to come and experience a taste of Cumbria”.
Already working closely with many Cumbrian food and drink business through The Family Business Network, Sue Howorth commented “The ‘This is Cumbria’ stand represents great value and a one-off opportunity for those new to the world of exhibitions or for businesses with tight marketing budgets to sell more products nationally or internationally. We are offering a range of stand sizes from shared space which is ideal for first-timers, to larger stands for the more established”. Other incentives for joining the Cumbria stand will include the sharing of logistics and travel costs, collecting buying power for show sundries, plus the use of a dedicated central meeting space within the stand for exhibitors to meet and talk with potential customers and trade press.
Maria Whitehead MBE of Hawkshead Relish plans to hold a Masterclass prior to the Show to offer advice and support to fellow Cumbrian exhibitors on how to get the best from the show. Speaking from experience, she commented “This is the sector’s leading event and it brings together over 450 exhibitors which attracts thousands of key buyers from the food and drink retail market over the three days. It gives us a brilliant opportunity to launch new products, generate new sales leads, network and meet with existing clients and to generate some good PR coverage. We hope that this unique opportunity will encourage local businesses to join us and exhibit next year alongside like-minded Cumbria producers”.
The Farm Shop & Deli Show takes place at the NEC from 8-10th April 2019. If you are a Cumbria-based food or drink producer and are interested in reserving trade space, please contact our ‘This is Cumbria’ project coordinators, Keith and Jacqui Jackson via email email@example.com. The team are also inviting businesses to join the venture as a Sponsor of the ‘This is Cumbria’ stand.
More information about the 2019 Farm Shop and Deli Show can be found at www.farmshopanddelishow.co.uk