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Nicholas Smith
Consultant, The Family Business Consultancy
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Advising the Family Owned Business
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Foreword
There is something unique about family businesses – from the local shopkeeper to the international
corporation. The ethos of a family business is special. Because the business and the product it sells
is attached so intimately to a person and their relations, I believe that family businesses look at the
world differently than other businesses.
Family businesses see themselves in terms of their legacy. They take a much longer-term approach
to investment often making sustainable investment that leaves them better able to weather
inevitable storms.
And this ethos and good practice is passed down from family member to family member, but also to
the staff who are employed in the business. Working for a family business means working for a
family, and staff turnover is often much lower than in other businesses.
But these strengths can also be weaknesses. A refusal to change or a lack of outside objectivity can
stop a family business from achieving its true potential. A good family businesses knows that there
are times to look for outside help.
That is why I am very pleased this book is available to help family business and their advisors deal
with the particular issues they face. Succession, ownership, and disputes are taken to a whole new
level when family is involved!
I am an enthusiastic supporter of the family business model. It is a business model as old as business
itself. It is strong today, and I have no doubt that it will continue to thrive in the future as long as
family businesses continue to evolve and adapt to the changing world. This book will help them do
just that.
John Stevenson
November 2016
John Stevenson is MP for Carlisle, Chair of The All-Party Parliamentary Group for Family Business,
and is a practicing solicitor and partner at Bendles LLP solicitors