The importance of family enterprises to the Scottish economy cannot be underestimated. It is reckoned that around 75% of businesses in most developed economies are owned and controlled by an enterprising family, and Scotland is no different.
Since the family business field emerged in the 1980s, it has grown into a global marketplace. New ideas and models have established how family enterprises differ from mainstream businesses and these have pushed the traditional boundaries of law, accounting, finance, management consulting and business education.
The challenge for advisers who want to specialise in the family business market is how to combine existing expertise with the latest thinking from the new field of family business.
The Forum for Family Business Advisers (FFBA) address this need by providing access to the latest thinking from the field of family entrepreneurship. The FFBA will also provides an important opportunity for advisers from different professions of origin to network and collaborate together.
To grow and develop the FFBA, advisers will be invited to return and share the knowledge and experience they are developing in their respective professions through working with family businesses. This will help to extend and refresh the overall quality of education and collaboration in the Forum and to create a multi-disciplinary community of advisers who specialise in working with this type of business.
"Trustees in Family Businesses: one American's thoughts on structures for family business succession” October 2010
In October Amelia Renkert-Thomas of Fisher Renkert LLC, Connecticut kindly came along to the forum to discuss Trusts as a vehicle for succession in family firms. Once again the forum had a good turnout and an interesting debate was had on the value of trusts. The event also helped to inform the forum attendees of current thinking in American firms.
“What do family businesses need from their advisers?” April 2010
The Inaugral meeting of the Forum for Family Business Advisers took the form of a “Question Time” debate on the theme, “What do family businesses need from advisers?”
The panel were all involved in family businesses and had their own experiences of the advice that can help families-in-business-together deal with major challenges like the transfer of wealth, power and opportunity in a way that addresses the needs of a business with the needs of a family.
Questions from the 90 strong audience helped to probe and explore whether there is a gap in existing services that can be filled by advisers who are willing to combine their specialisms with the latest thinking from the international field of family entrepreneurship.
For further information on the Forum for Family Business Advisers and/or to sign up to receive details of forthcoming events please contact Caroline Laurie caroline.laurie@strath.ac.uk or call 0141 548 3482.
