Lincolnshire

Lincolnshire Family Business Forum focuses on importance of good governance

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More than 50 delegates came together at the Lincolnshire Family Business Forum 2017 to hear about the importance of good governance.

Hosted by Streets Chartered Accountants at The Petwood Hotel in Woodhall Spa on March 3, key speakers included Hayley Sanders, lawyer at Andrew & Co Solicitors, Andrew Haigh, non-executive director and adviser to SME Businesses and David Hallam, managing director, Wise Software (UK) Ltd.

Speakers focused on the pitfalls of not having a governance model in place, including the cost and conflict it can create within the business, as well as the family as a whole.

Hayley Sanders explored how corporate governance can be adapted for family businesses, whilst Andrew Haigh provided practical guidance around governance for family business owners.

David Hallam was first to give a talk. He said: “When it’s a family business you have something that others don’t – a pure passion.

“I make decisions on a daily basis that would horrify a normal business but I do it because it gives us the edge beyond what a multi-million pound company can do.

“You must never forget the human touch. We don’t and that’s what makes us a great employer.”

“The key is to get the right staff, have a plan but only up to 12 months and listen to staff and customers.”

James Pinchbeck, marketing partner for Streets said: “Today has been a great event. There’s been a lot of interest from our family businesses attending, who have been looking at their business structure and what they need to put in place to make sure that their business continues for another generation.”

Andrew Haigh added: “We have focused on governance of families and how that fits within the governance of the business.

“Lots of people don’t think about the governance of their business but when you put the family detention on, it’s extra.

“It’s about making sure that you have that clear unified vision of where you want to go and also to start to future proof so you know how to deal with future challenges.”