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Family businesses contribute

£73bn

of UK total tax revenues

 

Approximately

60%

fail to plan formally for succession

 

Family businesses generate

£81bn

per annum of UK tax receipts

 

Only

30%

make it to second generation family ownership

 

Family Businesses account for

42%

of UK private sector employment (9.5m people)

 

Family businesses account for almost

1/4

of the overall UK GDP

 
  • The New Zealand Experience

    Posted On 29 Aug 2014 by ICFIB

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    Onefarm is the Centre of Excellence in Farm Business Management at Massey University in Palmerston North. In the summer of 2012 I was asked to present a paper at an inaugural conference on the issues facing the family in business when confronted with the process of Succession.

    Following this conference much discussion took place on how to respond to the needs identified by both the organisers and those participating. What emerged from those discussions was a real need to work with the rural professionals tasked with working with family business clients. ICFIB has the experience of working with the University of Gloucestershire in developing the world’s first Post Graduate Certificate in Family Business Advising and we have brought that expertise to the process of developing and running two pilot modules.

    The first module is on Governance and the second on Succession. Both modules are based around on-line learning and a unique environment has been created to accommodate the busy working and personal lives of professional advisors to the rural community in New Zealand.

    The Governance module runs for twelve weeks, with a two day face to face teaching block scheduled at week eight. The Succession module takes six weeks, with the two day block face to face teaching being at the start of the programme.

    Both programmes are now running and I have just returned from three weeks in New Zealand teaching on both modules. We are on week eleven of the Governance module and on week three of the Succession module. Whilst the full evaluation of the programme has yet to take place the evaluation of the block teaching days has taken place and the results have been extremely encouraging and positive.

    One participant on the Governance Programme said:

    "I left Massey intellectually reeling as I tried to make sense of what was perhaps the most demanding learning environment I have ever experienced".

    One participant on the Succession Programme said:

    "I think many came to the two day course with an expectation there would be a process to take away, that we could implement in our practices once we returned home. This approach is reinforced by much of our training, it tends to simply reinforce or fine tune our existing skills and experiences. Rarely do we come away having been challenged in our thinking or introduced to a new way of thinking, as the two day course did".

    It is early days, however, I believe we have something really valuable that we can use in the UK to challenge the thinking of all family business professional advisors and the method allows participants to work at their own pace and in their own time.

    The hope is that these two pilot modules will form the basis for a full blown academically approved Certificate in Family Business Advising in the rural sector.

    John Tucker

     
  • Posted In New Zealand

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