Testimonials
“Over the last few years ICFIB have provided us with fantastic support as Corporate Members in building up our provision of services to our family business clients. Identifying a new sector within which to work is always a step into the unknown, but just knowing the back up is there has given us the confidence to really develop and promote our services to great effect.”
Craig Mason
Garbutt & Elliott Accountants
“The services supplied by the ICFIB commenced in 2004 when John and Leigh Chadwick, his colleague at the time, worked to provide advice for Thomas Silvey Ltd and the Silvey Family on succession planning.
The project developed to involve members of the family who were the primary beneficiaries of two family trusts (the majority shareholders) and their married offspring.
The outcome of these meetings was a draft Governance System for the family business with sections on:
• The Governance System Model
• The business plan
• The management succession plan
•The family charter
•The trust deed
•The memorandum and articles of association
This document was the basis for establishing
• A Family Council whose terms of reference and tasks are set out in a
Family Charter
• A Holding Company wholly owned by Family Trusts
As a consequence of this work The Silvey Family has a dynamic system
• Governing family involvement in the family business
• Determining how members of the family may benefit from the business
• Settling ownership of the Family Business on those members of the family who become involved in a governing body.
And the Family Business has a basis for representation for family and non family on its board of directors.
Since this work was done the family business has been transformed by:
• The sale of the old parent company
• Retention of two subsidiaries of the old parent company
Prospects for the family to benefit from its business have been enhanced by:
• A much stronger business balance sheet
• A predictable revenue stream
• A more effective board of directors
• A clear understanding on how family members can benefit from ownership and involvement”
Michael
Silvey Holdings
“I write to you to express our appreciation and thanks for the consultancy, mentoring and guidance service that we have received from ICFIB.
From our initial conversations regarding company succession options (which led to the facilitating of family meetings on strategic planning, identifying true wishes and values for each family member) and introductions and handholding throughout meetings with outside professional advisors in order to establish a working Family Charter & Shareholders Agreement – the service, interest and personal involvement has been first class.
The outcome of this fairly lengthy (my doing) but careful journey has quite literally been life changing and has resulted in the last few years being the happiest period of my business life.
For any family business in a quandary over succession planning, I would thoroughly recommend the consultancy service offered by ICFIB.”