‘STRATEGIC planning, effective boards of directors, and regular family meetings’ are three critical elements which lead to family business success.
That is the view of Andrew Keyt, president, Family Business Network in North America, who will explore these key factors at a breakfast hosted by the SME Centre at the Ulster University Business School.
Taking place in partnership with SME
Centre Patron, Harbinson Mulholland on Tuesday, October 20, in W5, the event will put the spotlight on Northern Ireland’s family business sector.
A second keynote address will be delivered by Vincent Carton, managing director of Manor Farm, who represents the eighth generation of the Carton family to work in the Irish family chicken business.
Explaining the reason for the event, part of the Business School’s 40th anniversary celebrations, Kirsty McManus, director, SME Centre at the School, explained: “Over 74% of companies in Northern Ireland are classed as ‘family run’.
“Research has shown that only 3.2% of family businesses survive beyond the third generation and they display lower growth levels than non-family businesses. Clearly, there are issues which need to be addressed to bridge the gap between the older generation’s interpretation of values and vision and that of their successors.
“Manor Farm and W&R Barnett are both role model, family-run companies in terms of sustaining growth and we are looking forward to getting a rare insight into their approach from CEOs Vincent Carton and William Barnett.”
Darren McDowell, partner, Harbinson Mulholland, added: “With family businesses making up such a large percentage of the NI economy, it’s important for us to ref lect on the key success factors in helping this sector in reaching out for growth. We also need to shine a spotlight on the vital role that family businesses provide in our economy and some of the unique challenges that they can face. The breakfast event provides a rare opportunity for us to hear about these challenges first