The Midlands office of national audit, tax and advisory firm Crowe Clark Whitehill has launched a new initiative to help family businesses to survive and thrive.
It follows persistently higher levels of failure in the sector and is linked to an approach, which looks to provide business leaders and their advisors with the tools, methodologies and networking opportunities to succeed.
Johnathan Dudley, Midlands managing partner, said: “We all know the expression ‘clogs to clogs in three generations’ … and it remains substantially true today.
“Wealth earned in one generation seldom lasts through the third, that of the grandchild.”
He also pointed to statistics suggesting that only 40 per cent of family-owned businesses survive to the second generation, 12 per cent to the third, and a mere three per cent to the fourth.
“It doesn’t have to be that way – help is out there.”
Crowe Clark Whitehill Emerging Leaders is targeted on the family succession of sons and daughters, offering them guidance from local and global business leaders, and four times a year organising a four hour strategy session from which they can benefit.
The events will see strategic plans shared and refined, new business trends discussed and problems solved.
It is also backed up with the ability to liaise with the 650-plus business leaders and advisers across a global network.
“Taken together it is a blueprint for staying ahead in business,” said Mr Dudley. “We want to address the fact that lack of or inappropriate succession planning is one of the reasons for failure.”
“For a low cost investment commitment, members can benefit from sharing with both a face to face and online community that is interactive and practical, sharing with likeminded people in similar positions whilst learning and problem solving together and being coached by world class professionals.”
“For the business owner, this is not just sending people on a management course, but providing a safe and knowledgeable environment for your team to learn and apply business skills, which enhance their abilities whilst improving the business they work in.”
Mr Dudley added: “It is not consultancy. Consultants solve problems and keep their methodology to themselves.”
“Emerging Leaders will equip the next generation with the skill sets and confidence to take the business to the next level of success and play a major part in earning the respect of others working in the business.”