can be even trickier and more difficult to manage. With business models changing, young generations’ learning methods evolving and buying habits switching to online, family businesses face complex challenges when passing on the baton.
“That support wasn’t just about financial support. It was how to give them what they need, when they need it – be that a casual job while they’re at university or being able to work from home and look after their baby at the same time,” he adds. “It was about finding a business that allowed me to scale to include my family, so I could support them in whatever way they needed, taking into account their different strengths and weaknesses.
Kennard hails from the well-known Kennards Hire and Kennards Self Storage family businesses, though he has exited the former to start his own IT firm Inauro.“I spent 24 years in Kennards Hire, which was established 75 years ago by my grandfather simply because someone wanted to borrow his concrete mixer. It gave him the idea to start the business,” he says.
“We are a third generation family that started Scenic World 78 years ago and when my dad decided to leave, it took three years to hand over the business though he still sits on the board.”Build the team around you. Don’t try to do everything yourself. “Think of it as a medical situation – instead of having one GP working on multiple issues, you can have a team of specialists solving individual issues.
There is no hard and fast rule when it comes to succession planning. Each family has its nuances, and each has its own unique management and business structure.“There is no one way to handle succession as every family and business is unique. Each succession plan is bespoke,” says Lea Boyce, director of BOYCE Family Office. “There are multiple forms of ‘capital’ to consider, including financial, infrastructure, social and human.