Family businesses account for nearly a quarter of UK GDP and employ nearly 12 million people, however, only 43% have a succession plan and only 12% will make it through to the third generation: it’s estimated that over 75% of Scottish businesses are family-owned. Even although these businesses make up the backbone of our economy, the challenges that face them are complex and sometimes not clearly understood.

Generally, families do not plan for succession and research shows that this is one of the major reasons why many family businesses fail to sustain growth beyond the first generation of ownership. There are many possible reasons for this: the emotional element of letting go of something that has taken a lifetime to build, concerns over the capability and willingness of the next generation to carry on, and worries about choosing who should join and in what roles.

While family businesses will always have their unique challenges, they also have unique opportunities. It’s important that they take time to consider their own family and work culture, the governance of the business and the influence of the different generations within the business.

One outstanding example of a Lochaber family business which has successfully navigated its way through these issues is Ferguson Transport & Shipping. This national transport company is an amazing example of how good succession planning can help a family business thrive through the generations. They have won numerous awards, the business employs over 190 members of staff, of which 12 are family members and six are from the third generation.

Lochaber is a great place to run a family business in a range of sectors – we have an entrepreneurial economy which positively encourages new business start-ups, an excellent business support network, fantastic community spirit and a stunning natural environment that offers families the chance to create a healthy work/life balance.

One local family business that has set up in a different way – with two generations working together from the very beginning – is ‘Three Wise Monkeys’ climbing centre in Fort William. This family business is helping to introduce more locals and visitors to the fun and challenge of indoor climbing and bouldering. This company is in its early stages of development but currently employs 15 people and is proving to be a popular hub for the climbing community.

Another local family business success is Great Glen Charcuterie, which was set up 10 years ago by Anja and Jan Jacob. They have recently won a supply contract for the Caledonian sleeper service to London for their hand produced and air dried wild venison charcuterie. The contract was awarded following a Lochaber Chamber of Commerce ‘Meet the Buyer’ event with SERCO who were keen to source local produce from small businesses for their overnight service to London.

In recognition of the contribution that family businesses make to the Lochaber economy, we are planning a ‘Helping your family business to thrive’ training as part of our 2018 business events calendar. Visit
www.lochaberchamber.co.uk/events for further details.