On 23 February, we were pleased to help organise the book launch of 'Advising the Family Owned Business' written by VWV Partner Nick Smith. Thank you to all those that were able to join us for an evening of family business celebration.
There was an opportunity for everyone to spend some time talking and getting to know each another followed by a fascinating Q&A session led by Commercial Property Partner, Jess Booz and author Nick Smith.
After several years of hard work from Nick Smith, colleagues from VWV and a number of other contributors, finally 'Advising the Family Owned Business' hit the shelves at the beginning of the year.
There has been a great amount of thought and effort that has gone into this book. The ring binders of notes and illustrations have finally been printed into what is a fantastic book that can be used by both family business advisors and family businesses alike.
Find out about some of matters discussed during the Q&A session as a taster of what the book has to offer.
Family businesses and all who sail in them. Although it is stuffed full of legal principles, it would have a use beyond the legal profession. For example bankers, accountants and financial advisors dealing with family business clients would also find many of the topics very useful.
We hope family businesses will be able to apply many of the topics discussed to their own businesses too.
The danger for professionals is that they get stuck in their own area of specialism and lose sight of the overall picture. With a family business that picture is likely to be complex. Complexity is made up of several elements. Firstly the family dynamics against which a family business is operating and secondly overlapping professional disciplines. It is important that professionals have an appreciation of how the areas can overlap and interlink. This is one of the key aspects of delivering a great service to your family business clients.
The basic idea for the book was to look at key topics as they corresponded to the systems in the three circle model - family, business and ownership.
That division is more than a little arbitrary because one of the key themes of family business work is complexity and how the systems are inter-related. Any given issue won't fit neatly into its own circle.
Take real estate for example. Does it fit into ownership? Is it a business issue because premises are the main operating asset of the family business? Or is it a family matter because one of the main difficulties encountered in practice is how to deal with non-arm's length arrangements that have sprung up because family members are involved?
We hope this snippet of the event has been helpful in giving you a taster of what the book has to offer. We will also be running another book launch in London later this year.
If you would like to order a copy of the book, please contact Emma Peters on 0117 314 5294.