For Better or For Worse – Integrating a Family Business

When two businesses collide in a positive, planned way, how do you ensure it is as efficient and effective as possible?

That’s the challenge Julia of Leask Accountancy Solutions faced when she and her husband’s businesses merged.

In an earlier article, we shared how the business was evolving to be more advisory focussed, encompassing both Finance and IT. Since then, they have spoken to many businesses who have asked how they integrated the businesses together so quickly and seamlessly.

The simple answer is that both businesses already had well-thought-out up-to-date business plans.

Julia points out, “As a family business David and I combined a wealth of experience and ability, but we have definitely tested patience and cooperation. We had to ensure our core values and goals were aligned because we couldn’t just wing it as we do at home.”

In comparing the two business plans, we found many complementary areas. Not just in operational capability, target audiences and goals but in the softer, less tangible areas such as values, vision, mission and identity. These essential aspects of a business can’t be measured in pounds and pence but are still critical to success.

Our new plan was built on the strengths of both businesses whilst highlighting the areas we needed to prioritise. We then refined our value proposition, go-to-market strategy and, most importantly, created a meaningful set of actions encompassing anticipated events rather than just lumbering from one issue to the next.

On reflection, “When you are up to your neck in alligators, it's easy to forget the goal was to drain the swamp “. Previously we might not have taken the time to look at the bigger picture or real goal. One conscious thing we did was to make sure we had fun learning about each other’s business perspectives and desires for the business. Taking the time to step back made all the difference.

In summary

• We defined SMART personal and business goals (Specific, Measurable, Achievable, Realistic, Timebound) not DUMB (Dull, Uninspiring, Meaningless, Boring) or WILD (Wacky, Impossible, Ludicrous, Delusional)

• We created an inspirational action plan that drove us each day with excitement, not dread.

• We measured our success with the right metrics, not concentrating on vanity numbers or wishful thinking.

• We took time to find and manage the right business opportunities, ensuring we minimised any risk.

• By breaking the goals into 30/60/90-day chunks, we easily distributed the actions so that we knew who was accountable and responsible for each task. A business plan is vital whether you are starting a new venture or looking to reinvigorate your existing one It is not just a one-off document or wish list that you keep in a dusty drawer it’s a lifeline and roadmap to sustainable success.

So if you want to short-circuit the process to regain control, contact David today (david@leaskas.co.uk) and learn about the benefits to you, your family and your business.

TheWill to Win

What do a day at the ICC, a former British F1 driver, Twitter and a throwaway comment have in common?

Having won the Theo Paphitis SBS award in January, we attended the SBS event at the ICC in Birmingham, an annual free event created by Theo to which all winners are invited to attend. Among the many fine speakers was F1 driver Mark Blundell. Mark has the motto 'The Will To Win' which was used by his grandfather and which he has kept in mind throughout his life.

This motto, and his explanation of its origin resonated with us and we made a throwaway comment on Twitter that we might put it on our own studio wall, along with a quick mock-up of the motto on a wall done in Photoshop. Five minutes later Mark had commented 'Make two and I'll buy one'. Sometimes the most random things can be that easy. We set to work creating a real 1-metre-wide sign for Mark, faithful to the mock-up he'd liked with the same typefaces and spacing, from 3mm black MDF. If you want good black results this material gets you 95% of the way there and a light coat of matte black spray takes you all the way to 'extra black'.

The final sign, in a five-part interlocking frame to preserve all the spacing was also given a light coat of protective matte lacquer. The main letters were given 6mm standoffs and the 'Mark Blundell' text was flushmounted for a slight 'recess' effect from the main motto.

The use of nano tape on the rear allows us to make the whole frame and sign a push-fit mount to the surface, holding it in place for 30 seconds to allow grip to develop and then the frame can be popped away from the contents leaving the letters on the wall.

Fast-forward to mid-March and we have delivered and fitted his sign at his offices in Royston and, most importantly, he's pleased as punch with it. Mark has it mounted over the doorway in the entrance to his offices, it's the first thing you see when you enter his premises which we think is fantastic. For more information visit: surefyre.com