The Bermuda Economic Development Corporation (BEDC) invites family businesses to attend the first ever family business event – It’s A Family Affair. The event will take place on Friday, November 2 from 5.30 p.m. – 8.30 p.m. at Goslings Wine Cellar. If you work with your family or the business has been handed down to you, or even if you are thinking of passing your business on to your children, this is the event for you.
It’s A Family Affair – Family Business Event will celebrate family businesses during events to mark Global Entrepreneurship Week (GEW) next month and will feature international guest speaker Ted Knowles of Northeastern University Centre for Family Business. The event will also feature a panel of local business owners including Irvin Hendrickson of Hendy’s Laundromat, Denise Riviere of Bull’s Head Car Wash, Zach Moniz of Lindo’s Group of Companies and Charles Gosling of Goslings Ltd., who will share some of their insights on topics such as “I will never do that again”, “Things that keep you up at night” and “This is how you do it”.
Leading family businesses are invited to come together during the event to celebrate, network and exchange ideas. The event isn’t about sharing industry secrets but about listening and discussing the personal experience side of owning a family business.
Mr. Raymond Lambert, Business Development Officer at BEDC, said: “This thought-provoking evening will engage and inspire family business owners with advice from leading family business experts. Family businesses will discover ideas and solutions for the top family business issues that keep them up at night. They will be given practical, real-life solutions that can be put to use right away. It will also be an evening to celebrate Bermuda’s leading family businesses and celebrate their importance to Bermuda.”
Family businesses are the backbone of Bermuda and can be found in virtually every business sector. They are creators, globally, creating over 60 per cent of the companies and up to 80 percent of employment. However, working with family or taking over the family business isn’t always the easiest. There are many issues that can occur such as families falling out, other family members not wanting to work in the same business or descendants not interested in taking over the business. The event will explore these topics and give attendees a chance to listen and discuss ideas that can help make the right decisions for you, your business and your family.
Ted Knowles, who was a member of the second generation in his family business, said, “When family business works it can’t be beat. Family businesses are different and coveted because they have unique personal aspects in addition to the business side. Leveraging these personal aspects truly differentiates them from others and provides a competitive edge that can’t be matched.”
Mr Knowles’ family grew the business, Potpourri Group, a specialty catalog retailer located in Boston, MA, from a small kitchen table startup into a $150 million family business enterprise with over 200 employees. The company grew organically through five startups and the merger/acquisition of five other businesses but maintained a small family business corporate culture while professionalizing the business through rapid growth.
“In my own family’s business, I have experienced firsthand the growth challenges and successes from a small startup into a successful large enterprise,” said Mr Knowles. “Relationships were key to the growth by having employees feel a part of the extended family and treating suppliers more as partners. The business also experienced several hardships including a labour strike, a near-mutiny because of a non-family manager, the death of a co-founder and the eventual sale of the business. We turned these hardships into opportunities to make the business stronger and more successful.”
He added: “I share these experiences to help family businesses learn to identify and anticipate future issues by using personal, real-life, practical solutions for problem-solving, rather than textbook theory.”
It’s A Family Affair – Family Business Event will take place on Friday, November 2 from 5.30 p.m. to 8.30 p.m. at Goslings Wine Cellar. For more information, visit www.bedc.bm, email firstname.lastname@example.org or call 292-5570.
Bermuda Economic Development Corporation (BEDC) is Bermuda’s premier source of free confidential business advice for entrepreneurs. The mission is to serve Bermuda’s local business community with the highest degree of professionalism by providing, authoritative business advice; counsel and loan guarantee support. Bermuda Business Starts Here! For more information visit www.bedc.bm.
During one week in November the world spotlights how young people's ideas can contribute to global economic development. GEW Global, which started in 2008 with the Kauffman Foundation and the UK’s Make your Mark organization, has grown to include Host Committees in over 150 countries. With the help of governments and non-government organizations, Host Countries coordinate events ranging from invention competitions to local entrepreneurship summits designed to stimulate creative solutions, jumpstart innovation and celebrate the entrepreneurial spirit, especially among young people.
Formed in 2008 the Bermuda Host Committee is made up of the BEDC, Youth Entrepreneurship Initiative of Bermuda (registered charity no. 616) and the Department of ICT Policy & Innovation. The Committee acts with the common goal of inspiring the new generation of entrepreneurs and creative thinkers