A conference held early last week highlighted the need for family businesses to plan strategically to safeguard themselves against the challenges of intergenerational conflicts. The event was organised locally by FBS2M Family Business Solutions and with the collaboration of the Scottish Family Business Association. APS Bank Ltd was the main sponsor of the conference.

The conference targeted businesses that are owned or managed by families, and endeavoured to offer useful advice and solutions to many of the problems that can arise.

“Around 85 per cent of all Maltese companies are family owned or run,” explains Mario Duca, Managing Director and Consultant at FBS2M Family Business Solutions. “Thus, the Islands’ wealth is heavily reliant on the well-being of this sector.

“As a company, we offer training and consultancy services to family businesses and business families, by creating family governance and effective succession planning structures. This conference is one of the most anticipated events of our annual calendar, and helps to highlight the specific requirements of this sector of Malta’s business society,” added Mr Duca.

He went on to say that “over the years FBS has developed a unique consulting process that has helped families to work better together through the generations, and achieve far more success as a result.”

The conference discussed issues that include conflicts between siblings and intergenerational clashes, especially in relation to next generation succession, and detailed how these can be mitigated to successfully take the business to new levels.

Several foreign speakers, including Ken McCracken, Managing Partner for Family Business Solutions Scotland, Martin Stepek, CEO for the Scottish Family Business Association and Amelia Renkert-Thomas, President for Fisher Renkert LLC and local speaker Mr. Mario Duca Managing Director and Consultant, offered their seasoned advice and experiences. Additionally, local speakers Doris Sammut, of Green Skip Group, and Angelo Xuereb, of AX Group of Companies, both related their personal experiences of successful and unsuccessful methods of working within their own family businesses.

The conference also marked the launch of the eagerly awaited Malta Association of Family Enterprises.

“Once again, we have made headway for family businesses in Malta. The launch of the Association, together with other founding members including Pier Luca Demajo, Angelo Xuereb, Doris Sammut, Dr Jean-Philippe Chetcuti and myself, is another step towards ensuring that the needs of this very important sector are met and understood, and that family businesses can continue to grow and develop though the generations,” concluded Mr Duca.

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