”I suspect the current recession will reveal the true worth of family companies to the economy. Their direct ownership and prudent financial approach will enable them to withstand the effects of the ‘credit crunch’ and emerge with their skilled labour force intact.”
Roger Pedder, Former Chairman, C & J Clark Ltd (Clarks Shoes)
Coutts & Co’s Oxford office has embarked on its search to identify contenders for the Coutts Prize for Family Business 2009/10. The awards, now in their fifth year, represent the only regional programme in England and Wales celebrating the overall best performing medium-sized and large family businesses within three regions; Northern England and The Midlands; London & Greater London; and Southern England and Wales.
Mark Cozens, Private Banker for Coutts in Oxford commented. “Up to 75% of businesses in Oxfordshire are run by families and across the UK these family businesses account for a large share of UK GDP and employment. They also enter each and every one of our lives far more than we realise, from the wine we drink and the cars we drive to the offices and homes we work and live in. Yet even today, much of their work goes largely unrecognised by society and they get very little help with tackling the unique challenges they face in areas such as business succession.”
Mark Evans, Head of Wealth Institute, Coutts & Co, commented: “This year all short listed nominees benefit from a free company health check and the opportunity to receive feedback from the evaluation committee based on the information they have provided. In addition to generating national recognition, winning the Coutts Prize has also become a source of great family pride.”
The Coutts Prize for Family Business was launched to showcase and champion exceptional family businesses. As part of the process, nominations are reviewed by an independent evaluation committee made up of family business owners, academics and advisers.
To qualify for nomination for the Coutts Prize for Family Business, businesses must:
- have their headquarters in England or Wales;
- be wholly or mainly carrying on a trading activity;
- be companies or firms over which the family have significant influence;
- consider themselves to be a family business, though family members need not be involved in the management of the firm; and
- have been profitable in at least two of the last three years
Within the three regions, there are two turnover categories medium £5-25m and large £25m+.
The Coutts Prize, endorsed by organisations such as the British Chambers of Commerce, Cranfield University, and the Society for Trust and Estate Practitioners recognises firms that demonstrate a combination of high standards of family governance and corporate governance, a competitive market position and consistent financial growth, and a track record of charitable giving or involvement in the local community. Entrants must be companies or firms with a minimum turnover of £5m.
More specifically, the independent evaluation committee judging the Prize will be looking for examples of best practice, such as how family values are embedded in the in the culture of the company, effective planning for succession of ownership which the family understand and sign up to, challenges that the business has faced and overcome, and an understanding of the business’s approach to strategic giving.
Juliette Johnson, Senior Family Business Adviser at Coutts added: “Increasing numbers of family businesses are recognising that their ‘familyness’ can be used as a competitive advantage, especially in today’s tough economic environment. The Coutts Prize for Family Business is a unique award for family firms to use to benchmark their performance.”
The Coutts Prize for Family Business recognises the best run family businesses in England and Wales, and compliments Coutts successful Family Business Forum that is held throughout the UK.
NOMINATION PACKS FOR THE ‘COUTTS 09/10 PRIZE FOR FAMILY BUSINESS’ WILL BE DISTRIBUTED BETWEEN 1 SEPTEMBER & 31 OCTOBER 2009
TO RESERVE A PACK EMAIL:
ROBERT.JACOB@COUTTS.COM OR CALL 0207 649 4046