Business strengthens family bonds

Family Business Association emerged in May of this year out of the local chapter of the Canadian Association of Family Enterprise

Family Business Association-Vancouver Island President Stewart Story.

Family Business Association-Vancouver Island President Stewart Story.

The personal is professional for local family businesses and the Family Business Association (FBA)  – Vancouver Islands helps them reconcile the unique challenges that this combination creates.

“You don’t just step away from your family business and your co-workers,” says FBA president Stewart Story of Story Construction. “They are also family members. So there is a whole different set of dynamics, which can be very special.”

A. Bakr Ibrahim and Willard H. Ellis, who have written extensively about Canadian family businesses as academics, define a family business as one “in which at least 51 per cent of the business is owned by a single family; and at least two family members are involved in the management of the business. In addition, transfer of leadership to the next generation is anticipated.”

While this definition does not enjoy unanimous support among scholars, it nonetheless describes the unique dualism that defines family businesses.

Or as Story puts it: “If I am having a challenge working with a family member, I have also got to see them on Sunday for dinner. So you approach everything a little different when it is family…the dynamics are a little bit cloudy because of the family relationship.”

Enter the Family Business Association. It formally emerged in May of this year out of the local chapter of the Canadian Association of Family Enterprise (CAFE) founded 15 years go.

Proposed changes by CAFE that Story says would have led to a loss of local autonomy prompted local family businesses to form their own organization.

“It is a very supportive environment, where you get perspective from different people,” says Story.

“This is not an organization where you are selling to other members – it is more sharing in your experiences to help your business grow and be successful.”

The current membership roll of FBA – Vancouver Island includes 65 family businesses and 15 advisor businesses. Members range in size and across all sectors. They include among others transportation (Wilson’s Transportation), construction (Don Mann Excavating, Story Construction), retail (Bolen Books), property management (Proline Management Ltd), health (Coastal Roots Health) and tax specialists (Rinald Tax Advisory).

“We are a good representation of the private business employers in the Vancouver Island area,” says Story.                                                                                                                                        FBA-Vancouver Island is also a local reminder of the prominent role that family businesses play across Vancouver Island specifically – membership stretches across the length of the Island – and in the Canadian economy generally.

Multi-generational family businesses create many ties and connections within local communities, says Story, who started his construction career working for his now-retired father and before being his partner for five years in Story Construction, a prominent local firm with up to 40 employees founded in 1983.

“My dad has worked in town for 30 years and lots of people will come to me and say ‘Oh, I have worked with your dad a long time ago,’” he says. “There is a pride working in a family business. You have been

Continued from A14

…around for generations and it is something to be proud of.”

For all of their perceived challenges, scholars have also found that family businesses create many competitive advantages. They include high levels of employee commitment and motivation, flexible, informal and faster decision-making and a common goal.

“There is a lot of trust in family business,” says Story.

Running a family business can also open up new personal insights not available in other professional environments.

“I have gotten to know my father in a whole different way through the dynamics of us running a business together,” he says. “My wife and I work together. Even though some people think that might be very difficult to do, for us it works. We enjoy building something together and working on it.”

To learn more about the Family Business Association – Vancouver Island visit www.familybusinessassociationvi.ca or email fba@familybusinessassociation.ca

 

Just Posted

Hot rods, rad rods, muscle and sports cars spanning the decades made their way in a parade from North Saanich to Victoria on June 19. (Kiernan Green/News Staff)
PHOTOS: Classic cars cruise Saanich Peninsula in advance of Father’s Day

Retirement home residents from North Saanich to Victoria treated to a spectacle of hot rides

A bathtub kitchen garden is part of the lineup for this year’s Teeny Tiny Garden Tour to benefit Victoria Hospice. (Screenshot/Teeny Tiny Garden Tour)
Virtual garden tour for Victoria Hospice features trio of back yards

Online tour is free; calendar purchase and donation options raise money for the cause

Al Kohut, owner of the new photographers GALLERY, checks out Looking Back by David Bradt. The photo printed on canvas is among 50 images featured in the Birds on the Wild Side exhibition showing until July 3. (Wolf Depner/News Staff)
Photo gallery in Sidney plucks out top bird photos

Birds on the Wild Side show running at the new photographers GALLERY until July 3

The Town of Sidney supports efforts to rename Reay Creek to KELSET, its traditional SENCOTEN name. (Black Press Media file photo)
Town of Sidney signs off on Reay Creek name change to KELSET

Name change does not affect surrounding parkland, but public supports doing so

Steve Mann and Tim Hackett consider Marigold Lands their finest development. (Rendering courtesy Marigold Lands)
Marigold residences grow more townhouses and condos in Central Saanich

50 condos, 14 townhouses up next for project adjacent to Pat Bay Highway

Jesse Roper tackles weeds in his garden to kick off the 2021 season of What’s In My Garden Man? (YouTube/Whats In My Garden)
VIDEO: Metchosin singer-songwriter Jesse Roper invites gardeners into his plot

What’s In My Garden, Man? kicks off with the poop on compost

A Lotto 6/49 ticket purchased in Parksville for the June 19, 2021 draw is a $3M winner. (Submitted photo)
Winning Lotto 6/49 ticket worth $3M purchased on Vancouver Island

Lottery prize winners have 52 weeks to claim jackpot

Barbara Violo, pharmacist and owner of The Junction Chemist Pharmacy, draws up a dose behind vials of both Pfizer-BioNTech and Oxford-AstraZeneca COVID-19 vaccines on the counter, in Toronto, Friday, June 18, 2021. An independent vaccine tracker website founded by a University of Saskatchewan student says just over 20 per cent of eligible Canadians — those 12 years old and above — are now fully vaccinated. THE CANADIAN PRESS/Nathan Denette
At least 20% of eligible Canadians fully vaccinated, 75% with one dose: data

Earlier projections for reopening at this milestone didn’t include Delta variant

This undated file photo provided by Ernie Carswell & Partners shows the home featured in the opening and closing scenes of The Brady Bunch in Los Angeles. Do you know the occupation of Mike Brady, the father in this show about a blended family? (Anthony Barcelo/Ernie Carswell & Partners via AP, File)
QUIZ: A celebration of dad on Father’s Day

How much do you know about famous fathers?

Emily Steele holds up a collage of her son, 16-year-old Elijah-Iain Beauregard who was stabbed and killed in June 2019, outside of Kelowna Law Courts on June 18. (Aaron Hemens/Capital News)
Kelowna woman who fatally stabbed teen facing up to 1.5 years of jail time

Her jail sentence would be followed by an additional one to 1.5 years of supervision

Cpl. Scott MacLeod and Police Service Dog Jago. Jago was killed in the line of duty on Thursday, June 17. (RCMP)
Abbotsford police, RCMP grieve 4-year-old service dog killed in line of duty

Jago killed by armed suspect during ‘high-risk’ incident in Alberta

The George Road wildfire near Lytton, B.C., has grown to 250 hectares. (BC Wildfire Service)
B.C. drone sighting halts helicopters fighting 250 hectares of wildfire

‘If a drone collides with firefighting aircraft the consequences could be deadly,’ says BC Wildfire Service

A dose of the Pfizer-BioNTech COVID-19 vaccine is pictured at a vaccination site in Vancouver Thursday, March 11, 2021. THE CANADIAN PRESS/Jonathan Hayward
NACI advice to mix vaccines gets varied reaction from AstraZeneca double-dosers

NACI recommends an mRNA vaccine for all Canadians receiving a second dose of a COVID-19 vaccine

A aerial view shows the debris going into Quesnel Lake caused by a tailings pond breach near the town of Likely, B.C., Tuesday, Aug. 5, 2014. THE CANADIAN PRESS/Jonathan Hayward
Updated tailings code after Mount Polley an improvement: B.C. mines auditor

British Columbia’s chief auditor of mines has found changes to the province’s requirements for tailings storage facilities

Most Read