Empowering Family Businesses: The Backbone of Our Economy
Family businesses play a pivotal role in the economic fabric of our society, comprising a staggering 75% of all local SMEs. These enterprises are the lifeblood of our communities, embodying a rich tradition of entrepreneurship and values that span generations. Ms Stephanie Attard, Team Head Corporate Banking Unit at BNF Bank commented that “whether seeking to expand operations, invest in new ventures, or secure working capital, BNF Bank has an array of personalised offerings to fuel unique ambitions, and assisting in planning for life's greatest milestones.”
In the current era, we are witnessing a significant transition. Many leading business groups, predominantly composed of family enterprises are navigating changing family dynamics, passing the torch to the next generation. “This pivotal moment is where we step in with our dynamic team to protect and evolve the management of businesses, ready to build enduring relationships with retiring leaders and support the emerging generation in their journey of growth and leadership,” explained Ms Attard. A solid succession plan is therefore of paramount importance in ensuring a seamless transition, with BNF offering financial and banking solutions that align with the family's long-term vision and objectives.
Alongside a succession plan, the bedrock of any lasting family business lies in strategic planning and governance. For the team at BNF, this is where a "Family Business Charter" comes into play, to not only shape the culture but also provide clarity on how the family business operates. Ms Attard clarified that “it outlines essential aspects such as ownership transfer, leadership roles, remuneration packages, and conflict resolution mechanisms, serving as a compass to guide a family business through the complexities of evolution and succession.”
BNF Bank’s investment in cutting-edge technology further helps simplify transactional banking. “Freeing invaluable time of experienced BNF relationship managers who can better nurture lasting relationships whilst serving as a direct access point for customer’s transactional and advisory banking, aligns to the BNF approach” noted Ms Attard. “This approach is one deeply rooted in forging sound partnerships and in taking a genuine interest in one’s family business” she continued.
Start a conversation with BNF Bank and begin crafting your unique story. BNF stands as a trusted partner, committed to the success and continuity of family businesses.