Business advisory groupThe Wilson Organisation and UK private bankCoutts have teamed up to host The Next Generation Forum, an initiative dedicated to helping family businesses in the Midlands through and out of the economic downturn.

Family businesses, of which there around three million in the UK, are increasingly targeted by private banks as a potentially rich seam of wealth which comes with an “inbuilt” future pipeline of business. Forums, seminars and awards to highlight best practice feature heavily as part of banks’ prospecting strategies: both JP Morgan Private Bank and Coutts run awards events to celebrate the best of family businesses.

The Next Generation Forum was formed after Wilsons were asked to speak at one of Coutts’ family business seminars in London. By bringing together family businesses to share their experiences and challenges, the forum is intended to bridge the gap between the theory and reality of running a family business, helping such firms navigate a post-crisis landscape.

“Succession plans are usually the backbone of any business plan for a family-run, privately-owned firm, but with the downturn the focus necessarily shifts towards securing survival and sustainability, whilst succession plans take more of a back seat,” says Charlotte Prow, joint managing director of The Wilson Organisation.

There is also a social side to the forum, as Rob Jacobs, family business manager at Coutts, points out. “Working in a family business can sometimes be a lonely job and the forum meetings have proved a good way to forge friendships and new business relationships,” he said.

Mr Jacobs added that The Next Generation Forum has already found great success in the Midlands, and on the back of this popularity the bank is keen to explore launching similar programmes across the UK.

The Next Generation Forum’s next event takes place in Nottingham on 9 June, with speakers including clothing retailer Justin Cheatle and David Perkins, the founder of a restaurant chain.