Read Full Ulster Business Article here >>> 6931663ca9521dd1ca3c0ab9_oct_feature_1.pdf
These firms thrive because of long-term vision, shared values and deep trust. As highlighted in a recent Ulster Business magazine feature, the success stories of multigenerational companies such as Lynas Foodservice show how thoughtful transition can fuel growth, innovation and continuity.
Family businesses often operate with a mindset centred on stewardship and legacy. As HM Senior Partner Darren McDowell explains:
“They can make long-term decisions. They’re not necessarily driven by short-term earnings targets. You get trust and loyalty and that comes through in so many good ways for consumers and teams and the economy as a whole.”
This ability to think beyond quarterly results gives family firms a competitive edge — supporting resilience, innovation, and a culture where employees feel invested in the future.
Generational change, when approached with openness and communication, becomes a source of energy rather than uncertainty. The Lynas family story is a prime example of how early exposure, honest conversations and willingness on both sides can create a seamless and successful transition.
Every family’s journey looks different — some successors join straight from school, others return after building careers elsewhere — but each path shows the possibilities that arise when families plan ahead and embrace the next generation.
Darren notes that with the right professional guidance:
“It’s something that can be managed and managed well.”
Next month marks the 10th anniversary of the Northern Ireland Family Business Forum, a partnership between HM Chartered Accountants and Ulster University. Over the past decade, the Forum has become a platform for learning, leadership and community — highlighting the contributions of family firms and equipping them for long-term success.
This year’s event continues that tradition, bringing together business leaders, academics and next-generation family members to share insights, celebrate achievements and look to the future.
Reaching the third, fourth or even fifth generation is a remarkable accomplishment — and entirely achievable with the right support. As Dr Ian Smyth aptly notes in the article, when family businesses get succession right:
“It’s not a drama, it’s just a lovely story.”
At HM, we are committed to helping those stories continue for generations to come.
