By way of background can you tell me a bit about Sherpac?
Sherborne Packaging was started 20 years ago by Christine Sherborne. Our family was the first to purchase the business off Christine and we held the business for a number of years. We eventually sold and moved onto other
ventures, but my parents always regretted selling the business. The opportunity came in early 2012 to purchase the business back and Gerard and Theresa decided they would.
Sherborne Packaging is in the business of producing FMCG and retail packaging. We currently have three full-time staff and Gerard and I work in the business as well. Theresa comes in every week to do the accounts, so it is definitely a family affair.
Why and how did the different generations of your family come to work in the business?
It was something that Gerard and Theresa have always done, ever since I was a little kid, so I grew up with the whole 'family business' aspect. We are a very tight-knit family and we get along more like friends. When Gerard and Theresa bought the business back they asked if I would like to take part in the business, so I handed in my notice as a software engineer and came into the business as another shareholder and director.
What are the benefits of having an intergenerational business?
I would say one of the biggest things would be trust. Even though you can get this through employing great staff, there are certain things that always need to be overseen when employing managers. This is something that Gerard and Theresa have with me working in the business. I'm not going to say this is the case in every family, but I was raised with the values to respect your elders and work with honesty and integrity. They know I want what's best for the business and for our family so they can put their trust in knowing I will always do what is right.
What are the challenges?
This is something we actually haven't come across. We work hard, but we always have time for family and we do whatever we can to ensure this split.
You definitely have to try to keep work and family life separate; you need to have that balance. At the moment I'm living at home as well, so it is important to have your own space. But because I've been brought up with having family-owned businesses I don't really know anything different.
What about the issue of succession? Is this something you're talking about or planning for?
Gerard and Theresa are getting older and they are starting to look ahead to retirement on the horizon; it's still a few years off but they definitely want to start slowing down, and they would love for me to take the business over in time.
It is never forced, though. If, in time, I eventually want to sell - or even leave tomorrow and go back to being a software engineer - they have full respect for what I want to do with my life. At this point we are working through a succession plan with Zac de Silva from Business Changing. Gerard generally only works four days a week and wants to reduce that to three days within the next 12 months. This means more responsibility will fall to me and this is something that Zac is helping us work through.
What advice would you have for others looking at bringing on younger generations of the family in their small business?