Walking into any family business is a learning experience in itself. It communicates so much as to what the family owners value most and what is most important to them. A common experience is that many family businesses find space for everything, even space for their pets at work many times, but it is way too frequent that they do not have any private space where they can discuss things.
We met Silvan Mifsud, Director for Advisory Services at EMCS focused on advising family businesses within the firm. Mifsud who delineated how the experience and knowledge gathered over the years, has led tailormade services designed to the specific needs of each business.
At EMCS, the company’s distinctiveness lies in its ability to merge economic analysis with business advisory services. In an era of perpetual external turbulence, family businesses cannot afford insularity. Understanding the intricate interplay between external economic dynamics and internal operational realities is paramount for strategic agility and longevity. This distinctiveness has been integrated within the so-called Business Reality Check service. This is a meticulously crafted service offering intended to address diverse family business needs. This service encompasses multifaceted analysis and guidance, including external economic assessments, strategic direction, governance, internal processes, financial trends, sustainability, and company valuation. In addition, we extend our expertise to EU funding, market research, and an array of training services. Hence, why EMCS truly offers a holistic service offering to family businesses.
Mifsud explains: “As a company we seek to give overall direction so that businesses find the most efficient way to operate and be more profitable. To achieve this, we use a hands-on approach and work with family businesses to become more strategic and more professional in their approach.”
Since its establishment in 1983, EMCS has distinguished itself by offering a bespoke service to its clients. Differentiation and excellence are not mere aspirations but embedded in our ethos. Our mission is unequivocal: to provide businesses with the support they need, precisely when they need it. Recognising the pitfalls of attempting to cater to every demographic, EMCS has directed its efforts towards family businesses. Understanding their motivations, challenges, and aspirations, they are proficient at navigating their unique landscape. Family businesses embody a blend of tradition, resilience, and ambition, often constrained by limited professional and governance structures.
Family Business AwardIn response, EMCS have pioneered the "Award in Leading a Family Business," a training programme tailored to the specific needs of family-run businesses. This is the only accredited training course specifically setup for family businesses, that is presently available in Malta.
Mifsud enthusiastically states “We understand family businesses. We understand what drives them and what limits them. We see their unique motivation and desire to grow and keep existing across generations. Family businesses are at the core of our work, they are essentially our partners.”
Kurt Muscat, Assistant Manager – Advisory Services, EMCS explains how through a recent study conducted for The Malta Chamber, with 160 businesses, some very important data was analysed and the results point highlight the fact that family businesses in Malta continue to be run by business owners who are often take decisions based on a gut feeling rather than a well-informed data driven process.
According to the research carried out at the beginning of this year he states “64 per cent of family businesses do not make decisions based on research and data.”
The outcome of the research on family businesses and their decision making will be discussed during the upcoming Family Business Conference being organised in collaboration with The Malta Chamber and the Family Business Office, on May 23, 2024 at the Malta Chamber in Valletta.
If you are a family business leader or owner, we invite you to register for this event HERE.
EMCS Advisory