5 Hard Truths About Running a Family Business (And How To Get It Right)

Gary Beckwith is a pioneer of the UK tourism industry and family business owner. He is the author of How To Make A Million In Business, which will be published on 25 March 2025. It documents his career from operating London’s first floating cash and carry to becoming the visionary founder and CEO of City Cruises PLC, the book offers a compelling and candid account of a family business owner who shaped the future of the UK’s tourism industry.

Over the years, I’ve seen work commitments turn the most doting couples into passing ships in the night and transform great parents into people who never find time for their kids.

My solution to this problem was to combine the two biggest areas of my life. It’s taught our family many lessons, some hard-earned. But when we got the balance right, for me, it became the only way to do business.

Take Them On The Journey With You (Or Prepare To Go It Alone).

My attitude to business has always been all-consuming. If you believe in a four-work week, good luck to you. But it's not for me. What would I do with all my free time? In fact, I’ll tell you what I’d do: I’d start another business. Some people run companies because they don’t want a boss or because they fall into it.

For me, it’s who I am. It’s my hobby, my passion and my work. So, I knew from a young age that if I wanted to have any sort of relationship with my family, I had to bring them on the journey with me. With my wife, Rita, at my side and my children, Lucy and Matthew, both playing a part, only then could I strike the delicate balance between work and family.

Every Mealtime Becomes A Board Meeting.

When my daughter, Lucy, was young, she threw down her knife and fork one afternoon and screamed, “Can we talk about something that isn’t business? Just for once!” There was awkward eye contact around the table for a moment as we acknowledged her point. We then enjoyed a lovely meal in silence.

When your dad’s the CEO and your mum’s the MD, it’s got to be tough on you. All you want to do is talk about your school friends or a new singer you’ve fallen in love with. But as you get older and start working in the company, that’s when it really takes over. Every mealtime becomes a board meeting, and my kids have had three a day for most of their lives.

Running a business is like your own little Coronation Street. Everyone has a story. It’s almost impossible not to get wrapped up in it. There are sick days, romances, and people leaving and joining. Then there’s the big picture stuff like legislation changes, force majeures, and global events like the Olympics coming to town. The phrase ‘working lunch’ became redundant for us; it was just lunch. So, be prepared because people talk most about the things they have in common.

The Kids Have To Make it On Their Own.

When my son Matthew turned 15, he’d already been working in the business for a few years. He ran the ticket operation on the South Bank as we transported passengers to the Millennium Dome. He worked in maintenance, on the store barge and in engineering. Then, at 15, we found a master to train him as a captain, and by 21, he was fully qualified.

This all gave him crucial context. By the time he worked his way onto the board at the age of just 24, no one could question it. He was well-liked well-respected, and he’d earned it. He was also the only person who had seen the business at every level. He could hold staff accountable but also defend them because he was the only one who truly understood their jobs. He learned very young that there’s only one way out of your parent's shadow: shine your own light.

You Must Have A Succession Plan.

At the turn of the Millennium, Wilkinson’s (later known as Wilko’s) had 152 shops across the UK. In 2023, the granddaughter of the founder appeared in the House of Commons, answering for the loss of more than 400 stores, 12,000 jobs, 625 million pounds of debt, and a pension deficit of 50 million pounds.

My first question when I read things like this is: where was the succession planning? Who was the first person in the company’s upper echelons underqualified for their position?

You don’t get to this stage of collapse without a decade of knowing it’s coming. What was your graph telling you? The first time your line stopped, levelled out and came down, what did you do? Did anyone say, “How do we get out of this mess? Why have we got stores in these locations? How do we fix it?” The latest generation may be taking all the flack, but I suspect the problems started long before. You have to plan for when you’re no longer leading the business. Train your staff and put the right people in the right roles, or, one day, your legacy could be in ruins.

It’s Not Just YOUR Baby.

As we were on the eve of selling our business we were all having second thoughts. I’d spent a lifetime building it and I just wasn’t sure if I could let go. Lucy took it one step further; she was threatening not to sign the paperwork, as she felt blindsided by the sale. And in fairness to her, I should have followed my own advice and taken her on the journey more. She wasn't involved in the sale, so she had no time to process it.

Both our kids made sacrifices their entire lives: their holidays, meal times, and even their school plays. In 2019, when we finally put pen to paper, it was the first time we’d ever had Christmas day at home, and by then, they were both in their 30s with kids of their own. It was a lesson to me that just because you create something doesn’t mean it’s yours alone.

About the Author - Gary Beckwith is the author of How To Make A Million In Business, which will be published on 25 March 2025, priced £12.99.