Reported by Li Yanzhou
On March 1st, 2017, the third Irish Family Business conference was held in Dublin City University, Ireland. The conference is supported by Bank of Ireland, Price Water house Coopers,William Frye of Ireland. The conference proceeded to cover succession best practices including how to choose a successor; preparing to let go and exit styles. With the help of prof.Liang and prof.Eric,STU Business school student Li Yanzhou attended the whole conference honorably.
At the first of the conference,Keynote speakers, Paul Darley, CEO of W.S. Darley & Co. along with his daughter and potential successor, Audrey Darley, shared their perspectives on family business dynamics and their challenges of succession management.Founded in 1908, W.S. Darley and Co. is a third-generation family business which has remained a world-leader in the firefighting industry over the course of its history. The business is 100% owned by the Darley Family, they achieved $185 million in sales last year and currently employs 235 employees.
Strong family governance, honest communication and planning enable generational survival in family business, according to Mr Paul Darley, President and CEO of a global, US based fourth generation firm. Audrey emphasized the importance of sustaining the century old Darley legacy: “We take a long term strategic approach. We have a 100 year plan”.
This was followed by a panel discussion and Q&A in which Brian O’Donovan, RTE journalist and event MC, invited Kevin and Rachel O’Connor of Irish family business, Colourtrend, to the stage to join the discussion and share their experience.
In the end,Professor Carole Howorth from Bradford University led a seminar on next generation learning and involvement. CFB sponsors, PwC, William Fry and AIB facilitated a student session for final year undergraduate and Master’s students of DCU Business School.
Personal Sentiment of Li Yanzhou: I really want to thank Prof.Liang Qiang and Prof.Eric. They gave me this wonderful chance to participate in this conference. During the student secession,I exchanged opinions with the leaders of the family business, gained the improved opinions and valuable experience, and promoted my own simulation of business environment, decision-making and perception ability. Paul Darley and Audrey Darley of WS. Darley asked me to study hard and get more theories and management knowledge. I will bear in mind and cherish my exchange life here in Ireland.
W.S. Darley & Co. is a designer, manufacturer and distributor of firefighting, defense and emergency services equipment.Founded in 1908, W.S. Darley and Co. is a fourth-generation family business which has remained a world-leader in the firefighting industry over the course of its history.Paul C. Darley is President & CEO of W.S. Darley & Co. Under his leadership, sales have increased over 500% in less than 15 years to over $140 million in 2012.
According to
https://www.darley.com/
* Pictured (l-r): Eric Clinton, DCU Centre for Family Business;Li Yanzhou, STU student; Paul Darley and Audrey Darley of WS. Darley
