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The internet is the new wild west for family businesses

The internet is the new wild west for family businesses
This week I have, as ever, heard some fantastic presentations from our Family Business Practice members and there are clearly several consistent themes...

One of them is dealing with individuals and businesses directly on the internet, as opposed to face to face, which can leave you open to potential fraud, abuse or worse.

I am mindful that we are so lucky to have a group of individuals and businesses that are collectively joined by a series of values that abhor such business behaviour but we have to be so careful-  simply put watch out for scammers…

So here are five things I have learned from our members this week:

The late payment of commercial debts (interest) 1998 is the key piece of law that governs the late payment of most business debts. Thank you, Jon Moss, of FBC Manby Bowdler for an excellent presentation on credit control – it’s all about having a system!
 
Emma Robinson gave a fantastic presentation on how she was nearly scammed recently (fortunately she realised just in time) and it was an excellent example of how we have to be so careful – and perhaps why cyber insurance is so important moving forward.
 
Rich Brown gave a great impromptu presentation on social media – What’s App business needs to be investigated!
 
Travel is going to be challenging for a considerable period of time and again is open to major abuse – you could do far worse than listen to Neill Hall for the latest information. I have to say Neill has been fantastic these last three months and if you haven't done, do arrange a 121 with him if you are remotely thinking of travelling!
 
If you have not seen Sanjay Shah yet do get on one of his next presentations. His simple demonstration of how we look at life currently and what to do if life is tough is worth a conversation alone.

The extra thing I learned this week as a bonus is – get to as many sessions as you possibly can as the amount of learning and opportunity is there for you if you act!

Until next week…

Peter.