IIC Partners With Scotiabank To Promote Family Business Governance
Workshop in Trinidad and Tobago addresses challenges faced by family-owned SMEs
Port of Spain, Trinidad and Tobago – On April 26, 2010, the Inter-American Investment Corporation (IIC) and the Business Development Company Limited partnered with Scotiabank to host a workshop in Port of Spain, Trinidad and Tobago, on family business governance. This furthers the IIC's mission of supporting and strengthening small and medium-size businesses (SMEs).
The workshop’s goal is to offer SMEs the opportunity to learn about classic family business governance issues to boost their competitiveness and increase their chances of long-term continuity. The workshop began with an introductory session open to SMEs, professionals from academia, and public and private sector institutions interested in governance of family-owned SMEs. Thirty-five family businesses—totaling 110 people— from Trinidad and Tobago attended this introductory session.
The workshop is primarily funded by the Korea-IIC SME Development Trust Fund and is delivered by professionals of the Family Business Consulting Group Inc. (FBCG), which has ample experience in dealing with family businesses’ global challenges.
The workshop addresses three basic challenges faced by family-owned SMEs: developing responsible and united business ownership; understanding the succession process; and preparing the next generation to ensure successful business continuity. Sessions include talks with family business experts, hands-on case studies, and role-playing exercises. Nineteen family businesses totaling 48 people from Trinidad and Tobago registered for the workshop.
This initiative stems from an interest of the IIC Board of Executive Directors to foster suitable and sound governance practices in small and medium-size family businesses in Latin America and the Caribbean. The IIC has promoted similar workshops in Colombia, Jamaica, and Panama.
The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. It does so by providing financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. In 2009, the IIC reached US$1.4 billion in assets and approved forty operations channeling US$299.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.int.
Contact: Amparo de San José Riestra
Telephone: (202) 623-3921