‘Second-best should not be tolerated’

FAMILY businesses should not be a recruitment agency for family members and second-best should not be tolerated, Century Homes chief executive Gerry McCaughey told yesterday’s conference.

Mr McCaughey, who recently shared €98 million with his father and brother and an outside investor following the sale of the timber-framed house builder to Kingspan, said companies needed to concentrate on making a profit, regardless of their ownership structure.

“There shouldn’t be any difference between a family business and any other company,” he said. Focusing on profits meant families would avoid making decisions they would regret later. Family businesses should act like plcs, said Mr McCaughey. “You can have shares in a plc but you shouldn’t expect a right to come and work in it.”