Land of Beds: Running a family business isn’t always bed-lam
With any family business, when fresh blood comes along, they need to make their mark,” says Mike Murray, managing director of Land of Beds.
In 2008, that’s exactly what he did when he joined the family business, embarking on the process of taking the reins from his father, Michael Murray (Senior) – who 30 years prior had taken them from his father, Harry Murray.
Now in its third generation, the business looks very different to its early days as a high street carpet shop. As each Murray made their mark, the company has pivoted, from furniture through to beds, with each adapting to changing times, methods of doing business, and demand.
Learn the ropes
When growing up around a family-run company, the business is rarely out of mind. Murray’s father joined straight out of school, learning the ropes from his father in preparation for taking the helm. “Business was, and still is, discussed a lot at home,” says Murray, “I was always listening to my dad and grandad talking about business around the table from a very early age. Then from the age of about 12, I was working Saturdays, helping out, before taking a part time job when I was 16.”
The company itself only became Land of Beds when Murray joined after university, at the height of the financial crisis in 2008. “It was very difficult on the high street then, and we realised we needed a change – but it was an opportunity. Around that time people were becoming more trusting of ecommerce. Trying to sell carpets online wasn’t going to work, so we bit the bullet, trimmed the product offering and focused our efforts online.”
Evolution
The move paid off, and as the ecommerce site goes from strength to strength, the business has had to adapt to the latest generational evolution. “We’ll always stick to our high street roots”, says Murray. “But the biggest change has been learning how to run an ecommerce business – we’ve diversified from local retail into a national technology-based business that delivers up and down country.”
British businesses are bulging with relatives working side-by-side, from father and son contractors to family-run hedge funds. Some 87 per cent of all private sector firms in the UK are family run, and Murray thinks he knows why.
Mike Murray (right) winning an award for Land of Beds (Source: Land of Beds)
A Family Affair
“You can be quite flexible when dealing with your family; if you see an opportunity, you can get involved almost immediately without going through a board of directors or similar. You can be very open and honest, and it gives you a lot of confidence to discuss things without fear of reprimand – you can try things out, knowing you’re not going to get fired.”
With the closeness of the family bond, though, things can get heated, or as Murray describes it: “passionate”. A work-life balance is harder to find when you quite literally live and work together, and keeping each as separate as possible is essential. “There are times when you have to ensure that you don’t take too much home with you – leave it at the door – because ultimately, family is more important than business. It can get heated, but mostly because you care, which can be good if channelled in the right direction.”
Hand-me-down
Murray Senior is still active in the business, despite being in semi-retirement, alongside two generations of wives. But handing over the company from one generation to the next was always going to be sore. Murray says that his father’s “letting go” was based on trust, and a sense of legacy.
“The success we’ve had since starting the ecommerce site has bred trust in my ability. If you see someone being successful, it’s a lot easier to trust them and let go. Family businesses are a very personal thing. There’s a real sense of ownership and we’re very passionate about ensuring its longevity. My grandad started this business – we’re just looking after it. He’s really proud of the legacy – it’s my job to continue that.”
Asked whether he’d want his two children to continue this legacy, Murray says “yes, but only if they want to… I’m sure they’d put their own personal stamp on it!”
The company is growing quickly, with plans to open 10 “strategically located showrooms” countrywide by 2020 to increase its national presence. Would Murray ever take the business public, or take outside investment? “It would have to be with the right partner, and only if it made strategic sense to do so. We wouldn’t do it for the money alone.”