How to Succeed as a Family Business: Insights from The Seventy Ninth Group's Jake Webster Jake Webster, managing director of The Seventy Ninth Group, a Southport based asset management firm, discusses his family's innovative approach to asset management amid global economic challenges.

Founded with his father, Dave, the firm disrupts traditional asset management by identifying value in distressed assets. As competitors retreat, Webster champions creativity and collaboration, revealing how family-run values can drive success.

In this Entrepreneur UK interview, he shares insights for entrepreneurs navigating today's challenging landscape.

What inspired you to start the Seventy Ninth Group, and how does it differ from other asset management firms?

When I co-founded Seventy Ninth Group with my father Dave, we aspired to build a company different from the rest. We wanted to build an industry disruptor, focusing on areas in which we already operated and considered ourselves experts.

In Real Estate, we already had a reputation for buying property from sellers that were in financial distress and turning those projects around. We then moved into Natural Resources, where we applied similar principles - except the value was in the land, rather than sitting on top of it.

Our approach has meant that while most asset management companies are now 'running for cover' due to the global economic climate, we are growing at a rapid pace. We're expanding our portfolio, moving into international markets, and into new industry growth sectors such as Aviation.

The real difference between us and other asset management companies, is that we have the vision to see value, and the expertise to release that value. What are economic red flags for most, are times of opportunity for us.

What trends do you see shaping the future of asset management and investment strategies?

Over the next ten years, the global economic climate is going to be very turbulent, with multiple areas of geo-political instability affecting markets, as well as other economic woes across 'western' countries.

Within our industry, the majority of asset management companies are aligning their strategies to become very conservative and really putting themselves 'on the back foot'. For the Seventy Ninth Group, we do the opposite, we take advantage of economic instability across multiple industry sectors and we're working on our next acquisitions.

How do you foster creativity and innovation within your team to stay ahead of the curve in asset management?

When we founded the company, we wanted to instil the values which have given our family such success – hard work, passion and loyalty, which has meant we can overcome any obstacle, together.

Being an industry disruptor, you have to think outside the box, you have to think differently. We encourage our team to be creative and change their mindset. Sometimes it takes people some time to adjust to our way of thinking, but when they do, they see the vision. Where we need the most creativity is overcoming obstacles. We like to get everyone around a table, welcoming the sharing of ideas from all corners of the business.

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What advice would you give to entrepreneurs looking to start an asset management company?

My advice would be not to follow the 'narrative' and make your own path. There is lots of noise in the wider media about certain industries and strategies, people who claim to have perfected an approach. Get out there and learn for yourself.

My father instilled in me the way to do business, based on the principles he learnt from his father. I learnt from the ground up about how to make a trade, no one can teach you that. I've bought and sold everything from takeaway containers to scooters. We now make deals in the millions, but the principles remain the same.

Do things differently, go in with an open mind, look at business in a way in which others wouldn't, that's how you will discover an opportunity others will miss.

In your experience, what common mistakes do businesses make when it comes to their own asset management strategies?

The biggest mistake is not being able to see the bigger picture. It's important to diversify, predict the ebbs and flows of the market, while always being able to spot potential.

How can other entrepreneurs leverage the strengths of a family-run business model to enhance their own operations?

Our family is cohesive, we make decisions together and trust each other. We get the best possible advice, we hire the best people, but ultimately, we make the decisions.

Other entrepreneurs can create this 'family' aesthetic, through working closely with their employees and developing a climate of trust, while empowering them to make decisions.

Getting multiple viewpoints when making important decisions can bring a wealth of knowledge you may not realise you have, getting those perspectives will ultimately enable you to make the best decisions.