A £30 million row has broken out over the future of manufacturing organisation, the EEF.
Members are being asked to vote on a major reorganisation of the former Engineering Employers Federation, but leading businessman Jeremy Woolridge says both influence and assets will be lost.
He claims EEF members are not being given the full picture and warns that the West Midlands is in danger of losing out.
The OneEEF initiative is supposed to bring all EEF associations in England and Wales together into a single organisation.
Ian Smith, EEF West Midlands chief executive, in urging members to vote, has told them: "This is so we can give you improved and more responsive services and get us into better shape to meet the challenges of today and the future."
Votes have to be in by Monday.
Mr Woolridge, chairman of Willenhall-based galvanizers BE Wedge Holdings and a leading light in the regional CBI, says he will be opposing the amalgamation.
He believes £30 million of West Midlands assets are on the line, and warns a London-centric amalgamation will disadvantage the region.
He cites substantial properties such as the Woodland Grange training and conference centre at Leamington Spa and the Apprentice Training College at Tyseley in Birmingham. Mr Woolridge believes that the "financially strong" West Midlands has roughly £18 million of assets and the equivalent of a £15 million holding in the London operation - representing a 20 per cent stake.
Yet, he claims, voters are not being told that all this is in the balance.
"This is all owned by the West Midlands members and is effectively being given away," he told The Birmingham Post.
"The voting deadline is Monday yet there is no indication of the implications surrounding this major transfer of assets. I find that unacceptable. It is important that members are aware of what they are voting for - to give away our assets."
Mr Woolridge, a former EEF West Midlands president, also doubts the wisdom of the shake-up which will see the West and East Midlands amalgamate into one region.
He sees decision-making and control ending up in London.
He said: "I don't think anything is gained by amalgamating with the other regions of the UK.
"It will all be directed from London."
He believes the result will be a poorer service for the West Midlands than what it currently enjoys. That is disputed by the wider EEF body.
It states in its pitch to members: "The current association structure will be replaced by five regions in England and Wales.
"Fewer EEF regions does not necessarily mean fewer offices. As the business grows, there is likely to be a need for additional local presence, meaning we can be even closer to you, our members." On the wider decision to make changes, it argues for "a more competitive organisation" able to face up to the business challenges of the 21st century.
It goes on: "Up until now we have achieved much within EEF by working collaboratively.
"But in fact, our associations across England and Wales are legally independent and, now that our collective turnover has grown to around £40 million, this makes it difficult to move forward and grow the business cohesively. The new EEF will continue to be regionally-focused, but it will operate as a single, national organisation. We will also continue to be owned by our member companies, but will take the form of a company limited by guarantee rather than a federation."