Author: Abbie-Louise

Family Business UK Spring Budget Submission 2024

Posted on by Abbie-Louise

In the UK, we are sitting on an enormous resource of entrepreneurialism in the form of our family business sector. Family businesses make up 90 per cent of the UK’s total
private sector firms, employing 14 million people and contributing over £200 billion through tax receipts each year alone.

Now more than ever, the Prime Minister’s focus on long-term decisions is vital to support businesses in overcoming immediate challenges while delivering long-term
growth.

Family Business UK makes the following recommendations for inclusion in the Budget that can help support the family business sector in putting the UK
economy back on the road to recovery:

• Commit to maintain Business Property Relief (BPR) in full
• Bring Business Assets Holdover Relief (BAHR) eligibility into alignment with BPR, to enable a smooth transition in ownership between generations
• Replace the Apprenticeship Levy with a new, fit-for-purpose Future Skills Fund

To read the full Family Business UK submission for the Spring Budget 2024, please Click here to access the document.

Family Business UK Joins New Small Business Council

Posted on by Abbie-Louise

Family Business UK attended the first meeting of the new Small Business Council in Downing Street today, as the Government looks to remove barriers to growth faced by SMEs.

Chaired by Small Business Minister, Kevin Hollinrake, the Council will work alongside the PM’s Business Council to tackle the key issues facing smaller firms. The Council will include Family Business UK, Small Business Britain, and the Federation of Small Businesses.  The Council also includes SMEs themselves, with firms representing all corners of the UK covering sectors including manufacturing, construction, food and drink.

The Council will be a powerful voice for small businesses within Government and has been tasked with overseeing three key areas for small firms – Access to finance, skills and support as well as removing barriers.

Small Business Minister Kevin Hollinrake said:

“Small firms are at the heart of our communities and the engine of our economy – which is why the work of this council is so important. My own experience of working in a small business has given me crucial insights to the problems that SMEs face on a daily basis, from barriers to growth or access to finance.

“We’re giving small firms a big voice, so they can directly air their concerns to government without delay – only when we work together can we tackle some of the burning issues SMEs are facing – only then can we help boost jobs and grow the economy.”

Neil Davy, CEO of Family Business UK, said: 

“We are delighted to be part of the new Small Business Council, representing family businesses from across all regions and communities of the UK to highlight the unique challenges they face and the practical new ideas we have for generating economic growth. It is great to see this group reflect the different models of business that make up the UK economy.

“Family firms offer a unique perspective due to their long-term view, and we look forward to working with the Council to deliver support and advice to help SMEs learn, thrive and grow.”

You can find out more about the Council, including the full list of members here https://www.gov.uk/government/news/sme-council-membership-revealed-ahead-of-first-meeting

FBUK Launch 2024 Programme of Family Business Masterclasses

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Following on from the successful Autumn 2023 launch of Family Business UK’s expert-led Masterclasses, we are delighted to announce our expanded 2024 programme of Masterclasses for family business.

The FBUK Masterclass programme is a series of comprehensive, family business focussed one-day courses designed to support family business owners, family members, operational directors, shareholders, non-family executives and NEDs, to navigate the complexities and nuances of managing, directing, and owning a family business.

Launching in 2023 with hugely successful sessions on Succession in association with sector experts at Alembic Strategy, Farrer & Co, and KPMG and Governance in association with the experts at Boodle Hatfield and PwC,   the 2024 programme has been expanded, to meet demand.

Including Masterclasses on Ownership, NEDs, Succession and Governance, ensuring there is a session of material import for everyone, no matter your role in the business or family.

The Masterclass series is delivered in collaboration with leading family businesses and industry experts, combining a mix of facilitated learning, peer discussion and knowledge share, “live” family business case studies and shared experiences, and tailored workshops. Providing the opportunity to further best practice, amongst families, and specifically tailored to the unique needs of family enterprise.

The Masterclass series features the rare opportunity to hear real-world case studies from family business owners, including, in 2023, representatives of:

  • William Jackson Food Group
  • The Clancy group
  • Dormole Ltd
  • Sigma Pharmaceuticals
  • NG Bailey
  • Bettys & Taylors of Harrogate
  • Wates Group
  • Laithwaites Wines.

And are facilitated by Family Business UK and experts from:

  • Alembic Startegy
  • Boodle Hatfield
  • Deloitte
  • Farrer & Co
  • KPMG
  • Natwest
  • PwC
  • Saxton Bampfylde

2024 Masterclass Line-up

  • 16th April 2024 – Ownership Masterclass: Exploring ownership structures, the role of trusts, the implications of share-structures, building a tax effective business, and responsible stewardship.
  • 14th May 2024 – Non Executive Director Masterclass : Exploring readiness to recruit our first non-family NED? Finding and onboarding NEDs, the role of the NED (family and non-family) seeking ROI, and maintaining family values and culture.
  • 27th September 2024 – Succession Masterclass: Exploring the choice to be a family in business? And the purpose of the family business, managing family dynamics, engaging the next generation, different roles in the succession planning process, and succession planning – structures, tips and shared peer experiences.
  • 6th November 2024 – Governance Masterclass: Exploring the role of family governance. Corporate and family governance models, roles and practical action to fill skill gaps, finessing  governance for your family business.

To learn more about the 2024 Masterclass series for family business Download the Masterclass Programme here.

Next Generation (NxG) in Family Business Retreat Launched by FBUK

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Family Business UK are delighted to launch a bespoke, workshop-based, Next Generation residential retreat exclusively for Next Gen’s working in a named family business.

The Next generation in family business retreat, taking place on the 22nd March 2024, will provide you with expert support, and targeted professional development, to help you clarify your personal “why”.

The unique programme will explore a mix of expert-led structured exercises, intimate conversations, real-world experience and knowledge share, invaluable peer-to-peer interactions, and exploration of practical tools, to help build new skills, all facilitated by family business experts. Download the Next gen retreat Flyer here.

Next generation in family business are uniquely privileged and burdened alike, with few outside their position truly understanding their experiences.

At their best, family enterprises offer a wonderful sense of belonging, of being connected to a long and meaningful business and relational history. Growing up in a family business, can result in an easy alignment with the organisational purpose, and from this, passion and energy naturally flow.

Sometimes, however, the weight of heritage, and the focus on the collective goal, can make it harder for individual family members to unearth and follow their own personal sense of purpose.

Taking place at the stunning The Grange Estate, Hampshire, and offering beautiful accommodation in one of their delightful homes, the NxG retreat offers a unique opportunity to:

◆ Connect with NextGen peers in a supportive, facilitated environment;
◆ Reflect on your personal ‘why’, and how this connects with your aspirations;
◆ Identify areas where you would like to develop or learn new skills.

Enjoy time informally as a NxG community, sharing drinks and dinner, and tour the estate, hearing from our hosts, the Baring family, how they have grown their business, crystalized their purpose, and nurtured working relationships, across the generations.

Spaces for the retreat are strictly limited, and for Next generation members of a named family business only. The retreat represents a unique opportunity, for an truly immersive professional and personal development experience, and places will be available on a first-come-first-served basis.

To find our more, Download the Next gen retreat Flyer here.

END.

Family Business Discussed at Number 10 Meeting

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At a recent meeting with Business Minister Kevin Hollinrake and the Prime Minister’s Business Adviser Franck Petitgas, key issues of interest to family businesses were discussed at length in Downing Street.

The meeting followed a joint letter from Family Business UK, Federation of Small Businesses, Employee Ownership Association, IPSE and Small Business Britain calling on the Prime Minister to ensure he and his team are hearing from a diverse range of businesses about the challenges and opportunities facing our economy.

The very constructive meeting covered a wide range of issue, including prompt payment, skills and apprenticeships, digitisation and access to finance, with an intention from all parties that the group to meet regularly to share insights and work constructively together to ensure government policies deliver for the whole business community.

Small Business Minister Kevin Hollinrake::

“Government will always back small businesses, they are the hearts of our communities and local economies. I was pleased to discuss in No10 how we’re tackling key issues for SMEs such as access to finance and late payments, and we look forward to continuing this engagement with the small business community.”

Neil Davy, Family Business UK CEO

“Each model of business ownership faces unique challenges; each requires specific support to help grow and reach its potential.  We all agree we want the UK to have a thriving economy and a supportive regulatory and tax environment that enables businesses, communities and families prosper for generations to come, and we look forward to continuing to work together to deliver that.  This meeting was a great first step to achieving that”

Tina McKenzie, Policy & Advocacy Chair of the Federation of Small Businesses

“Building on the pro-small business measures announced in the Autumn Statement, this project is welcome progress from previous big business-focused consultative groups. We’re excited to be working with No10 on proposals we’ve put to them which we think would better understand entrepreneurs, the versatile set-up models that work for them and their employees, and overcoming barriers to expanding a business.”

James de le Vingne, Chief Executive of the EOA

“We were delighted to contribute to a conversation that takes learning from all sections of the UK economy. We hope these conversations can continue so we can be part of the drive to have the best impacts on people, planet and place.”

Andy Chamberlain, Association of Independent Professionals and the Self Employed

“It’s essential that key policy makers engage with all business, from the biggest to the very smallest. This was a positive meeting and we look forward to working more closely with No 10 on the issues facing those who work for themselves.”

Michelle Ovens CBE, Founder, Small Business Britain

“Following our positive conversation, we’re looking forward to continuing our work with Number 10 to support UK small businesses, particularly in key areas of growth and opportunity such as sustainability, diversity and inclusion. Ensuring small firms – particularly the very smallest micro-businesses and start-ups – have access to the right skills to take the first steps of growth is a key priority for 2024 that we look forward to working with Government on.”

Opening Keynote Announced for FBUK Annual Conference 2024 – The Faces of Family Business

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Family Business UK’s Annual Conference for 2024 – The Faces of Family Business – is now open for registrations.

Taking place in London from the 5th to 7th June 2024, the Conference will focus on how family businesses can harness the power of people to help create and sustain competitive advantage.

One of the unique advantages of family businesses is the value they place on people. Recognising that every person, be they family or non-family, bring a unique set of skills and capabilities to the table.

Managed well, the dynamics between people in the business create a culture of continuous improvement, enable people to fulfil their potential, allows for all stakeholders to contribute, and positively attracts and retains the talent to grow, often leading to generations of employee families working in the same business.

It is an undoubted competitive advantage. But in an age of increasing disruption and uncertainty, it is not going to be easy to sustain.

Announcing our Opening Keynote

James Reed CBE, will provide us unique perspective on recruiting talent at a time when shifting expectations of the nature of work, wellbeing in the workplace, job satisfaction and reward, and the role of ESG and responsible business make finding and retaining great talent one of the most pressing business issues of the day.

James is the Chairman and Chief Executive of Reed, the largest family-owned recruitment company in the world. Founded in 1960 by James’s father, Sir Alec Reed, the company now boasts 4,000 employees in 200 locations globally.

James first joined the company in 1992 after graduating from Harvard Business School. James was appointed Chief Executive in 1997 and Chairman in 2004.

James is a regular media commentator on work and labour market issues, with recent appearances including BBC News, Sky News, BBC Radio 2 and The Apprentice. He has contributed insight to a wide range of publications including the Financial Times, Harvard Business Review and the Sunday Times.

Take part in the Annual Conference 2024

Join 180+ family business owners, leaders, execs & non-execs, their next gen, peers and supporters, at the Family Business UK Annual Conference 2024, to discover how to harness the power of people, for generations to come.

Access our Early-Bird and Member Group rates, and download the Conference programme.

 

“One’s perspective as a non-family attendee can provide fresh insights and ideas to the conference discussions. Participating alongside family members from one’s own business and engaging with the broader family business community creates great opportunities to gain valuable insights and learn from other successful family businesses.”

Eoghan O’Lionaird, CEO, Wates Group

Family Business UK Responds to the Autumn Statement

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Fiona Graham, Director of External Affairs and Policy at Family Business UK said;

“The Chancellor and Prime Minister have this week both been talking about making decisions for the long-term.  And while there was good news for business in the statement around full expensing, there is still much more to be done”.

“The full expensing announcement will help support more investment, but if we want to truly unlock long term growth we need to remove the regulatory barriers businesses are coming up against and tackle long term issues”.

“A key example of this is the need to completely overhaul the Apprenticeship Levy.  To deliver sustainable growth businesses need a workforce that has the skills for the jobs of the future”.

“Family businesses want to invest in training young people and retraining those who need to move industries –  but the Apprenticeship Levy system isn’t working.  Without a plan to fundamentally overhaul the employee training landscape and create a system that can financially support and provide the funding and training for skills for the future, the Government will not see significant long term growth.”

“Today’s statement marks the start of supporting long term growth – but we need to see more, across all departments, to make sure the ambition is reflected in real policy changes.”

END.

 

 

How to Show your Support for The Family Business UK 2024 Manifesto

Posted on by Abbie-Louise

The Family Business UK Manifesto: Taking the Long-Term View, Policies to Unleash the Potential of the UK Family Business sector.

Ahead of the upcoming General Election this manifesto represents our offer to policymakers, informed by the UK’s family business community and their everyday experience of doing business.

These cover what we see as the big opportunities of today and tomorrow: People, Growth, Ownership and Succession.

Family Business UK believes that the UK needs to formulate a growth strategy that encourages and incentivises businesses to focus on longer-term investment opportunities and returns for stakeholders, the environment, and the UK’s role and place in the wider world.

We hope you will get behind this Manifesto, as we continue to build the Family Business UK movement.

Here are some ways you can show your support for the Manifesto:

  • Join family businesses like Wates, NG Bailey, Rigby Group, and Samworth Brothers, in providing a quote backing the manifesto.
  • Send the manifesto to your MPs, and ask them to publicly back it.
  • Download our social assets and share them through your relevant social media platforms
  • Share the Manifesto with your network (other families, your trade body, family and colleagues).

Thank you for your support in ensuring family firms are at the heart of the policy debate as we approach the next election.

Download The Family Business UK Manifesto 2024.

Our Social assets supporting the FBUK Manifesto.