Tag: Family Business

FBUK addresses Good Governance in Disruptive Times

Posted on by Abbie-Louise

FBUK addresses Good Governance in Disruptive Times

Family Business UK were delighted to host an open and honest roundtable discussion on ‘Good Governance in Disruptive Times’ in London yesterday, the 6th November 2024.

Kindly hosted by FBUK Corporate Partners PwC and with expert contributions from both PwC and Boodle Hatfield, this session provided senior family business leaders with an opportunity to consider governance challenges faced by a broad range of roles and generations within UK family businesses.

After reframing external risks as opportunities to create agility in business, we explored ‘what is good governance in practice?’

Our panel, including Steve Rigby, James Perry and Sian Steele, expertly moderated by Sophie Ashburton, sought to debate what is most important in relation to good governance?

What might get in the way of good governance? And why are family businesses, at their best, uniquely set up to be exemplars of good governance?

Steve Rigby, CO-CEO of Rigby Group PLC, discussed the importance of family board’s aligning their views so that a message delivered to the executive is heard as one voice. Steve advocated for independent advice/support to help manage the emotion inherent in family business, so that families can better communicate what they wish to achieve.

James Perry, co-Founder and Co-Chair of COOK, explained what it means to be a purposeful organisation and the pride he felt in changing the articles of association to show their commitment to good governance.

James gave tangible examples such as the decision to be part of the Living Wage Foundation and how honesty and transparency created authentic conversation.

Sian Steele, portfolio NED, shared examples of how family businesses can adapt to roll with the punches, pivot fast if they need to or hold hard. Sian spoke about how being direct in the right way (radical candour) is helpful in bringing up things that appear painful to talk about, but are necessary.

The roundtable discussion which followed, conducted under Chatham House Rule, explored a number of individual challenges being faced currently within attendee’s family businesses.

The strong culture of honesty amongst family business meant that attendees felt safe to share in-depth and openly, so that they could gain the support they needed.

Thoughtful input from both subject matter experts and perspectives from other FBUK members, gave practical advice on how to manage the difficulties, learnt from their own experience in similar situations.

Some of the key takeaways from the day included:

  • Getting the formality of governance ‘just right’ is hard work and different for every family, but informal Friday Family Lunch or Tuesday Supper Club may be a step in the right direction.
  • Reconsider the output you would like and re-frame the conversation so that communication is easier and more beneficial.
  • Purpose and aspirations of stakeholders can be a rich and emotive subject, used to engage, find a commonality and drive action for both family and business.

A general consensus about communicating well, whether around the kitchen table or around the boardroom table, meant an investment in relationships which takes a first step towards good governance.

Further Reading on Good Governance

Some “tried and tested” tools recommended by our delegates, in the room, to help understand better ways of communicating included:

  • Insights
  • Love languages
  • See-me
  • Strength finder 2.0

For those interested in some further reading, delegates shared a number of powerful book recommendations including:

  • Radical Candour
  • The fearless organisation
  • Hug of War
  • Who moved my cheese?
  • I’m ok, you’re ok

The FBUK Member Resource Centre

FBUK Members can find further exclusive resources, including our unique digital tool & model – Family Business Life Stages, within the FBUK Members Resource Centre,

As part of FBUK’s support to the sector, the public can access range of topical, “open” expert resources on the FBUK website here.

FBUK shall be running many more events in 2025 to help our members explore best practice and knowledge share, on topics of material import to family business.

FBUK Programmes & Events
View the FBUK Programmes & Events calendar here.

 

FBUK announce new Corporate Partnership with Lockton

Posted on by Abbie-Louise

FBUK announce new Corporate Partnership with Lockton

Family Business UK (FBUK) are delighted to announce a new corporate partnership with Lockton, the world’s largest independent insurance brokerage.

FBUK has established partnerships with carefully selected and highly respected organisations, that provide compelling professional services to family businesses.

They are critical allies and supporters of our work with family businesses, to ensure generations to come inherit a more prosperous, inclusive, and sustainable future.

Lockton was founded in Kansas, Missouri in 1966 by Jack Lockton and the Lockton family continues to be involved today.

Independence makes Lockton stand apart. It’s private ownership empowers over 12,000 Associates doing business in over 140 countries worldwide to focus solely on clients’ risk, insurance and people needs.

As the largest privately owned broker, Lockton provides specialist corporate and multinational broking solutions and is free from the quarterly obligations of the financial markets.

Clarissa Franks, Lockton Head of Retail, said: “As a family business and with valued, family-run clients, Lockton is pleased to be the first broker to partner with FBUK. They do great work to represent their members’ interests and bring companies together.

“Family businesses have unique benefits. For Lockton, our independence frees us to always act in the best interest of our clients and create a completely different dynamic.

“We will be working closely with FBUK in championing their needs.”

Neil Davy, CEO at Family Business UK said “We’re thrilled to have Lockton join our growing community of FBUK Corporate Partners.

“As a family business themselves, they pride themselves in putting the interests of their clients, and their long-term success, front and centre.

“We look forward to working closely with them over the years ahead supporting FBUK Members prepare for changing markets and growing risks.”

Contact the Lockton UK team today, for further information as to how they can help your family business at:https://project1-4204x58ma2.live-website.com/who-we-are/our-network/partners/lockton/ 

Find out more about FBUK’s support to the sector, and our carefully selected corporate partnerships, including Lockton, providing meaningful support and services to UK family businesses at www.familybusinessuk.org

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FBUK announces Corporate Partnership with Boyden Executive Search

Posted on by Abbie-Louise

FBUK announces Corporate Partnership with Boyden Executive Search

Family Business UK are delighted to announce a new Corporate Partnership with executive search, interim management and leadership consultancy Boyden Executive Search, launching today, Monday 28th October 2024.

Family Business UK (FBUK) has established Corporate Partnerships with carefully selected and highly respected organisations, that provide compelling professional services and expert tailored support to family businesses.

They are critical allies and supporters of our work with UK family businesses, ensuring generations to come inherit a more prosperous, inclusive, and sustainable future.

We are delighted to announce the launch today of FBUK’s new Corporate Partnership with Boyden.

Boyden, a leading executive search, interim management and leadership consultancy firm supports business owners, families, and leaders, understanding that family businesses are built on more than just numbers — they’re built on relationships, values, and a shared vision.

Boyden and Family Business UK share a robust understanding of the complex dynamics within family businesses.

Boyden act as part of their clients’ business, providing objective advice on the strength of their team, combined with solutions that enable them to grow or transform in an ever more complex business environment.

Boyden offer a comprehensive range of services tailored to the unique needs of family businesses, including:

◆ Executive Search (both Executive and Non-Executive)

◆  Interim Management/Fractional Support

◆  Leadership Development/High Performing Team Programmes

◆  Succession Planning (Identification and Coaching)

◆  Assessment and On-Boarding

This partnership signifies a further step in strengthening the network of support for UK family businesses, helping ensure the sector flourishes for generations to come.

Nick Robeson, Founder and CEO at Boyden UK & Ireland said:

“Our engagement with FBUK was built through a very clear sense of common purpose for both our organisations.

“Boyden in the UK and Ireland is owned by Lisa Farmer and I, so we understand the pressures of owner-management and have been doing so for 20 years”.

“Some of our most memorable and durable relationships have been built literally around the kitchen tables of family-owned businesses.

“We felt honoured to be asked by FBUK to support its Members through this partnership.”

Neil Davy, CEO of Family Business UK added:

“Having Boyden onboard as a Corporate Partner is a fantastic addition to our growing portfolio of leading service providers to family businesses.

“Boyden truly understands family businesses, and their ethos. And their approach to working with and supporting their family business clients reflects this, which makes them an ideal partner for FBUK, and advisor to our Members as they build their resources and future talent in their businesses.

“We’re delighted to welcome them on board and look forward to working closely with them over the coming years.”

About Family Business UK

Family Business UK is a movement of family businesses working to create a more prosperous and sustainable future for generations to come.

Find out more about Family Business UK’s support to the sector, and our carefully selected corporate partners, providing meaningful services to UK family businesses at https://project1-4204x58ma2.live-website.com/who-we-are/our-network/partners/

About Boyden

Boyden is a premier global leadership and talent advisory firm that can serve client needs anywhere they conduct business.

Contact the Boydon team for further information as to how they can help your family business today, with executive search, interim/fractional support, succession planning
and leadership consultancy at: https://www.boyden.com/

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The Norfolk Family Business surviving and thriving across Four Centuries

Posted on by Abbie-Louise

The Norfolk Family Business Surviving and thriving across Four Centuries, Ten Monarchs and One family

In the heart of North Norfolk lies a fascinating family business that has not only survived but thrived through four centuries, ten monarchs, and the hands of nine generations, to-date.

Bakers & Larners of Holt part of the CT Baker Group, is more than just a business; it is a cornerstone of the community it has served for over 254-years.

And last week, Family Business UK members had the privilege of visiting this remarkable establishment, where tradition and innovation continue to shape its journey.

A Legacy Rooted in History

Bakers & Larners has been trading from its historic home at 8 Market Place, Holt since around 1810. The Baker family became involved in the business in the 1770s, and their influence, and stewardship, has been felt ever since.

Through the centuries, the family has continuously diversified and adapted the business to meet changing demands, weathering economic shifts and societal transformations.

What began as a humble ironmongery has evolved through various incarnations, including blacksmithing, brewing, gunsmiths & sporting goods, heating engineers, drainage contractors, and agricultural machinery—testament to the entrepreneurial spirit that has carried the family business through time.

Even as far back as the 1750s, the early custodians of the business were employing and training local apprentices. This commitment to nurturing local talent has remained a hallmark of Bakers & Larners, making it a true family business in every sense—both for the Bakers and the generations of employees who have been part of its success.

A “Town Within a Town”

Today, Bakers & Larners stands as a 41,000 square-foot department store that offers everything from fine wines to furniture, with its famous Christmas hampers rivalling those of perhaps more recognisable London department stores.

The original 1600s wine cellars, one of which was “lost” for generations, are still in use today, providing a unique connection to the business’s deep roots.

With approximately 80 employees in the store, all of whom are based in north Norfolk – many representing multiple generations of the same local families, Bakers & Larners is not just a store but a “town within a town,” deeply woven into the social and economic fabric of Holt.

The wider CT Baker Group accounts for c215 employees, across the department store, 2 supermarkets and 4 builders merchant depots, all within North Norfolk.

Community First

Bakers & Larners’ long-standing commitment to its community was perhaps most evident in 2020, when tragedy struck.

During some of the worst days of Covid, a devastating fire destroyed the family’s Budgens store, leaving the town without a supermarket and its only post office.

Undeterred, the Baker family acted quickly. Within just five days, they had reopened the post office within their department store, ensuring that this essential service remained available to Holt’s largely older population, where over 35% of residents are aged 65 and above.

Additionally, an interim grocery store was set up in the car park to meet the needs of local customers, especially those without suitable transport or digital skills. This rapid response highlighted the Baker family’s deep understanding of and commitment to the community they have served for so long.

Resilience Through the Generations

Through world wars, recessions, and countless economic challenges, Bakers & Larners has stood the test of time.

Under the stewardship of its current managing director, Nick Baker, and directors Malcolm Baker and Felicity Baker-Attew, the business continues to thrive as it enters its 9th generation, with the 10th generation preparing to join imminently, to ensure this historic business family lineage continues, onto the next generation.

The family’s strategic approach has enabled Bakers & Larners to expand beyond Holt, with an established network of family-owned builder’s merchants stretching across North Norfolk, alongside the acquisition of family-business Bettys (furniture and clothing) in 2004, and the addition of the aforementioned Budgens in 2007.

Despite these expansions, the recognisable heart of the business remains its department store—a symbol of stability, growth, and steadfast dedication to the local community.

Custodians of Holt’s Heritage

Bakers & Larners is not just a business; it is perhaps a custodian of Holt’s heritage.

It embodies the values that have sustained family businesses for generations—long termism, resilience, adaptability, and a deep commitment to community.

For nearly 300 years, the Baker family have served as stewards of this business, ensuring that it continues to play a vital role in the local economy while staying true to its roots.

Family Business UK extends its sincere thanks to Malcom,  Nick,  and their teams, as well as our exceptional tour guides, Luke and Natasha, for hosting us and sharing the story of this extraordinary multi-generational family enterprise earlier this month.

Further Reading & Resources

Find out more about FBUK’s Programme of exclusive Family Business visits at: https://project1-4204x58ma2.live-website.com/event-category/family-business-visit/

Find out more about embedding long-termism in your family business at: https://project1-4204x58ma2.live-website.com/resource/embedding-long-termism-guide/

Find out more about Engaging the next generation, the Benefits of multi-generational working and more by visiting FBUK Public Resource’s Centre.

FBUK Members can access an exclusive suite of family business resources, including the unique, Life Stages digital tool and model in the Members Resource Centre.

Westminister debates family businesses and BPR

Posted on by Abbie-Louise

Westminister debates family businesses and BPR

Family businesses have taken centre stage in Parliament ahead of the Budget, with MPs debating Business Property Relief (BPR) and its essential role supporting family-owned firms across the country.

A Westminster Hall debate led by Harriet Cross, Conservative MP for Gordon and Buchan heard from MPs about how BPR and APR (Agricultural Property Relief) is being used to support businesses and family-owned farms in their constituencies.

The debate, which took place less than two weeks ahead of the Labour’s first budget, gave MPs a chance to raise their serious concerns with Government.

Opening the debate, Harriet Cross MP underlined the important role played by BPR and APR incentivising family businesses up and down the country.

 

Will Forster, Liberal Democrat MP for Woking, told Members about the importance of family businesses to local economies like Woking.

 

Nigel Huddlestone, the Shadow Financial Secretary, said the Government must hear the concerns and fears MPs had expressed on behalf of their constituents about potential changes to inheritance tax relief, including BPR.

Huddleston reminded the House that prior to the election, family businesses believed they had received assurances on BPR from the Labour party and called for those assurances to be reiterated.

Responding for the Government, James Murry, the Exchequer Secretary to the Treasury acknowledge that many Members had raised their uncertainties ahead of the budget, including on BPR.

He acknowledged the ongoing debate and the work of Family Business UK in calling for BPR to be retained.

The Budget will take place on 30 October.

You will be able to read Family Business UK’s response after the Chancellor has delivered the Budget to Parliament.

You can read FBUK’s pre-budget submission here.

Visit our Back Family Businesses campaign page here.

FBUK Delivers Succession Planning Masterclass

Posted on by Abbie-Louise

FBUK Delivers Succession planning Masterclass

Family Business UK were delighted to host another highly informative Masterclass on the critical topic of Succession in Family Business earlier this week in London.

Over 40 family business leaders braved the inclement weather and attended the Masterclass held in Canary Wharf  – kindly hosted by our carefully selected Corporate Partners KPMG (at their excellent facilities) and with expert contributions from both KPMG, and FBUK partners, Farrer & Co.

This session provided senior family business leaders with an opportunity to engage in knowledge sharing, benchmarking, and best practice, all tailored to the unique challenges of family-owned enterprises.

Succession planning is essential for any business, but in the context of a family business, it forms the foundation for sustained, multi-generational success.

Given the current uncertainties facing the sector, such as potential changes to Business Property Relief, Agricultural Property Relief and Gift Holdover Tax, our attendees benefited from immediate and expert insights to support their succession strategies. (Find out more about BPR in our Back Family Businesses Campaign Hub).

Delegates had the unique opportunity to engage directly with our esteemed panel of senior family business leaders, in our session “Why are you in business together?” including:

  • Nick Linney, Owner and NED of 5th-generation marketing and design agency, Linney
  • George Hillier, Chair of Hillier Nurseries Ltd, of 5th generation, 160-year-old South West Horticulture business.
  • Sophie Seddon, Family Non-Executive Director at 5th-generation family business, Novus Property Solutions (JSSH)

Our delegates heard a compelling fireside chat case-study, sharing the learned experiences of Keith Miller, Group Chair and Ben Cavanna, Family Non-Executive Director, of 4th generation Southwest family business Cavanna Homes, as to their transition between generations.

Our sessions, from “Roles in the Succession Process”  to “Building structures for success“, offered priceless, practical insights into what steps can be taken now to ensure the continued success of family-owned businesses for future generations, on topics such as:

  • Working together as a family and business.
  • Aligning your purpose with your succession plan.
  • Knowing your role and how to be the best at transition.
  • Understanding the rules and regulations

In between sessions, delegates had the opportunity to actively benchmark, by sharing experiences and views in break-out discussions and facilitated workshops, working in small groups. Networking breaks and refreshments were enjoyed throughout.

The day concluded with the opportunity for peers to connect, allowing attendees to reflect on the session’s key takeaways and discuss the next steps for their own organisations and engage in more networking with refreshments in a relaxed environment.

We would like to extend our gratitude to our speakers and corporate partner experts, including Bryony Cove & Anthony Turner from Farrer & Co.

And a special thanks to our carefully selected corporate partners, and hosts, at KPMG, Steve Hickman, Mark Essex, and Craig Rowlands.

Masterclass Programme & Member Resources

Find out more about the Family Business Masterclass Programme  covering topics of material import to Family Businesses, including Ownership, Succession, Governance and Non-Executive Directors (neds).

Further Resources & Reading 

Public Resources

As part of FBUK’s support for the Family Business Sector, non-members can find a series of Succession Guides, supporting both the Senior Generation to manage transition, and the Next Generation, to find their way in the family business; in our Public Resources centre, as complimentary downloads.

Exclusive Member resources

FBUK members can  log into the FBUK Member Resources Centre to access an exclusive host of resources to help your family business, with Succession, Governance and understanding the unique life stages of the family business journey, with resources available in forms from Podcasts to Videos, and Expert Guides to short Briefing notes.

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Family Business Week 2024 to Focus on “supporting local economies and communities”

Posted on by Abbie-Louise

Family Business Week 2024 to Focus on “supporting local economies and communities”.

Family Business Week will return this year, from 25th – 29th November, to celebrate family businesses as the cornerstone of local communities up and down the country.

In every corner of the UK, Britain’s 4.8 million family-owned firms are key employers, creating meaningful careers for millions of people, and giving back to the communities they serve.

Now in its fourth year, Family Business Week will this year shine a light on the amazing work of family businesses across the country ensuring the contribution they make to our economy and communities is recognised and celebrated.

With events taking place across the country, the entire week is an opportunity for everyone to get behind family businesses and show their support. Family Business Week builds on our advocacy work to demonstrate to government the importance of family firms and the policies needed to sustain them.

Neil Davy, CEO of Family Business UK said:

“From local tradespeople, retailers, makers and tech innovator to some of our biggest and best-known brands, family businesses thrive in every corner of the country. They create wealth through valuable jobs and long-term careers, and social value by investing in the communities they serve.

In this context, Family Business Week is our chance to tell the world just how important family businesses are in our economy. Why not join us in a week of celebration? Join one of our events, reach out to your network – including your local MP – and help us to spread the word.”

Get Involved in Family Business Week 2024

Whether you’re a family business owner, employee, adviser or a policymaker, get involved and show your support.

  1. Show your support on social media
  2. Nominate a ‘Ones to Watch’ candidate
  3. Attend a Family Business Week event
  4. Invite your MP to visit on #familybusinessfriday
  5. Send your MP our Manifesto and back family business infographic

Family Business Week 2024 is proudly sponsored by our corporate partner, NatWest.

Andy Gray, Managing Director Commercial Mid-Market at NatWest said:

“Family businesses are the backbone of our economy and the bedrock of our communities. They make up 90% of the UK’s total private sector firms and employ 14 million people. At NatWest we see real opportunity to support family businesses to grow, innovate and create jobs over generations, driving the UK economy forward for the long term. We are committed to championing the sector and through our partnership we’re excited to meet and support FBUK members.”

Ones to Watch

Our ‘Ones to Watch’ nominations showcase the best and brightest talent in family businesses across the country – individuals who live and breathe the values of family businesses as the lifeblood of local communities and local economies.

Nominations are now open: Download the nomination form

Do you know a champion of local community? An innovator redefining strategy to support the local economy? Someone spearheading the campaign to make their family business a force for good?

Open to anyone working within the business, affiliated charity, foundation, community outreach programme or similar (they do not need to be a member of FBUK or a family member to qualify).

Why Nominate?

  • Celebrate the incredible work of a person in your business and show your appreciation.
  • Raise their profile, and your company’s.
  • Inspire other family business leaders.

How To Nominate

It couldn’t be easier to nominate someone from your business.

Send us an email with the subject ‘Ones to Watch Nomination’ to info@familybusinessuk.org with the completed nomination form attached.

We will then review and shortlist the nominees, and if the person you have nominated is successful, we will get back in touch with you, so you can share the exciting news!

Our judging panel will be considering several criteria when reviewing nominations, including:

  1. Investing in the local economy and community (nomination statement): What is this person doing to invest in their local economy and act as a force for good in the local community?
  2. Enriching your local area: Are there any initiatives which have been implemented to better the surrounding areas with purpose-led sustainability practices, provision of education, social housing, public resources, or improved high streets
  3. Providing employment: Does this person pioneer for the real living wage, job security, flexible working, training and progression, equality or LTIPs
  4. Supporting local suppliers: How do they support local suppliers? Are they using an innovative or creative approach to balance supply and demand?
  5. Local charitable giving: How do they use social value to tackle inequality?

We look forward to receiving your nomination and celebrating Family Business Week 2024 with you.

Family Business Week 2024 is proudly sponsored by our corporate partner, NatWest.

 

FBUK Congratulates New Government

Posted on by Abbie-Louise

FBUK Congratulates New Government

Family Business UK would like to congratulate the new Government on its historic election win and extend an invitation to work in partnership to create an environment in which family businesses can prosper.

Following the Labour party’s landslide victory, Neil Davy, CEO of Family Business UK said: “Having campaigned on a platform for growth, we are looking forward to working with Labour in government, on behalf of family businesses across the UK, to ensure the specific needs of family businesses do not get overlooked.

“90% of private sector firms in the UK are family-owned businesses, making up a significant portion of the UK economy.

Family businesses need policies that create stability, and which give them confidence to plan for the long-term, invest in their people, the communities in which they are rooted, and ensure their business can confidently be passed to the next generation.

“How the new Government achieves that and delivers growth for the economy has been the subject of much speculation. But, given the importance of family businesses to the economy it’s clear that if family businesses are allowed to thrive, the economy thrives.

“On behalf of all family businesses across the country, I extend my congratulations to Labour on returning to government and pledge to work with the new Chancellor and Business Secretary to ensure family businesses flourish for generations to come.”

For press/media enquiries please contact familybusinessuk@secnewgate.co.uk.

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