Tag: Family Business

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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FBUK Warns of Changes to Business Property Relief (BPR)

Posted on by Abbie-Louise

FBUK Warns of Changes to Business Property Relief (BPR)

Family Business UK has responded to reports that Labour is considering changes to Business Property Relief, warning of the potential consequences of scrapping or amending BPR.

Speaking to The Mail about reported changes to the Inheritance Tax regime, FBUK Chair Sir James Wates said: “This puts hundreds of thousands of jobs at risk in a key part of the economy.

“The relief [BPR] allows companies to plan for the long-term. It raises the question of why someone would put themselves through running a business – as you live and breathe it if your name is above the door – if you face crippling tax bills.”

Reported changes 

The Mail, and other media outlets have reported in recent weeks that the Shadow Chancellor Rachel Reeves is under pressure from others in Labour to raise Capital Gains Tax (CGT) rates as part of an autumn Budget statement – should Labour form the next government.

These proposals also reportedly include changes to Inheritance Tax including making it more difficult to ‘gift’ money and assets.

Steve Rigby, FBUK Board Director and Co-CEO of Rigby Group added: “Whoever forms the next government must avoid policies with unintended consequences that put our businesses at risk. Family businesses are here for the long term.

“Up and down the country we support the communities and local economies in which we are rooted.

“Successive governments, for almost 50 years, have retained Business Relief, which forms part of the Inheritance Tax regime, knowing that it is key to unlocking the potential for investment, growth and jobs among family businesses.”

FBUK - Back Family Business SM Full square (Business Property relief)The importance of family businesses

Ninety percent of all private firms in the UK are family businesses. That’s 4.8 million companies employing millions of people and contributing more than £200 billion every year in taxes.

Our Manifesto sets out what FBUK wants to see from a new government. We would urge you to download it and share it with your local candidates in the General Election – and again with whoever becomes your local MP.

You can find information about all your local candidates, and how to contact them, at the Electoral Commission.

Back Family Business – Assets

FBUK has also produced a series of infographics to highlight the importance of the family business sector to the UK economy.

You are welcome to download these infographics to use on social media channels to help us spread the word about the importance of the family business sector.

We just ask that you tag us in any posts, so we can re-share, on LinkedIn and Twitter/X.

 

FBUK Responds to “Huge fall in Apprenticeships”

Posted on by Abbie-Louise

In response to an article in The Times titled “Huge fall in apprenticeships under broken levy” regarding the apprenticeship levy, FBUK’s Chief advocacy officer, Fiona Graham, said;

“The latest research from the Chartered Institute of Personnel and Development (CIPD) reinforces our long-standing argument that the apprenticeship system is simply not working”.

“We hear from family businesses on a daily basis how the system is too complicated, inflexible and burdensome”.

“Family businesses want to train young people and upskill their workforces, but administrative complexities discourage businesses from taking on apprentices. Money, a staggering £4.4billion, that could be used for training is instead returned to the Exchequer without being touched”.

“Quite simply, the current system is holding back the immense potential of family businesses by failing to equip future workforces with the skills, training and support they need, where they need it”.

“To deliver a skills regime that is fit for the future, we need an overhaul of the employee training landscape by refocusing the Apprenticeship Levy and making the skills landscape work for businesses and individuals”.

Future Skills Fund

“The current skills and apprenticeship system needs to be revamped and replaced with a more holistic Future Skills Fund. This fund would provide greater flexibility on how money can be used to encompass apprenticeship support, training and development for existing employees.

“This would allow businesses to use the allocated funding on a wider range of training options and opportunities. Transitioning to a Future Skills Fund would also give businesses greater flexibility and opportunity to use funding for the skills and technical expertise they need. It would better equip local schools and colleges to provide training and skills relevant to the needs of local employers and communities”.

The Future Skills Fund would provide a better deal for employers and employees a number of ways:

➤ Providing greater flexibility in the use of the Fund to support life-long learners and apprentices to study, for example through support of transport or living costs.

➤ Removing barriers between the nations of the UK to ensure money can be spent where it is most needed, not necessarily where it is paid.

➤ Giving businesses a greater say in the development of the local skills landscape and supporting career-long skills development and learning, including when re-entering the workforce after a period of absence.”

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Family Business UK is a growing body of Family Businesses working together to create a more prosperous and sustainable future for generations to come.
Find out more FBUK today : www.familybusinessuk.org

Read the 2024 Family Business Manifesto in full here

How Succession can Make or Break a Family Business – FBUK in the FT.com

Posted on by Abbie-Louise

Family Business UK, and a number of our Family Business members, were delighted to be quoted, and featured in an article in today’s (9th April 2024) Financial Times article:
How Succession can make or break a family business.

To read the article, please log into the Financial Times.com, using your FT.com account, at –  https://on.ft.com/3vz9VWl

Non-members of FBUK, and interested parties, can access our complimentary guide to Succession here, to help you with your succession planning.

FBUK members can  log into the FBUK Member Resources Centre to access a host of resources to help your family business, with Succession, Governance and understanding the unique life stages of the family business journey here.

 

FBUK Announce strategic partnership with Saxton Bampfylde

Posted on by Abbie-Louise

Family Business UK are delighted to announce a new corporate partnership with executive search and leadership advisory experts Saxton Bampfylde launching today, Thursday 28th March 2024.

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.

And we are delighted to announce the launch of our corporate partnership with Saxton Bampfylde.

For nearly 40 years Saxton Bampfylde has worked in partnership with some of the UK’s leading family businesses, bringing the most talented, innovative and strategic leaders to their clients’ organisations.

As a founder-led business, with second generation family members working in the organisation today, Saxton Bampfylde are uniquely placed to advise businesses that have a distinct and unique structure and culture.

Taking an approach that combines their expertise in different ownership, having transitioned from their original founders to being the UK’s first employee-owned search firm – with complementary sector experience, from consumer & retail, professional & financial services to manufacturing & construction, and every sector in between.

The Saxton team harness decades of experience in supporting family businesses through key points of transition – partnering with businesses on key leadership appointments, succession planning, board reviews, assessment and leadership development.

Kate Ludlow, Managing Partner said: “Saxton Bampfylde are delighted to partner with FBUK. As a privately owned search firm we take a long-term view in our business, and this translates into the way that we work and the relationships we build with clients”.

“Over the past 35 years we have developed a strong track record partnering with family owned businesses; as a result we bring a clear understanding of the challenges and opportunities they face”.

“It’s a fascinating sector, that makes a significant contribution to the UK’s economy. We look forward to working with FBUK members, and hope that we will be able to play a role in ensuring the ongoing success of their businesses and the sector.”

Neil Davy, CEO at FBUK said ““We’re delighted to welcome Saxton Bampfylde as our newest Corporate Partner, and are excited to be working closely with them in the years ahead, to help support family business thrive and prosper, both through the challenging times businesses are facing at the moment, and the longer term.”

Contact the Saxton Bampfylde team today, for further information as to how they can support  your family business at: www.Saxbam.com

 

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FBUK announces strategic partnership with Redgrave

Posted on by Abbie-Louise

Family Business UK are delighted to announce a new corporate partnership with executive search and leadership advisory experts, Redgrave Search launching today,
Wednesday 27th March 2024.

Family Business UK 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.

And we are delighted to announce the launch of FBUK’s new corporate partnership with Redgrave.

Redgrave, a leading executive search, interim, and leadership advisory firm supporting business owners, families, investors, and leaders, recognise the immense contribution family businesses make to the UK’s economic landscape and beyond.

Redgrave and Family Business UK share a deep understanding of the specific challenges faced by family-owned enterprises, including navigating leadership transitions, strategic decision-making, and ensuring a smooth generational handover.

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

  • Executive Search and Interim Support
  • Leadership and Board-level Recruitment
  • Talent Assessment and Leadership Development
  • Leadership Transition Planning and Strategic Advisory

Through this partnership, Redgrave will leverage its expertise to provide tailored support for the family business community, including talent acquisition, leadership development, interim support, and governance across generations.

This collaboration signifies a further step in strengthening the support framework for family businesses, helping ensure these businesses flourish for generations to come.

David Angel, Managing Partner at Redgrave said

“Our partnership with FBUK highlights our commitment to empowering family businesses through their unique challenges and opportunities. Driven by a dedication to partnering with family businesses, we advocate for their business with the same passion they have”.

“Whether it’s navigating generational transitions, leadership assessments or supporting family businesses in times of immediate need for talent, Redgrave’s expertise ensures every decision aligns seamlessly with both the family’s vision and the business’s needs”.

Neil Davy, CEO of FBUK added – “We are delighted to welcome Redgrave as our latest Corporate Partner, further enriching our network of leading service providers working to support family businesses in navigating family business governance, family dynamics, and multi-generational change and succession”.

“Redgrave’s approach and track record in helping family business identify and attract leading talent will be invaluable to the growing body of family businesses, who are supported and represented by FBUK.”

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 www.familybusinessuk.org

Redgrave for News page

About Redgrave

Redgrave is a global executive search, interim, and leadership advisory firm with a relentless passion for people.

We help leaders shape the future of businesses by delivering solutions that complement their culture and ambition.

Redgrave connects organisations with exceptional talent to drive their growth and success. The firm offers a range of services, including search, executive assessment, executive interim, and talent consulting. Find out more at https://redgravesearch.com.

Contact the Redgrave team for further information as to how they can help your family business, with executive’s and board search, talent assessment and strategic advisory, at: redgravesearch.com/family-business