Month: February 2024

Family Business UK Spring Budget Submission 2024

Posted on by Alan Fitzwater

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 Alan Fitzwater

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

Posted on by Alan Fitzwater

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.