FBUK Launches Senior & Next Generation User Guides for family businesses

FBUK are delighted to launch two new family business User Guides containing thought-leadership and best practice to help support the next generation of family business owners, with Guides for the Senior and Next Generation in family business.

These guides form part of FBUK’s growing library of specialist tools and resources, complementing our existing family business Life Stages Model, and helping families navigate the nuances and dynamics of successfully running a multi-generational family business.  

The guides cover topics of material importance to family businesses, supporting both the senior generation, and the next generation in family business.

Senior Gen Guide

The Senior Gen Guide is designed to help you support your next generation, as they tackle the complexities of finding their way in the family business.

It includes information on:

  • How to foster the next generation’s interest in the family business;
  • Supporting them to become the responsible owners of the future;
  • How to identify those who could lead your business in the future;
  • Managing the transition to new leadership;
  • Finding your place and adding value to the business, as you step away.

Download the Senior Gen Guide here.

FBUK Senior Generation User Guide Cover

Next Gen Guide

And the Next Gen Guide can help you as a next generation family member to balance the paths ahead of you, deciding whether to join the business, to take on leadership or ownership, or to build and explore your own career.

It includes information on:

  • How to decide whether to join the business or not;
  • How you can equip yourself to take on the responsibilities of ownership;
  • How to develop as a leader, if that is the path you choose;
  • Finding your voice & the right place for you;
  • Who to turn to for further support and advice

Download the Next Gen Guide here

FBUK Next Generation User Guide Cover

Helping the next gen in family business

At FBUK our purpose is to help create a more sustainable future for generations to come.

And to this end, we apply thought-leadership to support family businesses in capacity building, decision-making, day-to-day management, and family relationships, helping drive sustainable bottom-line performance.

We trust that you enjoy the guides, and would ask you to please share them with family members, colleagues, and others in your network, whom you feel would benefit from their insights.

With our thanks to renowned family business experts, Juliette Johnson and Ken McCracken for their contributions.

We are grateful to our carefully selected corporate partner NatWest, for their support with the publication of these guides, and for the thought leadership contributions and case studies they have provided.

Natwest logo

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FBUK Publishes Annual Report

Family Business UK have today published our Annual Report, covering the 18-month period July 2022 – December 2023.

Comments on the annual report from Neil Davy, CEO of Family Business UK.

As members will see from the report, the second half of 2022 focussed on developing a new strategy for the organisation (then known as the IFB) which built on the 20+ years of tremendous legacy and support for the IFB, but set-out a new ambition and direction of travel. This included a comprehensive review of every aspect of the organisation, it’s activities, and relationships with all stakeholders, and importantly our Members.

The priority for 2023, was to implement those plans, place the organisation on a firm footing to prepare for future growth, and indeed relaunch as Family Business UK, which we did in June of last year.

I am pleased to say we are now well placed to leverage that hard work, and the growing support and involvement from FBUK Members, Corporate Partners and others involved in our growing movement.

On behalf of the FBUK team, I’d like to extend sincere thanks to everyone who has worked so hard over this period.

We still have much work to do, but we are excited and energized by the challenge, and the opportunities that are ahead, to support family businesses in the UK, and champion the sector.

Download the Annual Report.

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FBUK delivers inaugural Ownership in Family Business Masterclass

A successful and insightful day of knowledge share, benchmarking, and exchange of best practice on the thorny topic of Ownership in a family business, was kindly hosted by our partners NatWest in Bishopsgate, London on the 15th April 2024.

Moderated and skillfully led by subject matter experts from our carefully selected Corporate Partners Deloitte Private, Farrer & Co and NatWest, proceedings were attended by a truly collaborative and interactive cohort of Family Business leaders and owners, openly sharing their experiences, in a reciprocal, safe-space Chatham House environment.

Family Business Ownership Panel 

Thanks must go to our esteemed family business member panellists: Alexander Bradford from Bradford and Sons and Geoffrey Bibby from Bibby Line Group Ltd.

Alexander and Geoffrey openly discussed their personal experiences of exploring the different models of ownership, highlighting benefits, challenges and their personal accounts of transitioning, and managing change.

Shares, Trusts, Tax, External Management, and Succession

The programme’s morning session covered topics such as Structuring Shares, Trusts and Tax, External Management and Ownership Succession, ably facilitated by subject matter experts: Stuart May from NatWest, David Simarro from Deloitte, Anthony Turner, Richard Lane and Sonal Shah from Farrer & Co.

Following an excellent lunch and a welcome opportunity to connect with fellow delegates in a relaxed and convivial atmosphere, the afternoon session reprised with a workshop on the subject of ‘Becoming an Owner’.

Delegates enjoyed splitting into groups, idea storming, and working collaboratively to tackle subjects such as:

  • Roles and Responsibilities: what does it mean to be an owner?
  • What does it take for a family member to become owner of the business?
  • Developing Next Generation development plans, responsible stewardship, and governance?
  • Differences between 1st/2nd and multi-generational business?
  • Choosing Trustees: Family and non-Family.
  • Interaction between trustees and the board.

Fireside Chat with Rupa Patel, Executive Director at Day Lewis Pharmacy

The programme ended with an extremely well received Fireside Chat with FBUK member Rupa Patel, 2nd generation Executive Director of Day Lewis Pharmacy, on the subject of – ‘When ownership is passed on: challenges and generational dynamics.’

Rupa captured the attention of the audience with a frank, insightful and emotional account of her personal experience of living and working in a multigenerational family business.

Delegates ended the day with another opportunity to meaningfully connect over drinks, exchanging views on the day’s programme, and what they shall takeaway & implement from today’s learnings, whilst getting to know one another.

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).

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, including:

Further Ownership Resources:

  1. Challenges Of Running a Family Business
  2. What type of Owners do you want?
  3. Fostering Responsible Ownership
  4. Ownership Wealth and Transfer
  5. Employee Ownership Trusts

 

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

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

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

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

 

 

Historic London family businesses play host to FBUK Community

The FBUK Non-Family Executive Community were delighted and grateful to be hosted by community members Emma Fox, CEO of Berry Bros. & Rudd and Ben Dalrymple, MD at Lock & Co Hatters this past week.

The evening started with a tour of the two iconic family businesses, neighbours on London’s historic St James’s Street.

At Berry Bros. & Rudd, the group heard the businesses story and history, across multiple generation, sine foundation in 1698 by the Widow Bourne. The building at No3 still houses the weighing apparatus and ledgers of famous figures throughout history upstairs.

Whilst the cavernous cellars downstairs house the family’s private store of wines, old photographs through the generations, historic drinking vessels and a beautiful new entertaining and events space to-boot.

The group then toured Lock & Co Hatters, the oldest hat shop in the world! Founded in 1676, with its stunning, original window-front and beautiful collections of men’s and women’s hats.

As the old London adage would have it  – “a gentleman buys his hats at Lock’s, his shoes at Lobbs, his shirts at Harvie and Hudson, and his cheese at Paxton”.

The ‘Tardis-like’ shop houses all stock for the business, 2 floors of displays with spaces for hat-fittings and the workshop upstairs in which every hat is created by hand.
A business of just 31 people, each individual feels part of the family and brings unique skills to the company to continue the legacy of craftsmanship and care.

The Community then continued the evening with a wonderful drinks reception and dinner; with discussions on key challenges and opportunities facing those in the role of “non-family” executive, in a family business.

This discussion, under Chatham House Rule, epitomised the nature of the Community, and indeed all our family business communities, allowing everyone to share knowledge, experiences, and gain advice and support from their peers.

Find out more about  FBUK ‘s Member Communities at:  www.familybusinessuk.org

“The tour of both businesses was excellent. Dinner was great and Emma facilitated an interesting discussion where everybody was encouraged to share their views on a variety of topics.” – Ryan McKnight, Collinson Grant

Discussing Family & Non-family NED’s in Family Business with Deloitte

Last month we were delighted to be hosted by FBUK Partners Deloitte in Manchester to discuss the important role of Non-Executive Directors (NEDs) as well as some key differences between family and non-family NEDs.

Starting the session by tackling some common preconceptions, the presentation then went on to highlight 3 significant attributes which make NEDs valuable to family business: independence, expertise and representation.

The attendees were asked to question what support their family business needed from a NED and an open and interactive discussion ensued about challenges and opportunities a NED might present.

The non-family NEDs shared their experiences of joining family businesses, how they felt they had added value and how they had navigated the internal family dynamics.

Family NEDs shared stories of success around bringing in outside voices, but also when things hadn’t gone right and some of the causes for that including misaligned expectations.

The group also discussed the role that non-family NEDs can play in supporting the next generation to improve their knowledge and understanding of the business, and in providing a more neutral but supportive place to take questions they may not feel comfortable putting to their senior family members.

FBUK would like to extend their thanks to Deloitte for hosting this session and sharing their presentation.

If you would like to delve deeper into the topic of NEDs or find supporting materials to answer your questions (on hiring or becoming a NED), the FBUK Member Resource Centre has a wealth of materials accessible to you, particularly:

Further NED Resources for Members

  1. Incorporating Non Executive Directors in the Family Business
  2. “Professionalising” the Family Business – The Family Business Podcast
  3. How to choose a Family Business NED
  4. Challenges of Running a Family Business
  5. Maximising People Capital
  6. Understanding Family Business

NED Masterclass 2024

FBUK are also delighted to be holding a one-day, comprehensive NED Masterclass  this year; bringing you an in-depth programme to aid and support people involved in family businesses (be they owners, family members, executives or in Board roles) navigate the complexities and nuances of managing, leading and/or owning a family business.

The NED Masterclass programme will include:

  • Real-life examples and case studies – Getting the right people;
  • How to position the family business when recruiting and attracting NEDs;
  • Board composition; assessing skill gaps, differences between family and non-family NEDs;
  • The role of the NED, onboarding and embedding NEDs for value-add.

Find our more about the Family Business Masterclass programme

Family Business UK response to Spring Budget 2024

Fiona Graham, Chief Advocacy Officer at Family Business UK responding to the Spring Budget said:

“With challenges facing them on multiple fronts, the family business community has been waiting on tenterhooks about what support the Chancellor would offer to help kickstart the economy.

“While there were incremental improvements on full expensing and VAT thresholds, sadly today’s announcement lacked the strong long-term vision for family firms to help them grow and provide more opportunities within the communities in which they operate.  With the recent  appointment of a new SME Council by the Government, we hope to see continued engagement with the family business community and more policies  for long term support in due course.

“On pensions the Chancellor mentioned moving ahead with the Mansion House Reforms.

“In the election year it’s essential that some of existing reforms around defined benefit pension scheme surplus sharing and consolidation keep moving ahead, and don’t come to a halt because of the election.”

Read the 2024 FBUK Budget submission

You can find the full Spring Budget, and accompanying documents, here.

Beyond the Headlines

There were updates to existing policies within the accompanying documents which will be of interest to many family firms, including:

  • Further details on six Investment Zones in Greater Manchester, Liverpool City Region, North East of England, South Yorkshire, West Midlands and Tees.  Find out more here.
  • Levelling up funding and UK Community Renewal Fund updates.  Find out more here.
  • The Government’s response to changes around Agricultural Property Relief (APR) where land is being put to environmental uses.  FBUK has engaged with HM Treasury and HMRC on this issue, and the need to update legislation to ensure family landowners are not penalised for tackling part in environmental schemes, as promoted by other parts of Government policy.  You can find the response to the consultation here
  • The Chancellor also announced the Government’s intention to regulate the provision of Environmental, Social and Governance (ESG) rating providers.  More information here.
  • HM Treasury and DLUHC published their response to a consultation on Business Rates Avoidance and Evasion

Summary of Announcements

Tax

  • 2p cut to employee National Insurance, from ten percent to eight percent.
  • Self-employed National Insurance will be cut from eight percent to six percent.
  • The non-domiciled tax status will be scrapped and replaced with a residency-based system from April 2025, raising £2.7bn in tax revenue a year by 2028/29.
  • Fuel duty 5p cut will be maintained for a further 12 months.
  • Alcohol duty freeze extended until 1 February 2025.  Abolish the furnished holiday lettings regime.
  • Abolish stamp duty relief on the purchase of multiple dwellings in one transaction.
  • Reduce the higher 28 percent rate of Capital Gains Tax on property to 24 percent.
  • Fuel duty 5p cut will be maintained for a further 12 months.  

Business

  • Planned legislation for full expensing to apply to leased assets.
  • From April 1, increasing the VAT registration threshold from £85,000 to £90,000.
  • £200m of funding to extend the Recovery Loan Scheme as it transitions to the Growth Guarantee Scheme.
  • New powers for The Pensions Regulator and the Financial Conduct Authority to ensure better value from defined contribution (DC) pension schemes.
  • Introducing new requirements for DC and local government pension funds to disclose publicly their level of international and UK equity investment.
  • Introduce the British ISA with an additional £5000 tax free allowance for investments in UK equity.
  • £270m for advanced manufacturing, to be spent on innovative automotive and aerospace R&D projects.
  • Up to £120m more will be allocated to the Green Industries Growth Accelerator to build supply chains for new technology such as offshore wind and carbon capture.
  • Extend the energy profit levy, the “Windfall Tax”, to 2029 to raise an additional £1.5bn.
  • Abolish the energy profit levy if the energy market price falls back to a historic norm for a sustained period.

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Family Business UK Spring Budget Submission 2024

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.