Family businesses have long been celebrated for their resilience, long-term vision and ability to navigate uncertainty. Many have survived wars, recessions and generational transitions, preserving their legacy through careful stewardship and adaptability. Yet today, a new disruptor is emerging—artificial intelligence—and it is challenging even the most established family enterprises to rethink how they operate, innovate, and compete. AI is no longer a futuristic concept reserved for Silicon Valley. It is already reshaping industries, from retail and manufacturing to finance and logistics. Algorithms can analyse vast datasets, predict trends, automate routine tasks, and even support strategic decision-making. For family firms, which often rely on deep experience and personal relationships, AI presents both an opportunity and a risk: adopt it wisely, and it can enhance competitiveness and efficiency; ignore it, and a firm risks being overtaken by more agile, digitally-savvy competitors. The Opportunity In Efficiency And Insight One of AI’s most immediate benefits lies in operational efficiency. Predictive analytics can optimise supply chains, reduce waste, and anticipate customer demand, while automated systems handle routine administrative tasks, freeing senior managers to focus on strategic initiatives. For family businesses, which often operate with lean teams and rely on hands-on leadership, these efficiencies can be transformative. Beyond efficiency, AI provides insights that were previously impossible to generate. From analysing market trends to understanding customer behaviour at a granular level, algorithms allow businesses to make data-driven decisions without sacrificing the human touch that defines family firms. In sectors such as retail, hospitality, and manufacturing, AI-powered insights can inform product development, pricing strategies, and customer engagement in ways that combine empirical analysis with the firm’s long-standing expertise. Innovation Without Compromise Family businesses are often rooted in tradition, with a deep attachment to heritage and brand values. This can make them cautious adopters of new technology. Yet AI does not have to compromise identity—it can complement it. For example, a family-run retailer could use AI to personalise customer experiences online while maintaining the warmth and attention to detail that loyal clients expect in-store. A family-owned manufacturer could deploy predictive maintenance tools to safeguard machinery without replacing the skilled engineers who form the backbone of the business. The key is to view AI not as a replacement for human expertise, but as a tool that amplifies it. Early adopters in family businesses are discovering that AI can free creative energy, improve decision-making, and uncover opportunities that might otherwise have gone unnoticed. The Risks Of Delay The cost of inaction, however, is mounting. Competitors that embrace AI can innovate faster, respond to market shifts more effectively, and engage customers in ways that traditional business models struggle to match. Family firms that rely solely on intuition, experience, or legacy processes risk losing market share, particularly in industries where younger, tech-savvy competitors set new standards for efficiency and customer engagement. Moreover, AI adoption is not just a question of technology; it is about culture. Firms that fail to integrate digital thinking into their strategy, governance, and leadership risk developing a disconnect between generations. Younger family members may seek opportunities elsewhere, drawn to businesses that combine tradition with modernity. In this way, digital stagnation can accelerate succession challenges, undermining the long-term continuity that family firms prize. Building An AI-Ready Family Business Successfully adopting AI requires a structured approach. Family businesses should start by identifying areas where AI can add tangible value, whether in operations, marketing, or customer engagement. Pilot projects can demonstrate benefits and build confidence, while investment in upskilling ensures that employees—both family and non-family—can work effectively alongside AI systems. Governance plays a critical role. Family boards and councils should include digital expertise or external advisers to guide strategy, monitor risks, and ensure ethical deployment. Transparency and clear communication are essential, particularly when AI influences decisions that affect employees, clients, or other stakeholders. Finally, family firms should cultivate an innovation mindset. AI adoption is not a one-off initiative; it is part of a continuous cycle of learning and adaptation. Firms that embed curiosity, experimentation, and a willingness to evolve will be best positioned to thrive in the algorithm-driven economy. A Future Of Opportunity For centuries, family businesses have endured by balancing tradition with adaptability, combining long-term vision with practical management. AI represents the next frontier in this evolution. It is not a threat to heritage, but a tool to strengthen it—if approached thoughtfully, strategically, and with an openness to change. Those who embrace the algorithm will find new ways to connect with customers, optimise operations, and future-proof their legacy. Those who resist may find that competitors, unburdened by tradition, capture the opportunities that family firms once assumed were theirs by right. In a world increasingly defined by data, automation, and intelligent systems, family businesses must learn to live with the algorithm, not as a replacement for human insight, but as an essential partner in sustaining generational success.

More than two thirds of senior decision-makers within UK businesses experience work-related stress on a weekly basis, with concerns about remaining relevant and competent commonplace, according to new research by Alliance Manchester Business School (AMBS). AMBS commissioned Censuswide to survey 500 managers, directors and C-suite executives within UK businesses. It found that 67% of respondents are impacted by stress due to their jobs at least once a week – this figure rises to 73% among decision-makers aged 25-34, and 74% of those working in organisations with over 250 employees. It comes as almost three quarters (73%) of the business leaders surveyed said that their role has become increasingly complex over the past five years. Two in five (40%) senior decision-makers say their regularly doubt their own judgement at work, while over half (55%) are concerned about remaining relevant and competent as the business and management world evolves. When asked what areas of formal training would most benefit them in their jobs, the most common choice was ‘understanding AI and how best to leverage it’ (40% of respondents selected this as one of their top three options). ‘Managing digital transformation projects’ (32%), and ‘combatting stress, improving resilience and mental wellbeing’ (32%) were the next most popular options. These findings reflect a growing demand among senior leaders for practical, short-format executive education that focuses on applying data, AI and strategic thinking to real-world, complex business challenges. Elinor O’Connor, Professor of Work Psychology at Alliance Manchester Business School, said: “Stress and responsibility are often seen as going hand-in-hand within businesses – to hold a senior management role and lead on decisions comes, many would say, with a degree of pressure and potential stress. This research, however, highlights far deeper concerns among managers and leaders." “As the business world evolves at pace, with new technologies, working habits and workplace cultures to contend with, there is evidently widespread fear about remaining relevant and competent. That so many (40%) regularly question their judgement might not be a bad thing – introspection can be healthy in leadership – but this is clearly coupled with worries for most (55%) about whether they will get left behind as the business landscape shifts significantly." “The research also provides valuable insight to senior leadership teams regarding the types of formal training that might allay senior decision-makers’ concerns and best equip them to fulfil their jobs now and into the future. AI training tops the list by some margin but managing digital transformation and improving resilience and wellbeing are clearly also extremely important areas that many senior figures within UK businesses are keen for practical support on.” About the research The research was conducted by Censuswide. It surveyed 500 senior decision-makers within UK-based businesses, ranging from managers and directors to C-level executives and owners. The data was collected between 12.12.2025 and 20.12.2025. Censuswide abides by and employs members of the Market Research Society and follows the MRS code of conduct and ESOMAR principles. Censuswide is also a member of the British Polling Council. About Alliance Manchester Business School Alliance Manchester Business School (AMBS) is the business school of the University of Manchester and a pioneer in management education. With over 60 years of impact, AMBS develops undergraduates, postgraduates and executives to lead, innovate and transform organisations worldwide. AMBS runs a wide range of short business courses spanning key themes such as managing complexity, digital transformation, data and AI, and leadership. These courses enable professionals, managers and leaders to gain actionable insights, expand their professional network, and put new skills into practice immediately, empowering them to lead brilliantly in a changing world.

In the landscape of modern commerce, family businesses occupy a unique space. They are not just economic entities; they are social institutions, often interwoven with the fabric of their local communities. From small corner shops to multi-generational manufacturers, these enterprises thrive on a sense of belonging and connection that extends far beyond the balance sheet. For family businesses, community is not a peripheral concern—it is central to their identity, operations, and longevity. Rooted In Local Life One of the most striking characteristics of family businesses is their deep local roots. Many have operated in the same town or region for decades, sometimes even centuries, passing down knowledge, skills, and relationships across generations. This continuity fosters a strong sense of place and identity. Customers do not just purchase goods or services; they invest in a relationship, a tradition, and a shared history. By anchoring themselves locally, family businesses cultivate loyalty that is often impervious to transient market trends. Employees As Extended Family Community within a family business begins internally. Staff are often treated as extended family, reflecting a culture of mutual care, trust, and respect. This approach nurtures loyalty and morale, creating workplaces where people feel valued and connected. In turn, employees carry this ethos into their interactions with clients and suppliers, amplifying the sense of community beyond the immediate organisation. Staff retention tends to be higher in such environments, and the stability this provides is a subtle yet significant commercial advantage. Supporting The Local Economy Family businesses play a vital role in sustaining local economies. By sourcing locally, partnering with other small enterprises, and employing residents, they help circulate wealth within the community. Their purchasing decisions often reflect a commitment not just to efficiency but to the social and economic wellbeing of the area. In many towns and villages, the family business is a cornerstone of economic life, providing opportunities, stability, and a sense of shared purpose. Generosity Beyond Commerce Community involvement frequently extends beyond purely economic activity. Sponsorship of local events, charitable initiatives, educational programmes, and cultural projects is common among family enterprises. Such contributions are not simply marketing strategies—they are expressions of social responsibility and personal investment in the welfare of the wider community. Over time, these acts of engagement build trust, enhance reputation, and strengthen social cohesion, producing benefits that are both tangible and intangible. Preserving Tradition While Embracing Change Family businesses are uniquely positioned to blend tradition with progress. They often carry the collective wisdom of past generations while remaining responsive to contemporary social needs. For instance, a family-run bakery may maintain century-old recipes while incorporating sustainable sourcing practices. This dual commitment reinforces community identity while addressing modern values, ensuring that the business remains relevant and respected. Creating Intergenerational Bonds Community in a family business is also intergenerational. Customers, employees, and suppliers often interact with multiple generations of the same family, cultivating relationships that transcend transactional exchanges. This continuity creates a sense of stability and trust rarely found in larger, impersonal corporations. For the local community, the business becomes a familiar, reassuring presence, a living link between past, present, and future. The power of family businesses lies not only in their products or services but in their ability to foster a sense of belonging. They weave economic, social, and cultural threads into a cohesive tapestry that strengthens local life. From nurturing employees and supporting local economies to preserving traditions and championing social causes, family businesses exemplify a holistic sense of community. In a world often dominated by global brands and digital transactions, family enterprises remind us that business can be more than profit—it can be a force for cohesion, care, and continuity. They demonstrate that the true value of commerce is measured not just in pounds and pence, but in the quality of relationships, the depth of connections, and the vibrancy of the communities they serve.

Gebrüder Weiss kicks off the fifth edition of its international cycling campaign “GWcycles.” The goal: to collectively cover one million kilometers – and in doing so, remove up to ten tons of plastic waste from rivers and coastal regions. The concept is simple: for every kilometer cycled, Gebrüder Weiss funds the collection and proper disposal of ten grams of plastic waste. Once again, the initiative is implemented in partnership with the Berlin-based environmental company CleanHub. Frank Haas, Head of Corporate Brand Strategy & Communications at Gebrüder Weiss said: “GWcycles shows how easy it is to combine sustainable mobility with tangible environmental action – kilometer by kilometer." Participation is open to everyone worldwide. Distances are tracked via the free Radbonus app, which is compatible with common fitness trackers. Initial rewards are available from as little as 50 kilometers, and all prizes are made from recycled materials. Further information and registration visit here .

There is a quiet truth that lives at the heart of every family business — a truth that often goes unspoken, yet pulses through every late night at work, every handshake sealed with integrity, and every kitchen-table conversation about the future. That truth is simple, and it is profound: It was never about the money. Oh, the world will try to convince you otherwise. The headlines celebrate billion-dollar valuations. Social media glorifies the flashy lifestyle. Somewhere along the way, "success" has become synonymous with a materialistic dream and zeroes in a bank account. But anyone who has built something with their own hands, who poured their hearts into a dream that carried your family's name — has always known better. This understanding is the foundation of the Seven Generation Legacy Process — a ground-breaking framework that challenges families to think not in quarters or fiscal years, but across at least 150 years. It is a vision rooted in the wisdom of ancestors and the aspiration to make a difference for generations to come. As Thich Nhat Hanh reminds us: "If you look deeply into the palm of your hand, you will see your parents and all generations of your ancestors. All of them are alive in this moment. Each is present in your body. You are the continuation of each of these people." What follows is an overview of the Seven Core Legacy Beliefs — the seven truths that reveal what your family business was always really about. Legacy Belief One: Your Health Is the Foundation Stone of Your Wealth Before strategies, structures, or balance sheets, there is you. You are quite literally a living miracle — composed of trillions of cells working in extraordinary harmony, generating intelligence, energy, and possibility every moment of your life. This is wealth in its purest form. We all enter this world with nothing, and we all leave it the same way. Yet most people live as though their financial capital exists independently of the human capital that sustains it. In reality, every legacy, enterprise, and fortune is built upon a single irreplaceable asset — YOU. Your greatest asset is not your net worth. Your greatest asset is your health. Protect it first. Everything else flows from there. When you invest in your health — when you establish your baseline, move your body, nourish your cells, and drink from the well of life itself — you are not engaging in self-care. You are engaging in legacy care. You extend productive years. You preserve decision-making clarity. You reduce future dependency. And you model stewardship for every generation watching. The money was never the foundation. You were. And a lasting legacy does not begin with capital. It begins with the caretaker of that capital. Legacy Belief Two: Align Your Mind and Your Actions to a Life Mission Every family business begins with a spark — not a spreadsheet. It starts with someone who looked at the world and said, "I can make this better." Maybe it was your grandfather, with calloused hands and an unshakable belief that honest work could change a community. Maybe it was your mother, who saw a need no one else was filling and had the courage to fill it. Maybe it was you, standing at the crossroads of what was safe and what was meaningful, and choosing meaning. But here is what the Seven Generation Legacy Process teaches us: thoughts alone are not enough. Dreams by themselves are simply neurons in your brain wired together and firing together. The real transformation happens when focused thoughts are combined with aligned action. Aligning your mind and actions to a life mission is the art of living with integrity. It is when what you value on the inside — your beliefs, desires, and standards — matches what you do on the outside — your habits, decisions, and relationships. That coherence creates momentum. You stop leaking energy through contradiction and start moving with clarity, courage, and quiet confidence. Your business is not just a business. It is the living, breathing expression of your life's purpose. When you open those doors each morning, you are not merely conducting commerce. You are fulfilling a calling. You are honouring the voice inside you that whispered — long before you ever turned a profit — that you were made for something extraordinary. Legacy is not what you accumulate; it is what you activate in others. Every aligned action sends ripples forward — into families, communities, and future generations you may never meet. When you live your mission consistently, you become a reference point for what is possible. Legacy Belief Three: True Wealth Is Greater Than Financial Capital Henry Ward Beecher said, "No man can tell whether he is rich or poor by turning to his ledger — it is the heart that makes a man rich. He is rich according to what he is, not according to what he has." In the world of family business, your name is on the line — literally. There is no hiding behind a faceless corporation, no burying your ethics beneath layers of bureaucracy. When your family name hangs above the door, every decision you make is a declaration of who you are. The Seven Generation Legacy Process reveals that people possess six core capacities of True Wealth — and financial capital is only one of them: Human Capacity — Who you are as a person: your health, your intellect, your emotional depth, your actions, your education. Financial Capacity — Your assets, net worth, and ability to generate cash flow. Lifestyle Capacity — Your material world, your life choices, your experiences, and the richness of how you choose to live. Social Capacity — Your relationships: family, friends, professional networks, community ties, and the philanthropy through which you serve others. Spiritual Capacity — Your connection to a greater cause, your faith, your sense of purpose beyond the material world. Business Capacity — The value of your unique abilities as expressed in the marketplace and the world. Your values are not just words framed on an office wall. They are the foundation upon which generations are built. Integrity. Generosity. Resilience. Compassion. These are not business strategies — they are legacies. And every time you choose to do the right thing, even when it costs you, even when no one is watching, you are depositing something into a vault far more valuable than any financial account. The real secret? It is the differentiation between capacity and capital. Capacity is what you are capable of achieving. Capital is what you currently possess. Too many families limit their thinking to capital — and in doing so, limit their True Wealth. When you embrace all six capacities, the whole becomes far greater than the sum of its parts. As Meyer A. Rothschild wisely noted: "It requires a great deal of boldness and a great deal of caution to make a great fortune; and when you have got it, it requires ten times as much wit to keep it." The wit he spoke of was never just financial. It was the wisdom of True Wealth. Legacy Belief Four: Your Time Is Your Most Precious Asset Let us speak a deeper truth: there is no guarantee of tomorrow. An inscription on the floor of a Crypt of the Capuchin Monks, next to a pile of bones, reads: "What you are, they once were. What they are, you will be." Every human on Earth wakes up with the exact same daily endowment: 86,400 seconds. And yet, those identical seconds give rise to over eight billion radically different lives. The difference is not time itself. The difference is how each person spends it. The Seven Generation Legacy Process introduces a powerful concept: your Life Exchange Rate — the rate at which you trade your finite seconds for outcomes, experiences, meaning, and impact. Every moment is a transaction. You are constantly exchanging time for something: money, rest, relationships, growth, service, or purpose. The long hours you spent building your family business were never about greed. They were about love. The sacrifices were never about ambition. They were about devotion. Every missed vacation, every reinvested dollar, every sleepless night spent worrying about payroll — those were not the burdens of a businessperson. Those were the sacred acts of someone who loves deeply and provides fiercely. Rick Warren reminds us: "Time is your most precious gift because you only have a set amount of it. You can make more money, but you can't make more time. When you give someone your time, you are giving them a portion of your life that you'll never get back." Taking care of your loved ones is not a by-product of your business. It is the entire point. And when you understand that your time is non-renewable — that unlike money, it cannot be earned back — every moment spent in service of your family's legacy becomes infinitely precious. People really only need to focus on three days: yesterday, today, and tomorrow. Yesterday cannot be changed. Tomorrow is not guaranteed. Today is always a fresh start — because you are experiencing the present moment for the very first time in your life. Legacy Belief Five: Live with Passion and Pursue Your Purpose Here is what separates a family business from a mere enterprise: passion. Raw, unfiltered, bone-deep passion. If you really want to transform your life, find something that you are passionate about and do it for a living. When you can honestly say each day that you look forward to going out into the world to make a difference — and your work feels like play — then wealth, happiness, and fulfilment will be within your grasp on a daily basis. Jack Canfield says, "Each of us is born with a life purpose. Identifying, acknowledging, and honouring this purpose is perhaps the most important action successful people take." Yet too many people are more concerned about their destinations in life than fulfilling their true life purpose. As Jim Carrey powerfully expressed: "I think everybody should get rich and famous and do everything they ever dreamed of so they can see that it's not the answer." Imagine for a moment that you are on your deathbed and surrounding you are all your hopes, dreams, talents, and desires, asking you: "Since each of us was unique to you, how did you use us to fulfil your purpose in life and make a difference in the world?" Very few of us would want our best answer to be about houses, cars, vacations, and toys. You feel passion when a customer tells you that your product changed their life. You feel it when your daughter joins the business and brings ideas that take your breath away. You feel it in the quiet moments — closing up the shop at the end of a hard day, looking around at what you have built, and feeling a swell of gratitude so powerful it brings tears to your eyes. As Winston Churchill said: "We make a living by what we get, but we make a life by what we give." Your life story encompasses the profound statement by Charles Dickens: "It was the best of times, it was the worst of times..." You are the author, the director, the producer, and the leading star of your own life story. Should you not spend your time, talents, and treasures making it a masterpiece that is both inspirational and empowering — to yourself and to others? After all, your life story is the Greatest Story Ever Told about you. Legacy Belief Six: Transform Your Unique Abilities Into Your Life Story Everyone has unique abilities within them — talents, passions, hopes, dreams, and values — to guide them on their life journey so as to fulfill their life purpose, leave a positive legacy, and pursue happiness along the way. Robert Louis Stevenson wrote: "That person is a success who has lived well, laughed often and loved much; who has gained the respect of intelligent people and the love of children; who has filled his niche and accomplished his task; who leaves the world better than he found it; who never lacked appreciation of earth's beauty or failed to express it; who looked for the best in others, and gave the best he had." In a family business, every member brings unique abilities. One may be brilliant at building financial wealth. Another may be extraordinary as a caregiver — the glue that holds the family together. Another may be a visionary. Another, the executor who gets things done. Although these abilities may be completely different, together they make the family and the business stronger. The Seven Generation Legacy Process teaches that the primary function of a family's wealth is to support every family member's unique abilities. This does not mean wealth must be shared equally — but it does mean that a family member's unique abilities have greater value than financial wealth alone. The main reason families fail to preserve wealth over multiple generations is that their definition of wealth is based solely on financial terms. When the family member who created the financial wealth passes on, the passion behind building that wealth is typically lost. When the family member who was the glue passes on, discord follows. When another member's unique abilities go unsupported, the seeds of greatness within that person are lost forever — to the person, the family, and all future generations. But when you integrate family wealth with each member's unique abilities — when trust and communication are strong, when governance structures allow family members to speak safely, when expectations are clear and support systems are in place — then each generation takes advantage of the full capacities of the family as a whole. That is seven-generation thinking. That is moving from success to significance. Legacy Belief Seven: Leave a Positive Legacy There is an ancient tale from the Middle East about a beautiful ring with magic powers — a ring that opened to its owner the door of wealth, love, and purpose. It was passed down through generations, each inheritor entrusted to guide the family. But when one father, unable to choose among three virtuous sons, had two copies made, the sons quarrelled. Instead of love, they found hatred. Instead of wealth, they found discord. Yet others recalled the ring's power. They discovered that each ring could find the door of wealth — but only for the one who possessed a certain frame of mind. True wealth, they learned, depends not on things but on our attitudes toward things — on a stance and not on stuff, inspiration rather than inheritance. This ancient wisdom speaks directly to the heart of every family business. Legacy planning is composed of two main elements: how you align your time, talents, and treasures with your values and aspirations while you are alive — and what you leave or pass down to those who follow you, including your values AND your valuables. Too often, "legacy" is mistaken for simply being a bequest or transference of assets. But your values and your life story are the real treasures that should be protected, grown, and preserved in your legacy plan. Randall Ottinger describes three key junctions in our lives: the success junction — where we determine what success means and how much is enough; the significance junction — where we discover our life purpose; and the generational junction — where we decide what we want to last within our families across time. "It is only when people are satisfied with their financial success that they can begin to shift their personal identity beyond that of a wealth builder... to that of a legacy builder." The Seven Guiding Principles: A Compass for Generations The Seven Generation Legacy Process is anchored by seven guiding principles that transcend any single generation: Respect Traditions — Celebrate and preserve the values, stories, and practices of those who came before you. Heritage is not a relic; it is a living foundation. Document and Preserve Best Practices — Every family member brings unique gifts. Capture and share these insights so that wisdom is sustained for future generations rather than left to chance. Find Common Ground — A unified vision thrives on shared purpose. Commit to a collective mission that fosters harmony within your family and business. The Whole Is Greater Than the Sum of Its Parts — Pool your resources to create a cultural legacy encompassing intellectual, financial, experiential, relationship, and spiritual capital. Life Is the Ultimate Gift — Your time, talents, and treasures are meant to fulfil your highest life purpose, not merely to amass worldly goods. Prioritize Legacy Over Ownership — Everyone leaves a legacy, intentionally or not. Focus on how you will be remembered by your loved ones, your community, and future generations. Make Bold Choices and Move Forward — Embrace life passionately. Share your gifts, make a difference daily, and inspire future generations to do the same. A Final Word To every family business owner reading this — to every dreamer, builder, and legacy-maker — hear this: You are not defined by your profit margins. You are defined by the lives you touch, the values you uphold, the love you pour into your work, and the purpose that drives you forward when the road gets hard. The money? It comes and goes. Markets rise and fall. Economies shift. But your health, your mission, your True Wealth, your time, your passion, your unique abilities, and the positive legacy you leave behind? These are the things that endure. These are the things that matter. My hope is that everyone remembers that: "Wealth is not just about what you accumulate; it's about what you pass on. Families need to protect not only their assets but also their values. That's the true measure of success." The Seven Generation Legacy Process empowers you to think beyond your own lifetime — to plant seeds of significance today that will flourish for 150 years and beyond. It challenges the conventional focus on immediate success by encouraging a visionary perspective that honours your ancestors and inspires your descendants. At the end of your days, you will look back and say with absolute certainty: "It was worth it. Every single moment." Because it was never about the money. It was always — always — about something far greater. It was about building a legacy that spans seven generations.

In the heart of Cheltenham, tucked along Fairview Road, stands a business that has quietly outlasted empires, economic swings and the relentless march of modern retail. George Bence & Sons (Cheltenham) Ltd is not merely a builders’ merchant; it is a living thread in the fabric of Gloucestershire’s commercial and architectural history. Founded in 1854, George Bence & Sons began life in an era when deliveries were made by horse and cart and Cheltenham itself was still basking in its Regency heyday. While countless firms of similar vintage have disappeared or been absorbed into national chains, Bence has remained resolutely independent—and, perhaps more remarkably, family-run. That continuity is more than a point of pride; it informs the company’s ethos, where relationships and reputation carry as much weight as stock and supply. Step inside today and the scale of the operation quickly becomes apparent. What began as a traditional merchant has evolved into a comprehensive supplier serving everyone from seasoned tradespeople to ambitious home improvers. The shelves and yards are stocked with everything required to build, renovate or refine a property: bricks and blocks, timber and insulation, roofing systems, tools, plumbing supplies, and landscaping materials. It is the sort of place where a builder can source an entire project—or where a homeowner might begin one. Yet to think of Bence purely in terms of bricks and mortar would be to miss a key part of its modern identity. In recent years, the company has invested heavily in its showroom offering, most notably through its striking “Obsidian” space. Here, the tone shifts from functional to aspirational. Kitchens and bathrooms are presented not as necessities but as design statements, with curated displays that would not look out of place in a London design studio. It is a reminder that today’s builders’ merchant must cater as much to lifestyle as to logistics. As Paul Bence, sixth generation Managing Director explains: “We are a family business steeped in history and heritage but that isn’t a golden ticket for long term survival. We have worked hard to continually evolve and remain relevant in the world we are doing business in today.” Like many family firms today, Paul and the team are having to deal with everything that the prevailing geopolitical and economic environment throws at them, with the war in the Middle East adding more complexity to the ever changing business world. As Paul continues, “It is not easy being in business today but as a family firm we have survived two world wars, eight pandemics and 14 recessions and will find a way through. Recent changes to business rates, the national living wage, the employment rights bill and changes to inheritance tax rules are also having an impact but we continue to press forward, monitoring costs, diversifying to spread risk and innovate wherever possible.” Behind the scenes, the business runs with the efficiency one would expect of a contemporary operation. A fleet of vehicles—ranging from standard delivery lorries to specialist crane-equipped trucks—fans out across a roughly 40-mile radius, supplying building sites, homes and developments throughout the region. It is a far cry from the firm’s 19th-century beginnings, yet the principle remains unchanged: getting the right materials to the right place, reliably. Recognition has followed. Over the years, George Bence & Sons has collected a string of industry accolades, including honours for family business excellence and showroom design. Such awards, however, seem almost incidental to its standing locally. In Cheltenham and beyond, the name “Bence” carries a certain quiet authority—a shorthand for dependability built up over generations. What ultimately sets the company apart is its ability to balance heritage with relevance. In an age dominated by national chains and online ordering, there remains something distinctly valuable about a business where knowledge is personal, service is consistent, and history is tangible. George Bence & Sons has not simply survived for over 170 years; it has adapted, expanded and, in many ways, flourished. As Paul concludes, “Being at the helm of a business as old as this is a big responsibility and one that I truly embrace. That doesn’t mean it is easy and to be honest I don’t think that it has ever been so hard, but as a team we work together and continually look to the future." "Our next generation are young so who knows what the future holds but the business will be there if they decide they want to take it forward into the seventh generation and beyond,” And so, on Fairview Road, the story continues—one delivery, one project, one customer at a time.

Aldi is marking one year since becoming the first UK supermarket to offer free period products in all customer and colleague toilets. Over the past year, Aldi has provided 1.4 million free period products, with customers and colleagues able to take what they need, when they need it – no code word or loyalty scheme needed. Launched in March 2025, the initiative was introduced to help tackle period poverty head on and ensure that essential items such as tampons and pads are accessible to everyone who needs them. The initiative responds to the ongoing issue of period poverty across the UK, with research showing that over one in three struggle to afford period products, and many are forced to choose between these and other everyday essentials. Julie Ashfield, Chief Commercial Officer at Aldi UK, said: “We believe that access to period products is a basic right, not a privilege and we know that period poverty is still a very real issue for many across the UK. That’s why we took the step to make free period products available in all our store toilets – for both our customers and colleagues. “One year on, we continue to offer this support and to play our part in helping remove the barriers that some face when accessing period products.” The move to provide free period products in customer and colleague toilets forms part of Aldi’s wider commitment to supporting communities and ensuring access to everyday essentials.

Most business owners have heard the grim statistics. Roughly 70 percent of family businesses fail to survive past the first generation. An even greater number – up to 90 percent – do not make it past the 2nd generation. The simple truth is that for the vast majority of Americans dreaming of creating and sharing wealth through a multigenerational family business, a disappointing scenario is more likely. Holding together a multi-generation Family Office is even more difficult since the core legacy and natural focal point, “the business”, may no longer be present providing easier options for family members to branch off on their own. This is heartbreaking on two levels. First, a huge portion of family wealth is often tied directly to the success of the business, leading to potentially devastating consequences. What makes it more tragic is that many of the family dynamics that can threaten the longevity of the business are easily solved by addressing “softer issues” associated with passive and active stakeholders in the enterprise. Unfortunately, these considerations are often overlooked by senior family members, deferred by succeeding generations and ignored by corporate boards. Needs-Based Differences Any approach to managing family dynamics for generational businesses must recognize that the needs of family members are not only diverse, but inconstant. Their priorities and interests understandably change over time and based on factors including age, marital status, life style, income, and risk tolerances. Younger family members may look to the family business for work experience or an attractive compensation package. Older family members tend to be more focused on cash distributions that augment retirement savings. Others may reasonably want to diversify holdings to spread risk, but have investment objectives that differ from those of the rest of the family. Any area where interests do not align is a potential flashpoint for family conflict that can affect enterprise longevity. With each succeeding generation, the challenges are magnified as extended families come into play. Instead of dealing with siblings, for instance, owners now might be in business with cousins. As owners broaden to include the idiosyncratic values of geographically scattered relations, the fundamental reason for being a part of a family enterprise can be lost and the experience becomes impersonal. In short time, the family enterprise can come to be viewed as a constraint on access to inherited assets or an obstacle to liquidity. This can lead to an adversarial relationship with the CEO or Board. Through our consulting experiences, we have found that the CEO often underestimates the strong emotional bond that family members feel toward the family business. At a core level, the family business, or the wealth created from the family business will always be “Mom or Dad’s business” in the eyes of their children. This attachment goes well beyond financial rewards and employment opportunities. This natural sentimentality can result in an exaggerated impact on family stakeholder dynamics and on the enterprise itself. In the worst cases, the egos, jealously and greed can result in counterproductive lawsuits and damage to the family’s public image and reputation. Once these personal issues ignite, they become very difficult to resolve. Personal grievances can polarize a family almost instantly and take decades to resolve. In some cases, we have advised families that do not speak to each other because of perceived or real slights. They skip holidays, weddings and other milestones because of family business-related tensions. Underlying frictions most commonly rise to the surface when the prior generation becomes disengaged from the family enterprise and personal agendas are pursued by the next generation. Active vs. Passive Family Stakeholders One way to mitigate challenges arising from disparate family objectives is to define enterprise stakeholders as either active or passive. Active simply means that you are an employed family member that is on the “inside” of the business, with better access to information and control. Passive stakeholders are members of the family that are not employees, and may or may not have an ownership interest. In many cases, depending on individual preferences, spouses and children are considered passive stakeholders. Avoiding these unhappy and potentially costly events requires facing and resolving certain issues while the prior generation is still actively engaged in the business. We recently helped a client work with all of her children and their spouses to define and secure each family member's needs and desires. We facilitated the thoughtful communication necessary to resolve family members’ emotional and financial needs while preserving the family enterprise's future viability. The result was an agreed upon written plan addressing current needs and desires with a methodology and governance structure for addressing future issues as circumstances undoubtedly change. We find it is extra important to understand and respect the needs of each stakeholder at an individual level so that an overall structure can be developed to meet individual as well as enterprise needs. We have defined the key areas most frequently at the core of family dynamic difficulties as: Mutual Respect, Power/Control, Perceived Fairness, and Compensation. Our approach helps our clients deal with these issues by concentrating on the “Three C’s for Success." The Three C’s for Success: Consideration, Communication & Cash! Consideration of family members’ emotional and financial needs sounds obvious, but is often not addressed in any measurable way. This above all other provides the framework for positive family business dynamics. The first step is defining the family's collective values regarding the business. Understanding family history can be a powerful starting point for establishing a sense of commonality of interest. Start with a few basic questions: What are the values we all share and trust? Why was the business started? Why is it still around? How do we balance “family needs” versus the enterprise’s needs for growth and ROI? As you can imagine, reconciling the needs and desires of the passive and active shareholders can be a thorny issue. This requires clear identification and agreement of roles and responsibilities as a family member, shareholder, Family Council member, Board member, CEO, and manager. Separation of family matters from business matters is essential, as they can easily be intertwined, fostering conflict and creating unforeseen problems in the future. Communication is similarly critical, not just for active members but for all stakeholders in the business. Two widely accepted governance organizations, the Family Council and a Board of Directors are extremely helpful in creating a strategy for providing clear and consistent communications through participative governance of a family enterprise. As a former 4th generation family business CEO, I advise my clients to regularly communicate individualized updates to all of their key stakeholders. Verbal communications from the CEO with supporting written reports is much more effective than exclusively issuing quarterly or annual reports. Some family members may not read or understand the content of a report. Part of the value of the communication is the CEO is recognizing and respecting a family stakeholder as important and willing to take his or her time to discuss the family affairs with them. The result will be goodwill and appreciation from active and passive family members. Good communications and open access to information by family members flush out concerns before they become magnified and keep the family together in pursuing common and individual goals. Cash for both active and passive stakeholders is the third issue that must be addressed thoughtfully. Cash and other benefits are often a hidden problem affecting family dynamics that speak to issues of fairness and equity between active and passive family members. If only active family members are receiving cash benefits from the business, problems with passive members are more likely to arise. Family members must have a transparent structure to evaluate and address such compensation issues. Discussion should include overall enterprise financial resources, compensation and perks for family employees in relation to shareholder returns, shareholder distributions, and future enterprise capital needs. Bringing sensitivity and objectivity to these discussions is necessary to negotiate a family operating agreement to legally memorialize these and other important stakeholder issues. Passive Stakeholder Strategies Passive stakeholders frequently have a minimal voice in the management of a family enterprise. They often feel “trapped,” with no control and no meaningful options to get out. This dangerous situation can lead to lawsuits, disruptions to business operations, and poor family dynamics. Such circumstances often set enterprise interests against personal ones, such as weighing the need for capital for expansion versus a passive shareholder’s financial objectives tied to the business. Some best practice passive stakeholder strategies that we have developed with our clients include: Developing a legal shareholder agreement addressing policy issues such as individual shareholder rights, key decision making authorities, shareholder distribution policies, governance issues, etc. Electing passive stakeholder(s) to the Board of Directors (in addition to the Family Council); Naming a passive stakeholder as the Board Chair to provide more balance and communications between active and passive shareholders in decision-making processes; Providing board meeting attendance rights for non-board members (apart from executive sessions); Inviting passive stakeholders to enterprise outings, special events, award ceremonies, retirement parties and similar company social events and perks; Providing regular financial reports, business plans, and other stakeholder communications to passive stakeholders; Avoiding the discussion of business matters or issues at family outings; or if it happens, including passive family members in the discussion Avoiding any action that makes family members feel like a “second class” participant in the business. Active Stakeholder Strategies Active stakeholders may also create family dynamics problems, so they must have a conscious set of strategies as well. These include: Respecting organizational boundaries; Delegating responsibilities and authorities appropriately; Avoiding "micro-managing" or second-guessing of other family members' actions or decisions; Treating all family stakeholders similar to other members of the management team; Respecting, motivating and retaining non-family management who are critical to the future of the enterprise; Utilizing formal performance reviews, succession planning, training & development, accountability for results, performance based bonuses and other professional management tools for all employees--family stakeholders and non-family employees. By understanding and addressing the differing needs of all family stakeholders; clearly delineating duties and responsibilities; promoting transparent and regular communication policies; developing and executing an agreed-upon shareholder agreement for passive and active stakeholders; and creating a vehicle for long term conflict resolution, your family dynamics will support and foster a long and successful family enterprise for generations to come.

The LEGO Group welcomed the launch of a new three-year phase of the Responsible Innovation in Technology for Children (RITEC) initiative focused on well-being centred digital game development practices, led by UNICEF and funded by the LEGO Foundation. The initiative aims to advance industry awareness, embed children’s well-being into everyday digital game development practices, and support the adoption of child-centred design principles across the global gaming industry. Building on three years of research and the development of the RITEC-8 framework and RITEC Design Toolbox, this next phase will focus on advancing awareness and adoption of approaches that embed children’s well-being across the gaming industry. Through this renewed collaboration, RITEC will: Convene gaming industry leaders and decision-makers to align on shared approaches to well-being in digital play Translate research into practical tools, guidance and training pathways for developers and studios Support the real-world implementation of child-centred design principles across digital play environments With digital play becoming an increasingly significant part of childhood (nine in ten children play online games*), the LEGO Foundation has committed $4.9m to the next phase of RITEC. As a founding partner, the LEGO Group will contribute expertise and guidance from over 30 years of creating safe digital experiences for children. Thomas Davin, Global Director, UNICEF Office of Innovation, said: "The gaming industry reaches more children than almost any institution on earth. RITEC is how we work together to make sure that reach becomes an opportunity - designing children's well-being into every experience, where it belongs”. Joe Savage, Head of Impact & Evidence at the LEGO Foundation, said: "We believe that research should not stop at insight - it should shape how experiences are designed for children. Through this new phase of RITEC, we are proud to support partners working to embed evidence-based approaches into digital play, so more children can benefit from safe, inclusive and meaningful experiences.” RITEC reflects a shared commitment among partners to advance children’s rights and well-being in digital spaces and contribute to the Sustainable Development Goals by promoting responsible, child-centred innovation. The LEGO Group co-founded RITEC with UNICEF in 2021, with funding from the LEGO Foundation. Earlier phases of the initiative included three years of research, which engaged thousands of children globally and led to the creation of practical tools to help designers foster outcomes such as autonomy, creativity, emotional regulation, safety and inclusion in digital play. By supporting this next phase, the LEGO Group continues its commitment to help build a digital future where children everywhere can learn, create and thrive through play.

The Armoury in Shaw Heath is marking a major milestone with a relaunch party to celebrate the reopening of the Greek Street roundabout, following more than a year of disruption caused by roadworks directly outside the pub. Robinsons Pub Partners Pete Johnson and Holly Scott, who run The Armoury, have worked through the prolonged closure while continuing to serve the local community despite restricted access. With Network Rail confirming the roundabout will fully reopen on Friday 27th March, the team is treating the moment as a fresh start for the pub. The Armoury will reopen at 12pm on Friday 27th March, following a short closure for internal improvements, before hosting a relaunch party from 7pm until late. The event will celebrate the return of easier access to Shaw Heath and thank customers for their continued support throughout the works. They'll have DJ Navigate welcoming people back with great music and be launching their new drinks menu too. Rumour has it there are free drinks and goodies up for grabs too! Ahead of the reopening, Pete and Holly have been investing in the pub, carrying out improvements inside to ensure The Armoury is ready to welcome both familiar faces and new visitors back through its doors. The relaunch marks the next chapter for the venue after a challenging period. We asked the couple what we can expect to see to which they replied "watch this space". Throughout the disruption, the local brewery has worked closely with the Pub Partners, offering ongoing support during the road closure and backing the long term future of the business. Pete and Holly said: “The reopening of the roundabout feels like a turning point, allowing the pub to properly reconnect with the community and build momentum again after a difficult year”. The relaunch party is open to all, with locals encouraged to drop in and celebrate the end of the long running works and the return of easier access to The Armoury and the wider Shaw Heath area.

Family Business United is delighted to announce a new strategic partnership with The Opportunity Provider , a group of award winning training specialists dedicated to creating opportunity through high quality skills development and apprenticeships. This collaboration brings together two organisations with shared values and a commitment to supporting the long term success of family businesses. The partnership will focus on delivering practical skills development, leadership pathways, and workforce capability programmes and apprenticeships tailored specifically for ambitious family owned organisations across the UK. “We know that family businesses are the backbone of the UK economy — they think long term, invest in their people, and care deeply about the communities they serve. These are values that closely mirror our own,” said Mike Worley, Managing Director of The Opportunity Provider. “Through this partnership with Family Business United, we’re bringing practical skills development, leadership pathways and apprenticeship expertise directly to ambitious family owned organisations across the UK." "Our focus is simple: help family businesses grow their own talent, strengthen succession pipelines and build the management capability that secures their future for generations to come.” “We’re proud to stand alongside Family Business United and support the next chapter of growth for family owned enterprises across our priority sectors,” concludes Mike. Paul Andrews, Founder and CEO of Family Business United, added: “We are thrilled to partner with The Opportunity Provider, an organisation that shares our belief in the power of skills, leadership, and long term thinking." "Together we will deliver opportunities and tangible support that help family businesses not only grow but thrive — building resilient leadership, strong teams, and succession pipelines that future proof their legacy.” “This partnership reflects our shared commitment to supporting family businesses with the tools and skills they need to succeed. Family firms are vital contributors to the UK’s economy and communities, and we are proud to bring their apprenticeship and development expertise to help family firms unlock potential at every level.” The partnership will roll out a series of collaborative initiatives throughout the coming months, including thought leadership and sector specific guidance designed for family business leaders and their teams.

For families with significant assets, deciding how wealth should be held and passed on can be as important as deciding how it is invested. Questions about tax are often part of that conversation, but they are rarely the whole story. Issues such as control, family governance and long-term succession planning tend to be just as important. There are two structures that frequently arise in these discussions: trusts and Family Investment Companies (FICs). Both are widely used within UK private wealth planning, yet they operate in very different ways. As the inheritance tax landscape continues to evolve, many families are looking more closely at which of these structures best reflects their long-term objectives. Trusts Trusts remain one of the most established tools in UK estate planning, but they are often misunderstood. At their core, trusts separate legal ownership of assets from the right to benefit from those assets. When a trust is created, the person establishing it (the settlor) transfers assets to trustees, who become the legal owners of those assets. The trustees must then manage those assets for the benefit of the beneficiaries, in accordance with the terms of the trust deed and their fiduciary duties. Once assets have been transferred into trust, they no longer belong to the settlor personally. Instead, they are held and managed by trustees who must act in the best interests of the beneficiaries. For many families, this structure provides a way of introducing an element of protection and stewardship around family wealth. Trustees can exercise discretion over when and how beneficiaries receive funds, allowing the trust to respond to changing circumstances within the family. This flexibility can be particularly valuable where beneficiaries are younger, where wealth is intended to support several generations, or where there are concerns about how assets might be managed if passed outright. It is also important to understand that transferring assets into certain types of trust can trigger an immediate inheritance tax charge. Where the value transferred exceeds the current nil-rate band of £325,000, a 20% lifetime inheritance tax charge may apply when assets are settled into a discretionary trust. Trusts within the relevant property regime may also face periodic inheritance tax charges, typically assessed every ten years. These charges can be up to 6% of the value of the trust fund, depending on the circumstances. While trusts remain an important planning tool, these tax considerations are one reason why families sometimes explore alternative structures. However, the central feature of a trust is the transfer of ownership and control. Once assets are placed into trust, the settlor must accept that the trustees ultimately control how those assets are managed. For some families, that separation of ownership and decision-making is precisely what they want. For others, it may feel like a step too far. Family Investment Companies Family Investment Companies take a different approach. Rather than separating ownership from benefit, they use a corporate structure to organise family wealth. Typically, a private company is established to hold investments such as property, shares or other financial assets. Family members hold shares in the company, often through different share classes designed to reflect different rights. In many cases, founders retain voting shares, allowing them to control investment decisions and the strategic direction of the company. Other family members may hold non-voting shares, enabling them to benefit from the future growth of the company without necessarily being involved in day-to-day decision-making. This structure allows economic value to begin moving to the next generation while maintaining a clear governance framework around how family assets are managed. For families accustomed to business structures, the company model can feel familiar and transparent. Unlike transfers into many types of trust, funding a Family Investment Company does not normally give rise to an equivalent upfront inheritance tax charge, which is one reason why FICs have gained attention as part of modern estate planning strategies. In practice, FICs often appeal to families who want to begin transferring wealth while still remaining actively involved in investment decisions and the overall direction of family assets. How Changes To Tax Reliefs Are Influencing The Discussion The renewed attention on trusts and Family Investment Companies has also been influenced by changes to the inheritance tax landscape. Historically, certain investments qualified for Business Relief, allowing them to pass to the next generation with up to 100% inheritance tax relief if the relevant conditions were met. This made those investments particularly attractive within inheritance tax planning strategies. Under the Government’s recent reforms, however, the amount of Business Relief available is now subject to a cap of £2.5 million per individual. Assets above that threshold will receive reduced relief, meaning the excess value may face an effective inheritance tax charge of 20% rather than being fully exempt. The allowance is transferable between spouses or civil partners, meaning that a couple may potentially benefit from a combined allowance of up to £5 million. As these changes move through the final stages of the legislative process, many families are reconsidering how heavily they rely on Business Relief within their inheritance tax planning. Rather than depending on a single relief or investment, attention is increasingly turning to the long-term structure through which wealth is held. Control, Governance And Family Dynamics While tax considerations often prompt the initial discussion, the practical differences between trusts and Family Investment Companies usually become clearer when families consider how decisions should be made in the future. Trusts place decision-making authority primarily in the hands of trustees, who must act in accordance with the trust deed and their fiduciary duties. This can provide a strong framework for stewardship, particularly where assets are intended to benefit several generations or where independent oversight is considered important. Family Investment Companies, by contrast, often allow founders to retain a more direct role in governance through voting shares and board positions. Investment decisions remain within a corporate structure, allowing the founding generation to continue guiding how family wealth is managed. In practice, the choice often depends on the circumstances of the family. Where beneficiaries are younger, vulnerable, or where there are concerns about how wealth might be managed if passed outright, a discretionary trust can provide a valuable layer of protection through independent trusteeship. By contrast, where founders wish to remain actively involved in investment decisions while the next generation gradually builds experience, the governance structure of a Family Investment Company may feel more appropriate. Choosing The Right Structure For Your Family There is rarely a single “correct” structure for organising family wealth. For some families, trusts offer the protection and long-term stewardship they are looking for, particularly where wealth is intended to support several generations or where beneficiaries may not yet be ready to manage significant assets themselves. For others, a Family Investment Company may provide a more practical framework, allowing investments to be managed collectively while gradually transferring economic value to younger family members. In practice, these structures are not always used as alternatives. Some families choose to combine them within a wider estate planning strategy. For example, a Family Investment Company may be used to manage and grow family investments under the oversight of the founding generation, while shares in that company are held through trusts designed to benefit younger family members. This type of layered approach can allow families to balance governance, asset protection and long-term succession planning within a single framework. Planning For A Changing Landscape As the inheritance tax landscape continues to evolve, many families are reviewing long-standing planning arrangements. Reforms affecting Business Relief, alongside forthcoming changes to the inheritance tax treatment of certain pension benefits from April 2027, are prompting individuals to reconsider how their wealth is structured and transferred. In that environment, the decision between a trust and a Family Investment Company is rarely about identifying a single “better” option. Instead, it is about choosing the structure that best reflects how a family wants its wealth to be managed, protected and ultimately passed on. With careful advice and thoughtful planning, either structure can play an important role in ensuring that family wealth is preserved and transferred in a way that supports the long-term interests of future generations.