Linwoods is delighted to announce Olympic Gold Medallist Rower Hannah Scott MBE as the brand’s newest Brand Ambassador. During her recent visit to Linwoods HQ, Hannah toured the production plant and delivered inspiring talks to the Linwoods team, sharing her insights on motivation, performance, and the importance of nutrition in achieving success. A dedicated fan of Linwoods products, Hannah’s training fuel includes Linwoods Overnight Oats and Milled Flaxseed, which she credits as essential parts of her daily routine. Her personal motto, “Oats move boats,” perfectly captures her belief in the power of good nutrition to drive performance." “We are absolutely delighted to team up with Hannah,” said Patrick Woods, Managing Director, Linwoods. “She embodies everything Linwoods stands for, health, vitality, and helping people feel great every day.” As an elite athlete and inspiring role model, Hannah Scott MBE is the perfect representative of Linwoods’ commitment to supporting people on their journey to better health and wellbeing.

Family businesses are unique, blending professional operations with personal relationships and a strong sense of legacy. For these enterprises to thrive across generations, developing responsible owners is essential. Responsible ownership ensures not only the sustainability of the business but also the preservation of the values, culture, and relationships that form its foundation. In family businesses, owners hold a critical role that extends beyond financial investment. They act as custodians of the enterprise, balancing profitability, sustainability, and family harmony. Unlike managers, who oversee daily operations, owners focus on the long-term vision and values of the business. Their decisions affect not just the current stakeholders but also employees, the community, and future generations. To fulfil these responsibilities, family business owners must develop specific skills and adopt a mindset centred on stewardship and accountability. A good owner exemplifies a combination of values, skills, and behaviours aligned with the long-term success of the business. First and foremost, responsible owners demonstrate a deep commitment to the business’s vision and values. They ensure that their decisions reflect the mission of the enterprise, whether that involves innovation, social responsibility, or maintaining the family legacy. This alignment with the company’s purpose helps the business remain true to its identity over time. Responsible owners also have a solid understanding of the business and the industry it operates within. While they may not manage the business directly, they need to grasp its financials, business model, and market trends to make informed decisions. This knowledge allows them to engage meaningfully in strategic discussions and provide valuable oversight. Equally important is a respect for governance structures. A good owner adheres to established rules and decision-making processes, participating in family councils or boards as appropriate. They avoid interfering with day-to-day management unless explicitly tasked with a managerial role. This respect for boundaries fosters trust and ensures efficient operations. Stewardship is at the heart of responsible ownership. Rather than prioritizing personal gain, responsible owners focus on the long-term health and sustainability of the business. They make decisions that benefit the enterprise, reinvest profits when necessary, and avoid actions driven by short-term interests that could jeopardize the future. Communication and collaboration are also critical skills for family business owners. Given the multiple stakeholders involved, responsible owners must be adept at building consensus, listening to differing perspectives, and fostering transparency. These abilities help create a culture of trust, both within the family and throughout the organization. A responsible owner is also committed to continuous learning and development. The business environment evolves, and so too must the owner’s skill set. By pursuing education, seeking mentorship, and participating in industry events, they remain effective and relevant in their role. Developing such responsible owners requires a deliberate and structured approach. Successful family businesses often introduce potential future owners to the company from a young age, sharing its history, values, and purpose. This early exposure helps instil a sense of pride and belonging. As they grow older, family members may engage in formal education programs focusing on business, finance, and governance to prepare them for their future responsibilities. Mentorship plays a vital role in owner development. Current leaders can guide younger family members, sharing insights and experiences that help them navigate the complexities of ownership. Family councils and owner committees also provide opportunities for engagement and learning, offering forums where family members can discuss challenges, share ideas, and collaborate on decisions. Establishing clear expectations is another essential step. Family charters or constitutions often define the rights and responsibilities of owners, providing clarity about their roles and setting standards for conduct. These documents help align family members around shared goals and minimize potential misunderstandings. When family businesses focus on developing responsible owners, they position themselves for long-term success. Responsible owners foster stability, resilience, and adaptability, ensuring that the enterprise can evolve while remaining true to its values. They also build trust across the organization and the broader community, strengthening relationships and reinforcing the business’s reputation. Ultimately, a good owner is a steward of the family legacy, balancing the needs of today with the opportunities of tomorrow. Through education, mentorship, and a commitment to shared values, family businesses can cultivate owners who not only sustain the enterprise but also inspire the next generation to carry the vision forward. Developing responsible owners is not just about safeguarding assets—it is about preserving the heart and soul of the family business for years to come.

When sibling hoteliers in Blackpool both vie for a prestigious award there will be no need for rivalry because this time they are proud joint finalists for Best Family-Run Hotel. Nigel Seddon and Liz Brown’s dream is to share in the Lancashire Tourism Awards spotlight for the first time, for their businesses The Elgin and Hotel Sheraton, both on the Queen’s Promenade. It marks a proud milestone in the family’s long history as hoteliers, which began some 56 years ago. In 1969 Irene and John Seddon moved from Greater Manchester to Blackpool to take over The Elgin, with the help of John’s mother, Dodo, who was involved in all aspects of the business until the age of 70. It was ten years later that 21-year-old Nigel gave in to his ambitions to travel Australia to become the third generation of Seddons to join the business, taking on the role of General Manager at The Elgin – and has not looked back, working hard to build on the success of the hotel. His proudest achievement, securing the much-coveted Top Spot on TripAdvisor! He said: “My main job was to get people through the door and then develop the hotel, because at that time we had 55 rooms and only two bathrooms. People queued down the corridor for a bath and it was 10p in the meter for heating and you’d get a hot water bottle in your bed!" "Slowly, but surely, over ten years, we turned 55 rooms into 40 ensuite rooms and then, in 2001, we bought the hotel next door, The Bolingbroke, and more than doubled our capacity, going to 89 bedrooms." “Not long after I'd started, dad got quite ill and mum needed to look after him and I just had to get on with it. I was pretty autonomous really." “Dad died 36 years ago but mum carried on working until we bought the hotel next door and then retired. She is very much a matriarch and still likes to be involved - and the long-standing guest and staff members love chatting to her.” In 1985, Elgin Tours was also launched, offering ABTA-bonded, travel-inclusive holidays, which is still popular today. Whilst proud of his raft of awards - including The Lancashire Tourism Awards’ Large Hotel of the Year last year - Nigel hopes to share the latest spoils with his sister when they vie for the Best Family-Owned Business – together. He said: “There’s a bit of healthy competition between my sister and I. It’s like the old cliché - the best thing that happened to Coke was Pepsi!" “But we learn from each other. We like to think we complement each other really. We have different strengths. For example, Liz will do all the interior design for here, and I sign the bills off at the Sheraton. But it was important we didn’t go up against each other in these awards.” In 2015, the Hotel Sheraton was purchased; a milestone moment marking Liz’s long-anticipated official entry into the family business, with valuable contributions from the fourth generation, Liz’s son, Ollie, who is part of the management team - wife Laura also supporting sales and marketing. Together, the hotels employ around 150 dedicated staff and generate a combined annual turnover of around £8.5 million with 10% of turnover reinvested each year into annual refurbishments. Liz wasted no time in making her mark in the local hotel scene, adding to the family business accolades, most recent of which was the prestigious ROSE (Recognition of Service Excellence) Award from VisitEngland. And she’s now snapping at Nigel’s heels in the TripAdvisor Number three spot, the Sheraton’s highest ranking to date. Liz said: “Providing a high level of customer service was instilled into us from a very young age but in recent years it's been more about delighting the customer by anticipating their needs, simply being proactive as well as reactive." “Our little secret is that hospitality begins with the team and we care about our team just as much as we do about the guests. We try and anticipate their needs too and help in whichever way we can so our family values of kindness and generosity are show to each other, to our guests, and to our very valuable team members.” Indeed, both Liz and Nigel claim it’s their family-led approach and dedication to outstanding customer and staff care that most drives their success. Liz said: “One of the biggest advantages of being a family business is the ability to make thoughtful decisions quickly. There’s a shared commitment to protecting the legacy and ensuring the business remains sustainable; not just financially, but also in terms of its people, its community relationships and its environmental impact. Decisions are made with a sense of stewardship, not just strategy." “It’s this blend of leadership, loyalty, and heart that sets the business apart and it's why so many guests, staff, and partners feel part of something much more than just a hotel stay.” Nigel added: “Since acquiring the hotels the Seddon family has proudly upheld a tradition of hospitality rooted in warmth, trust, and community spirit. Succession planning is not a formal process; it’s a lived experience." "From an early age, the next generation has been immersed in the business; from Liz and I helping in the restaurant growing up, to my daughters, Sophie and Emma, working in reception during their school holidays." “All have been encouraged to explore the business and its values, learn the ropes and identify whether a passion for hospitality emerges. Leadership is never handed down or forced; it is nurtured through mentorship, shared responsibility and earned respect.” “We follow customer feedback very closely. The best advice you'll get is from your own guests or your own staff, which is as true now as it was when I started out. We're always striving for 100% customer and staff satisfaction.” Irene said: “I was so pleased both Nigel and Liz entered the family business and enjoy it immensely and for the last 10 years I have my grandson Oliver in the business too." “I realised at the age of 88 how lucky I am to be able to discuss the businesses with them and help them make decisions. We are all very lucky that we have got each other.” Ultimately, say Liz and Nigel, the legacy is about people - the guests, the team and the family. By instilling pride, purpose, and a shared vision, the Seddons have built more than a business; they’ve created a living legacy that they believe will stand the test of time for generations to come.

It often starts with an innocent question at the dinner table. “Why does your brother’s daughter earn more than ours?” A simple question. Asked with love. But in a family business, questions about remuneration like that rarely stay simple for long. Spouses and partners often mean well. They want things to feel fair. They want their partner and their children to be treated equally. But inside a family business, fairness can be complicated. I’ve seen this more times than I can count – across families who care deeply about both fairness and each other. And sometimes, the more they care, the harder it becomes to separate emotion from evidence. A spouse, not involved in the business, might ask why their own child earns less than their partner’s sibling’s child, even though the roles, responsibilities and experience are completely different. To them, it looks unfair. To the person inside the business, it makes perfect sense. They see the differences every day. They understand the experience gaps, the value delivered, and the reasoning behind the decisions. But when that question is asked at home, it’s hard to ignore. Emotion takes over. The partner feels they have to defend their child. The family member inside the business feels torn between loyalty to the family and commitment to fairness in the company. And that’s how a private frustration becomes a business issue. It’s Rarely About Money In my experience, these situations are rarely about money. They’re about pride, protection and emotion – a parent wanting their child to feel valued, or a spouse wanting their family to feel respected. Even small differences can trigger big feelings when the principle feels at stake. Left unaddressed, those feelings can harden into resentment. I’ve seen siblings stop sharing information because they feel unappreciated. Parents step back from decision-making because they can’t reconcile fairness with commercial reality. Eventually, it seeps into the boardroom and begins to affect trust, performance and morale. The Value Of An External Perspective This is where a neutral third party can make a huge difference. When pay levels, role definitions and titles are supported by external evidence – proper benchmarking, clear frameworks and objective reasoning – it removes the perception of favouritism. It becomes about facts, not feelings. That’s why at TWYD, we often begin by creating clarity. Whether through benchmarking, leadership evaluation or a broader family pay review, our aim is to move discussions from emotion to evidence, so decisions feel fair, not forced. Sometimes that means confirming that differences in pay are justified. Other times it reveals inconsistencies that genuinely need to be addressed. Either way, clarity is liberating. Talking About It Openly But data alone isn’t enough. Numbers only settle arguments when people feel heard. That’s why one of the most important steps is creating space for honest conversation – ideally with someone neutral facilitating it. Talking openly about how roles are defined, how performance is evaluated, and how pay is determined helps defuse misunderstandings before they escalate. Clarity restores trust. And when trust returns, relationships recover too. We’ve seen again and again that once families understand the reasoning behind decisions, the tension fades. What felt unfair starts to make sense. Protecting Relationships And Rebuilding Confidence This kind of clarity does more than protect relationships – it protects the business itself. When decisions are transparent, fair and defensible, both the family and the business can move forward with confidence. Pay structures become less about appeasing individuals and more about rewarding contribution. Conversations move from emotional reactions to constructive discussions. And most importantly, the rising generation sees how fairness really works – not as equality of outcome, but equality of opportunity. That lesson carries enormous weight in a family enterprise. It teaches rising family members that being part of the family doesn’t guarantee reward – contribution does. It shows non-family executives that performance and professionalism matter. And it demonstrates to everyone watching – staff, suppliers and stakeholders – that the business operates with integrity. In The End, It Comes Down To Trust Questions about fairness will always surface – often around the dinner table, not the board table. What matters is how the family handles them. When conversations are open, evidence-based and respectful, those moments of tension can actually strengthen the family, not divide it. Because when everyone understands why decisions are made, it doesn’t just feel fair again – it becomes fair. And that’s when families move forward together, with clarity, confidence and trust. About the Author - David Twiddle is the Founder and Managing Partner of TWYD & Co , a specialist executive search and leadership advisory firm working exclusively with family enterprises. Drawing on his own multi-generational family business background, and over 25 years advising leaders, David helps families appoint, develop, and align the right people at the moments that matter most.

Good governance — the framework by which decisions are made, authority is exercised and accountability is maintained — can make the difference between a family business that thrives across generations and one that becomes trapped in its own legacy. Family businesses occupy a distinctive space in the corporate landscape. They account for more than 70 per cent of private enterprises globally, employ millions, and often command a deep sense of purpose and continuity that extends far beyond quarterly results. Yet what distinguishes those that endure from those that falter is not merely entrepreneurial instinct or family loyalty, but the presence of sound governance. Balancing Emotion And Enterprise At the heart of every family enterprise lies an inherent tension: the interplay between emotional bonds and commercial imperatives. The qualities that make family firms resilient — shared values, commitment and trust — can also make them vulnerable. Without clear governance structures, decision-making can become personalised, succession contentious and strategy reactive rather than deliberate. In fact, successful family businesses often take the components of a more regulated non-family business and apply them to their own businesses, mindful of the need to balance frameworks with practicality and personal circumstances. What Good Governance Looks Like Effective governance in family enterprises is not a one-size-fits-all template; it is a system designed to reflect the family’s culture, ownership structure and ambitions. Nonetheless, successful examples share certain characteristics. 1. Clear Separation of Family, Ownership and Management One of the cornerstones of good governance is distinguishing between the roles of family members as owners, directors and employees. The most resilient family firms establish defined boundaries between these spheres. A family member may sit on the board, but that does not automatically confer operational authority. Similarly, managers are accountable to governance structures, not to family hierarchy. 2. A Competent and Independent Board Introducing non-family directors is a hallmark of maturity. Independent voices provide objectivity, challenge assumptions and offer external expertise. A strong board can also act as a mediator between family and business interests, helping to professionalise oversight and strategy. 3. A Family Constitution or Charter A written constitution — sometimes called a family charter — is increasingly regarded as best practice. It codifies the family’s mission, values and vision, as well as practical matters such as employment policy, dividend distribution and succession planning. Crucially, it establishes how decisions are made and disputes resolved, providing continuity even as generations change. 4. Transparent Succession Planning Few issues are as sensitive as succession. Governance frameworks ensure that leadership transitions are based on merit and readiness rather than entitlement. A transparent process for identifying, developing and appointing successors reduces uncertainty and maintains investor and employee confidence. 5. Regular Communication and Formal Family Councils Governance also depends on disciplined communication. Family councils, held separately from board meetings, offer a structured forum to discuss ownership, legacy and values. They help prevent family matters from intruding into operational discussions and ensure that all voices are heard, including those not active in the business. The Benefits Of A Strong Framework The dividends of robust governance extend well beyond compliance. For the business, structure brings professionalism. Decisions are made on evidence rather than emotion, and accountability becomes embedded in culture. A well-governed family firm attracts external talent, builds investor confidence and improves access to finance. It also ensures agility: when crisis strikes, a clear chain of command allows for faster, more coherent responses. For the family, governance delivers stability. It minimises the risk of disputes, protects relationships and preserves harmony between active and passive shareholders. A clear understanding of rights and responsibilities helps align personal aspirations with collective goals. Over time, this creates a sense of stewardship — a recognition that the enterprise is held in trust for future generations. As PwC’s 2024 Family Business Survey notes, family firms with formal governance mechanisms are significantly more likely to report above-average growth and smooth generational transitions. “Governance is not bureaucracy,” the report concludes. “It is a safeguard for continuity.” Lessons From Longevity Many of the world’s enduring family enterprises — from Italy’s Ferragamo to Britain’s JCB and India’s Tata Group — attribute their longevity to precisely such discipline. Their governance structures evolve as the family and business mature, but the principles remain constant: transparency, accountability and fairness. When properly designed, governance frameworks allow families to act as custodians rather than competitors. They transform legacy into strategy. From Founders To Stewards Ultimately, governance in family businesses is less about control than continuity. It provides the architecture through which a founding vision can outlive its creator, while protecting both the enterprise and the family from themselves. In the end, good governance does not distance a family from its business; it ensures that both endure, together, on sounder terms.

Integrity is more than just a virtue in the context of a family business—it is the foundation upon which trust, continuity, and success are built. For families in business together, where personal and professional lives are deeply intertwined, integrity serves as both as an important guiding principle and a safeguard. It transcends mere ethical behaviour, embedding itself into decision-making, leadership, and the preservation of relationships. At its core, integrity ensures that the business operates with transparency, accountability, and respect, safeguarding the trust of not only family members but also employees, customers, and external stakeholders. Unlike non-family businesses, where relationships are largely transactional, family enterprises rely on an additional layer of trust tied to shared history and values. When integrity is upheld, it strengthens the bonds that make these businesses resilient; when compromised, it risks unravelling both the business and familial relationships. One of the most significant roles of integrity in family businesses is in protecting the family’s reputation and legacy. For many families, the business represents more than a source of income—it is a reflection of their identity and values. Decisions guided by integrity ensure that the family’s name is associated with honesty, fairness, and ethical leadership, fostering goodwill that benefits the business across generations. Conversely, even a single breach of trust, such as unethical practices or favouritism, can tarnish the family’s legacy irreparably. Integrity is also vital in navigating conflicts and decision-making. In a family business, disputes often arise from overlapping personal and professional interests. Integrity acts as a compass, ensuring that decisions prioritise the greater good over individual gain. Whether resolving a conflict over succession or negotiating terms with external partners, integrity fosters fairness and objectivity. It reinforces a culture where honesty and accountability prevail, reducing the potential for resentment or division within the family. The role of integrity becomes especially pronounced in succession planning, a critical juncture for any family business. Transparent and merit-based succession processes uphold fairness and help avoid the perception of nepotism or bias. When future leaders are chosen based on competence and alignment with the family’s values, it ensures continuity and strengthens trust across generations. Without integrity, succession decisions risk alienating family members, disrupting the business, and jeopardizing its future. Beyond internal dynamics, integrity is key to the business’s external relationships. Customers, employees, and partners expect a family business to embody the values it professes. When those expectations are met through ethical behaviour and consistent communication, the business builds loyalty and credibility. For instance, an employee’s confidence in leadership is bolstered when family leaders model integrity in their actions, creating a culture of accountability throughout the organisation. Moreover, integrity supports long-term decision-making, which is crucial for sustaining multigenerational family enterprises. Short-term gains achieved through unethical practices may provide temporary benefits but often lead to long-term harm. By prioritising honesty and fairness, family businesses make decisions that align with their long-term vision, safeguarding the business for future generations. Integrity is not without challenges, particularly when familial loyalty and business imperatives collide. For example, a family member underperforming in a leadership role may create a dilemma: Does the family protect their own or prioritise the business? In such moments, integrity provides clarity. By addressing issues transparently and holding everyone to the same standards, the family reinforces the trust and unity that are essential for both relationships and business success. Ultimately, integrity in a family business is about more than avoiding wrongdoing—it is about creating a legacy of trust, fairness, and responsibility. It ensures that the values upon which the business was founded remain central, even as it grows and evolves. For families in business together, integrity is not just a core value; it is the lifeline that connects generations, upholds reputations, and secures enduring success. By choosing integrity at every turn, families demonstrate that their shared values are as important as the bottom line, inspiring confidence both within and beyond the family circle.

An ownership strategy is a cornerstone of success and sustainability for any family business. It is a deliberate plan that defines how ownership of the business will be structured, managed, and transitioned over time. In family businesses, where personal relationships and emotional ties often intertwine with professional decision-making, an ownership strategy is particularly crucial. There are plenty of benefits of an ownership strategy, including the provision of clarity, alignment, and a foundation for the long-term health of both the family and the business. One key reason for the importance of an ownership strategy is that it creates a shared vision among family members. Family businesses often include multiple generations with differing perspectives, goals, and levels of involvement. Without a clear strategy, these differences can lead to misunderstandings, conflicts, and inefficiencies. An ownership strategy establishes common ground by setting clear objectives for the business and defining the roles and responsibilities of each family member. It fosters unity and ensures that everyone is working toward a shared purpose, reducing the risk of internal discord. Another vital role of an ownership strategy is to manage the complexities of succession planning. Passing ownership of a family business from one generation to the next is often fraught with challenges, including emotional dynamics, financial considerations, and legal complexities. An ownership strategy provides a structured framework for addressing these issues, ensuring that the transition is smooth and fair. It outlines who will own what, how decisions will be made, and how future leaders will be identified and developed. This clarity not only preserves family harmony but also protects the business from disruption during periods of change. An ownership strategy also plays a critical role in balancing family and business interests. Family businesses often face the dual challenge of maintaining profitability while honouring family values and traditions. Without a well-defined ownership strategy, it can be difficult to strike this balance. For instance, family members who are not actively involved in the business may have different expectations regarding dividends, investments, or governance. An ownership strategy addresses these potential conflicts by clearly defining policies around financial distributions, reinvestment priorities, and the rights of inactive family members. This helps align expectations and ensures that the business remains a source of shared benefit rather than division. Additionally, an ownership strategy enhances the governance of a family business. It establishes mechanisms for decision-making, conflict resolution, and accountability, which are essential for the business to operate effectively. By defining governance structures such as boards of directors, advisory councils, or family assemblies, the strategy ensures that both family and non-family stakeholders have a voice while maintaining professional standards. Good governance is particularly critical in larger or more complex family businesses, where informal decision-making processes may no longer suffice. From a financial perspective, an ownership strategy also protects the business against external risks. Family businesses often face unique vulnerabilities, such as disputes over ownership shares or challenges in securing capital. A clear ownership strategy reduces these risks by formalising ownership agreements, creating buy-sell agreements, and outlining policies for share transfers. These measures not only safeguard the business but also enhance its credibility with external partners, such as lenders and investors. Finally, an ownership strategy supports the long-term growth and sustainability of a family business. By establishing a roadmap for ownership and governance, the strategy allows the business to evolve with changing circumstances. It ensures that decisions are guided by a consistent vision rather than reactive impulses. This stability is particularly important for family businesses, which often pride themselves on their legacy and long-term impact. An ownership strategy can be an indispensable tool for any family business. It provides clarity, alignment, and a roadmap for navigating the complexities of ownership, succession, and governance. By fostering unity, reducing conflict, and protecting the business’s long-term interests, an ownership strategy ensures that the family and the business can thrive together. For family businesses committed to enduring success, investing time and effort into developing and implementing an ownership strategy is not just prudent—it is essential.

Family businesses are built on shared history, trust, and a collective vision. However, these very qualities can also make them vulnerable to conflict if disagreements arise among family members and a key governance tool to assist with reducing potential conflicts down the line is a shareholders agreement. With the recent changes announced in the Autumn Budget in the UK and implications for inheritance tax purposes and the transfer of estates upon the passing of a shareholder it seems inevitable that there will be more share transfers taking place during the lifetime of the existing owners. This may create shareholders in family businesses earlier than the next generation were expecting and making sure that there are adequate protections and governance measures in place is therefore important. To that end, a well-drafted shareholders’ agreement is essential for safeguarding the business and ensuring its continuity. This legally binding document provides a clear framework for governance and decision-making, helping the business navigate complex situations effectively. A shareholders’ agreement outlines the rights, responsibilities, and obligations of the shareholders. It establishes rules for managing the company, transferring shares, resolving disputes, and protecting minority interests. While it is vital for any business, it holds particular significance for family-owned enterprises, where personal relationships often intersect with business decisions. One of the primary benefits of a shareholders’ agreement in a family business is its role in preserving harmony. Conflicts, if left unchecked, can escalate quickly and strain personal relationships. By defining roles, expectations, and processes for resolving disagreements, the agreement helps to separate personal issues from business matters, reducing the risk of misunderstandings. The agreement also plays a critical role in establishing governance structures. Many family businesses initially rely on informal decision-making processes based on trust or verbal agreements. While this may work in the early stages, it can lead to confusion or power struggles as the business grows or transitions to the next generation. Formalising these structures ensures clarity on how decisions will be made, who has authority, and how key issues such as hiring, remuneration, and strategic planning will be handled. Succession planning is another crucial function of a shareholders’ agreement. Many family businesses struggle with transitioning ownership and management to the next generation. By clearly defining how shares will be transferred or inherited, the agreement ensures a smoother transition. It can also address contingencies, such as the departure, retirement, or death of a family member, to minimise disruption. In addition to succession, the agreement can protect minority shareholders. In family businesses, some members may own smaller stakes and feel excluded from decision-making. A shareholders’ agreement can ensure fair treatment in financial matters, such as dividend distributions, and give minority shareholders a voice in critical decisions. Exit strategies are also an essential component of the agreement. Family dynamics can evolve over time, and some members may wish to leave the business. Without a clear plan, these situations can cause tension or financial strain. The shareholders’ agreement can define terms for selling shares, including valuation methods and restrictions on transferring shares to non-family members, helping to maintain stability within the business. A well-crafted shareholders’ agreement provides clarity, reduces potential for conflict, and helps preserve the legacy of the family business. By establishing clear roles, decision-making processes, dispute resolution mechanisms, and rules for succession, it serves as a roadmap for the future. Consulting with legal and financial advisors to create a tailored agreement is a critical investment in the long-term stability, harmony, and growth of the enterprise. For family businesses, this document is not just a legal safeguard—it is a strategic tool that ensures both the business and the relationships that sustain it can thrive for generations to come.

Without a solid succession plan, even the mightiest family business can crumble - a truth that Netflix's new series House of Guinness brings vividly to life. Set in 1868 Dublin following Sir Benjamin Guinness's death, the drama portrays four children, each concealing personal secrets, locked in conflict over the brewery's fate. Though dramatised, the core message resonates powerfully with modern enterprise.    Dr Nan Jiang, a family succession specialist at Brunel Business School, knows this challenge intimately. Through years of dedicated research and her work guiding business leaders on the government-funded Help to Grow: Management Course, she's witnessed first-hand how crucial it is to the ongoing success of an SME. Here, she shares her essential advice for ensuring smooth leadership transitions:     1. Honouring Legacy While Driving Change   Tradition versus progress - it's an ongoing friction through much of the drama in House of Guinness, and it's a familiar flashpoint when leadership passes between generations. However, the key for successful family businesses is to draw strengths from both, rather than pitting them as opposites.     The challenge lies in empowering new leaders to pursue the innovation needed for competitiveness - exploring emerging technologies, fresh markets, and untapped opportunities - whilst ensuring the foundational values and brand heritage remain intact.    A proven approach is to bring successors into strategic planning conversations years before they assume control. This early involvement helps them understand that their future bold moves aren't departures from tradition, but natural extensions of an ongoing journey.    Timpson exemplifies this balance. Now six generations deep since its founding 150 years ago, the family business welcomed its latest generation in 2023 to begin their leadership preparation. The Timpson Group has transformed dramatically over time, growing to more than 2,000 locations across 20 different businesses - from dry cleaning operations to digital photo services.    Yet through every expansion and pivot, one principle has remained constant, prioritising people and 'doing things the right way.' This commitment gained national recognition in 2024 when James Timpson became Minister of State for Prisons, Probation and Reducing Reoffending, a role reflecting the company's ground-breaking efforts in employing former prisoners.    2. Cultivating Successors Over Time, Not In Crisis    House of Guinness dramatises what happens when leadership transition becomes a scramble - when no single heir has been adequately prepared for the responsibilities ahead. The reality for businesses of any scale is that effective handovers require years of groundwork, not last-minute arrangements.    Future leaders need substantial time embedded in the organisation before taking charge. This prolonged immersion serves multiple purposes - it allows them to absorb the company's distinctive culture and operational intricacies, establish their own leadership identity, and earn respect across the organisation well ahead of their formal appointment.    When successors spend years working alongside the business, they also organically develop vital connections with major clients, strategic partners, and veteran team members. This kind of relational capital that often determines whether an organisation thrives or merely survives.    Consider Cathal O'Rourke's journey at Laing O'Rourke Group. Before assuming the CEO role from his father and founder Ray last year, Cathal spent a quarter-century learning the business from within.     His preparation included more than ten years leading the company's Australian operations, followed by a stint as chief operating officer. Ray himself acknowledged that this extensive apprenticeship equipped Cathal ideally to steer the business forward whilst preserving its foundational values and principles.     3. Credibility Beyond The Family Name   A high-profile surname - Guinness included - guarantees neither respect nor effective leadership. Both the workforce and customers need to witness competence demonstrated, not merely inherited. The departing leader holds significant responsibility here, establishing clear role definitions, creating visible progression routes, and helping the entire organisation embrace the incoming vision.    The Specsavers story under John Perkins illustrates this fantastically. Though the son of co-founders Doug and Mary Perkins, John constructed his professional foundation elsewhere first. He earned his credentials as a chartered accountant with Deloitte before entering the family enterprise in 1998.    He then climbed through the organisation on merit - immersing himself in UK retail operations, collaborating with international divisions, and advancing through positions including commercial director. His trajectory included board membership from 2003, joint managing director status in 2007, Group CEO in 2015, and ultimately sole CEO more recently.    This comprehensive journey allowed John to establish his capabilities and authority on merit, not familial connections.     4. Mastering The Art Of Letting Go   Stepping aside may well be the most essential - and emotionally challenging - element of succession. It's a topic that frequently dominates sessions between SME leaders and their dedicated business mentors on the Help to Grow: Management Course.  When founders or long-standing leaders linger too prominently, they risk casting shadows that diminish their successor's confidence and credibility. Transitioning to a more removed position, such as Chairman, offers a solution - maintaining connection to the enterprise they built whilst creating the physical and psychological space necessary for genuine leadership transfer.    What matters most is authentic relinquishment of control, genuinely empowering the incoming generation to stamp their own identity on the business and chart their own course. The departing leader's function evolves from decision-maker to advisor, offering perspective when sought rather than direction when unsought.    The sports industry provides an instructive case study through Matchroom Sport and the Hearn dynasty. Barry Hearn, the dynamic entrepreneur who transformed snooker, darts, and boxing promotion, deliberately initiated his withdrawal during the 2010s, transferring operational command to his son Eddie.     Barry's ascension to Chairman preserved his presence and institutional knowledge within the organisation, whilst ensuring Eddie held complete authority over daily operations and strategic direction.    The Final Word   Successful succession should be viewed as an evolution spanning years. It requires careful preparation, the cultivation of trust, and ultimately, the courage to release control.     Family enterprises that establish clear frameworks and priorities long before the critical transition moment position themselves to preserve their legacy and sidestep the chaos that frames House of Guinness.

Family businesses are often seen as a unique blend of personal relationships and professional endeavours. The dynamics within these organizations can be complex, especially when it comes to decision-making. Who really has the power to influence and shape decisions in a family business? The Family Dynamics At Play In a family business, the lines between personal and professional lives are often blurred. Family members involved in the business may have longstanding relationships that pre-date their roles in the company. These personal dynamics can influence decision-making in subtle yet significant ways. Personal biases, rivalries, and alliances within the family can all impact how decisions are made and implemented within the business. The Generation Factor One key aspect of decision-making in family businesses is the generational divide. As ownership and leadership pass from one generation to the next, different values, priorities, and perspectives come into play. The older generation may hold onto what are perceived to be more traditional methods and practices, while the younger generation may push for innovation and change. Balancing these contrasting viewpoints is essential for ensuring the long-term success and sustainability of the family business. The Influence Of Key Stakeholders Beyond family members, other key stakeholders can also wield significant influence in decision-making processes. This may include non-family executives, advisers, investors, and even long-standing employees. Their expertise, experience, and external perspective can provide valuable insights that shape the strategic direction of the business. Balancing the interests and input of these diverse stakeholders is crucial for making well-informed decisions that benefit the business as a whole. The Role Of Leadership & Governance Effective leadership and governance structures are essential for facilitating decision-making in family businesses. Strong leadership sets the tone for the organisation and guides the decision-making process. Clear governance frameworks help define roles, responsibilities, and decision-making authority within the business too. By establishing transparent and accountable governance practices, family businesses can navigate potential conflicts and ensure that decisions are made in the best interest of the company. Building Trust & Communication At the heart of successful decision-making in family businesses lies trust and communication. Open and honest communication among family members and stakeholders is essential for fostering collaboration and consensus-building. Trust is the foundation upon which relationships are built, and it is crucial for overcoming differences of opinion and working towards common goals. By prioritising trust and communication, family businesses can create a positive decision-making environment that supports the long-term growth and success of the enterprise. In family businesses, decision-making is a collaborative effort that involves multiple stakeholders and factors. While family dynamics, generational differences, and external influences all play a role in shaping decisions, effective leadership, governance, trust, and communication are the cornerstones of successful decision-making in these firms. By navigating the complexities of family relationships and business operations with clarity and transparency, family businesses can harness the collective power of their members to drive innovation, growth, and prosperity for generations to come. Decision-making is a delicate dance of relationships, perspectives, and influence. By understanding the dynamics at play and fostering a culture of collaboration and communication, family businesses can leverage their unique strengths to make strategic decisions that propel the business forward. Who holds the power to influence decisions in a family business? The answer may lie in the collective wisdom and shared vision of its members.

In today’s business environment, the notion of ‘value’ for a family business stretches well beyond the profit and loss account. For many family-run firms, social value — the positive contribution made to employees, communities, supply chains and wider society — is no longer a side concern; it has become central to strategy, reputation and long-term viability. With investors, regulators, customers and employees increasingly attuned to non-financial performance, family businesses are discovering that measuring and reporting social value is not just a moral imperative but a commercial one. The Growing Imperative for Measuring Social Value Historically, family businesses have demonstrated their social value instinctively rather than strategically: creating jobs in local communities, supporting charities, mentoring young people and fostering loyal supply chains. Yet without systematic measurement, these contributions often remain invisible — anecdotes of goodwill rather than data-driven evidence of impact. In fact, for many family businesses, social value is an inherent part of their identity, deeply rooted in their legacy, long-term vision and strong community ties. At the same time, the corporate and regulatory environment has evolved. The shift from traditional CSR initiatives to the more data-driven ESG (environmental, social and governance) frameworks means that businesses of all sizes are expected not only to do good, but to prove it — quantifying and reporting their impact in tangible, comparable ways. The social and environmental dimensions of ESG are becoming increasingly significant for family-owned businesses, especially as stakeholders demand transparency and accountability. In the UK, government guidance on measuring social value reinforces this direction of travel, noting that ‘capturing social benefits is both possible and meaningful’ for organisations across all sectors. Against this backdrop, family firms can no longer afford to rely solely on their reputation. In reality, family businesses are the backbone of the UK economy and contribute significantly in so many ways. But unless you can track and communicate how you create value for your people, your community and your supply chain, family businesses will miss out on the full commercial advantage of their legacy. What Social Value Means For Family Businesses For a family firm, social value encompasses a broad spectrum of initiatives and outcomes. It includes the economic and social benefits created through employment, training and local procurement; the environmental gains from sustainable practices; and the community impact generated by volunteering, charitable giving and civic leadership. Apprenticeship schemes, local recruitment, supplier partnerships, staff wellbeing programmes and environmental stewardship are all part of the equation. For family firms, these activities align naturally with their inter-generational ethos: a focus on stewardship, continuity and the long view. In other words, social value isn’t an afterthought — it’s embedded in the DNA of how family businesses operate. The Core Components Of Social Value Across different methodologies, several core components consistently emerge: Community: Activities that build stronger, more resilient local communities are central to social value. Well-being : Initiatives that focus on the health, happiness, and overall quality of life for individuals and communities. Sustainability and environment : Environmental improvements are a key component of social value. This includes supporting climate action, prioritising responsible consumption and production and reducing waste. Ethical employment and skills : Providing opportunities for work, developing skills, and tackling inequalities in the workforce. Diversity and inclusion : Fostering an inclusive environment and addressing inequalities based on factors like age, gender, race, or disability. Economic growth and innovation : Projects that contribute to a healthy and resilient local economy. This can involve supporting local and social enterprises, encouraging innovation, and strengthening supply chains. Capturing the Data and Turning It into Commercial Advantage If social value is part of a family firm’s DNA, the challenge lies in making it measurable. The first step is defining what social value means in the context of that particular business — whether it’s supporting local employment, reducing carbon emissions, or improving employee wellbeing — and aligning those goals with their overall strategy. Once defined, firms can start gathering relevant data: tracking numbers of apprentices, training hours, volunteering time, local supplier spend, staff retention rates and wellbeing scores. Measurement systems need not be complex or bureaucratic. Integrating data capture into existing HR, procurement and finance processes can ensure accuracy without excessive cost. Frameworks for measurement provide structure and credibility. For many family firms, however, the most powerful reports blend numbers with narrative: stories that bring the data to life, demonstrating the human impact behind the statistics. The commercial rewards are tangible. Evidence of social value strengthens brand reputation, aids recruitment and retention, improves access to finance and can even influence tendering outcomes. Many public-sector and corporate procurement contracts now include social-value criteria, giving well-measured family firms a distinct advantage. Moreover, analysing this data helps businesses identify areas for improvement — linking social investment to business resilience, customer loyalty and productivity gains. For a family business, social value is not charity — it’s part of their commercial model. If family businesses can show how they create value for their people, the broader community and the supply chain in which they operate, they’re not just doing good, they’re building a stronger business. Why Measurement Matters Measurement brings visibility and credibility to what family firms have long done instinctively. Without it, good work remains anecdotal, hard to benchmark or replicate, and potentially undervalued by customers, employees or investors. Family businesses that fail to measure social value risk being excluded from opportunities where proof of impact is now required — from public tenders to investment partnerships. Research consistently shows that family businesses with strong socio-emotional wealth — the sense of identity, continuity and shared values across generations — outperform peers across financial and non-financial indicators. By quantifying their social contribution, these firms make visible the ‘hidden equity’ of trust, loyalty and purpose that underpins their resilience. Conversely, silence on social impact can weaken reputation and obscure a key differentiator in an increasingly competitive market. Building the Framework For The Future The process of embedding social-value measurement is a journey, not a one-off project. It begins with leadership buy-in and clear communication of purpose, followed by the establishment of metrics that align with the firm’s strategy. Over time, as data maturity improves, family businesses can introduce more sophisticated benchmarking, external assurance and year-on-year targets to demonstrate progress. This evolution is not only necessary but inevitable. Family firms have always been values-led. The difference now is that those values must be made visible, measurable and reportable. When businesses capture social value properly, they’re not just proving worth but helping to protect the family business legacy. Creating Family-Business Advantage What sets family businesses apart is their inherent alignment with long-term sustainability and local community impact. Their rootedness gives them a natural credibility that larger corporates struggle to emulate. Measuring and communicating that impact simply makes explicit what has always been implicit — that these businesses are not just engines of profit, but anchors of social capital. In short, the move toward measuring and reporting social value plays to the strengths of family businesses. It allows them to showcase the full scope of their contribution, strengthen relationships with stakeholders and build competitive advantage in an economy where transparency and purpose increasingly drive success. Family businesses that embrace and capture social value in the right way see that is not something that is simply wrapped around the business but something that truly matters. Undeniably, social value is an asset that can no longer be ignored and when shared family businesses are not only telling their story, but they are also helping to shape their future too.

Confidence and growth hopes among the UK’s small business community nosedived further in the third quarter of 2025, according to newly-published research, reinforcing the difficult economic climate that family businesses are currently operating within. FSB’s Small Business Index (SBI) for Q3 shows overwhelming pessimism, with the headline confidence reading falling to -58 points – even worse than Q2’s gloomy -44 points. The proportion of small firms bracing for contraction, be it downsizing, closure, or a sale, in the next 12 months has risen to an unprecedented 30 per cent. Within that figure, the percentage of those specifically predicting that they will close the business in the next year has jumped to 6 per cent, up from 4 per cent in Q2. That equates to more than 330,000 potential business closures. Just 18 per cent of small businesses say they expect to grow in the next 12 months. FSB is urging the Chancellor, Rachel Reeves, to heed this stark warning and to take dramatic action in next month’s Budget to ease the small business rates burden and the impact of increasing employment costs, and to lower the sky-high tax levels on entrepreneurship. The factor driving this pessimism around growth was predominantly the domestic economy, cited by over two-thirds of small firms (68%), followed by the tax burden (45%), labour costs (34%), and then consumer demand (28%). Tina McKenzie, Policy Chair, Federation of Small Businesses (FSB), said: “The fact that under a fifth of small firms predict they will grow in the next 12 months, while nearly a third are looking at shrinking, selling or closing down, is horrifying – and a stark wake-up call for the Government." “We’re calling on Rachel Reeves to take bold action in the Budget to support entrepreneurship and ease tax and employment cost burdens on small firms – we must turn this around and enable small businesses to grow rather than having their ambitions held back, and in turn hampering economic growth.” Key Areas Of Concern Looking at revenues over the third quarter of 2025 provides little relief. One in five small firms (21%) said their revenues rose over the previous three months, while over half (55%) said they fell. Revenue predictions for the final quarter of the year – usually the so-called ‘golden quarter’ for many consumer-facing businesses in retail and hospitality – were also very subdued, with around a fifth of small businesses (21%) predicting revenue growth, but nearly half (49%) bracing for a fall. Financing is another area of significant concern. Only one in ten small businesses (10%) say they rate the availability and affordability of new finance as good, while over half (54%) rate it as poor. A staggering one in five small businesses (21%) who successfully applied for credit were offered an interest rate over 20%. Late payments were yet again a drag on small businesses’ finances and future plans. Two thirds of small firms (68%) reported experiencing late payments, and one third (34%) said they worsened over the past three months. Tina added: “Millions of small businesses shrinking, closing, or selling up instead of growing means a vicious cycle of a lower tax take, higher unemployment, and greater demands on the state all exacerbating each other in a downward spiral." “The Chancellor’s Budget speech will be a make-or-break moment for small businesses. The stakes couldn’t be higher. Without small businesses economic growth is a lost cause. Small firms will be looking for positive backing.”