Family businesses play a pivotal role in the global economic landscape, contributing significantly to both local and international economies. These businesses, often rooted in tradition and shared values, serve as the backbone of many industries, fostering innovation, resilience, and a unique blend of personal and professional dynamics. They are important in many ways, not least in their global financial impact. According to the 2023 EY and University of St.Gallen Family Business Index the largest family enterprises are growing faster than the global economy with the largest 500 family enterprises generating an incredible US$8.02 trillion in revenue – up 10% from 2021. In addition, it is recognised that between 60 and 80 per cent of all private businesses in economies around the world are family owned. Family businesses are a significant contributor to the global economy in terms of employment, income generated, taxes paid, wealth created and philanthropic endeavours too. According to the International Monetary Fund (IMF), family businesses make up 40% of the Fortune 500 companies in the US, generate about two-thirds of the German GDP, employ about one-half of the labour force in Britain, and account for the majority of the private businesses in developing countries. One of the primary strengths of family businesses lies in their long-term perspective. Unlike publicly traded corporations driven by quarterly results, family-owned enterprises often prioritise sustainability over immediate gains. This patient approach enables them to weather economic downturns more effectively, ensuring their continuity across generations. The familial bonds that underpin family firms also creates a distinct corporate culture. This close-knit environment fosters loyalty, commitment, and a shared sense of purpose among employees. It also facilitates smoother communication and decision-making processes, allowing for agility and adaptability in an ever-changing business landscape. Furthermore, family businesses are known for their commitment to the communities they serve. Being deeply rooted in local contexts, these enterprises tend to reinvest in their surroundings, creating a positive impact on employment, infrastructure, and overall well-being. This local focus often translates into a sense of responsibility towards sustainable practices, as family businesses aim to leave a positive legacy for future generations. In terms of innovation, family businesses are not immune to change. Contrary to the perception that they might be resistant to modernisation, many family enterprises embrace innovation while preserving their core values. This ability to balance tradition and innovation positions them as key players in the development of industries, fostering a unique blend of stability and adaptability. Nevertheless, family businesses face their own set of challenges. Succession planning, for instance, can be a delicate process, requiring careful consideration to maintain the family legacy. Striking a balance between familial ties and professional responsibilities can also be challenging but is crucial for sustained success. On a global scale, family businesses contribute significantly to cross-cultural exchanges. As they expand internationally, they bring with them a distinctive approach shaped by their cultural and familial backgrounds. This diversity enhances the global business landscape, promoting a rich tapestry of ideas, practices, and values. Above all, family businesses are not just economic entities; they are custodians of tradition, champions of local development, and contributors to global diversity. Their significance extends beyond balance sheets, encompassing the intangible values that bind generations together. As we navigate the complexities of the modern business world, acknowledging and appreciating the importance of family businesses is vital for a sustainable and inclusive global economy.

A Derbyshire family bakery is bringing back a ‘gone but not forgotten’ treat, and customers are going ‘quackers’ at the thought of it. Connoisseurs of all things baked have been championing the return of a popular product after its space on the bakery counter has been left empty for the past few years. Now, there is good news on the horizon, as Derbyshire and Notts based Stacey’s Bakery plans to reintroduce the much-loved and missed ‘Ey Up Me Duck’ gingerbread treat. Stacey’s Bakery, which has shops in Ilkeston, Eastwood and Heanor, created the tasty biscuit back in 2017, and it quickly became a customer favourite. Taking its name from the world-renowned local greeting, Ey Up Me Duck – a phrase even adopted by mega stars such as Angelina Jolie when she greeted Derby actor Jack O’ Connell with it at an awards ceremony - the treat is both region-endorsing as well as cute and, of course, delicious. The cake is in the shape of a duck and is a combination of some of the treats that customers of the bakery love. It contains favourite flavours including flapjack, congress tart filling, spices, jam and Stacey's much-loved gingerbread. So, where has the little cutie been hiding all these years? David Stacey, owner of the century-old family bakery, said: “Unfortunately, Covid sent the little gem into hiding. We stopped making them around Christmas 2019, to temporarily make way for traditional festive treats." “We would have brought them back ready for the spring and Easter in 2020, but Covid hit and, as everyone knows, things went crazy. We just didn't bring them back after that.” However, now the little ducks are getting ready to get back into the swim of things. David said: “We were constantly asked when they would return. We listen to our customers, and always intended to bring back this favourite as soon as it was possible." “They are more labour intensive than the other gingerbread items, but they are totally worth it. We’ve now got all of our ducks in a row and are ready to release the ducks again." “The new year may have started with a traditional duck race, but, in this case, it is the customers who are racing to pick up one of these treats.” More information can be found at www.staceysbakery.co.uk

Eight in ten small business owners (81%) are planning to develop their companies in 2024. New research from Novuna Business Finance shows that over a third (33%) are focusing on new initiatives to increase income, whilst a fifth (20%) are looking to reduce their fixed costs. With around nine in ten small businesses (89%) saying that they still feel the pressures from the cost-of-living crisis, there is an emphasis on increasing business income and sales this year across all sectors. Small businesses in the media and marketing sector were the most likely to say they are looking at new ways to improve their income and sales (52%), followed by small businesses in retail (42%) and IT and telecoms (40%). Nationally, the top five initiatives small business owners are focusing on to secure growth include: Increasing new business income/ sales – 33% Reducing fixed costs – 20% Diversifying the business, offering new service lines/ products – 18% Planning ahead with business budgeting – 18% Building up financial reserves – 17% Across the UK, small businesses in the North East of England are the most likely to be prioritising particular strategies to strengthen their enterprise (89%), followed by small businesses in London (86%), and the South East (84%). Small Businesses In Manufacturing And Construction Looking Ahead More than eight in ten (83%) small businesses in the manufacturing sector are looking to strengthen their enterprise this year, with one in five (21%) planning to diversify by offering new service lines or products to their consumers. A further 14% are planning to expand into new geographical markets. Similarly, more than three in four small businesses (76%) in the construction sector are looking to grow this year, one in five (20%) are planning ahead by focusing on their business budgeting, and 18% are building up their financial reserves. Employee Recruitment When it comes to making hiring decisions to bolster business growth, small businesses with 10-49 employees were twice as likely than the average small business to hire young people this year (16% versus 8%). Across the different sectors, small businesses in finance and accounting were the most likely (18%) to hire young people – in contrast, medical and health services prioritised making senior hires who have specialist skills and experience (13%). Rather than recruiting new employees, one in four (25%) hospitality and leisure businesses and over a fifth (23%) of manufacturing businesses are spending time investing in the people who already work at the company in the year ahead. Top strategies used by small businesses to become stronger in 2024: Increasing new business income/ sales - 33% Reducing fixed costs - 20% Diversifying the business, offering new service lines/ products - 18% Planning ahead with business budgeting - 18% Building up financial reserves - 17% Advertising online to increase awareness or sales 14% Spending time investing in the people that already work at the company - 13% Invest more money in marketing the business to raise awareness of our brand and services - 11% Expanding into new geographical markets - 10% Jo Morris, Head of Insight at Novuna Business Finance comments: “Following the pressures of the festive period, it is positive that such a large proportion of small businesses are focusing on new growth initiatives as we start a new year. Whether growing, restructuring or consolidating, every business needs a plan and Novuna Business Finance will be there to support established enterprises that are working on strategies to adapt, grow and fulfil their potential despite the enormously challenging context.”

Frozen food distributor Central Foods has moved into the top 50 businesses in the annual Northamptonshire Limited list which ranks the performance of 100 private businesses in the county. Compiled by accountants Grant Thornton and law firm Howes Percival, the list puts Central Foods at number 48 – up 20 places on last year’s ranking. The Collingtree-based firm has also been listed at number ten in the top 50 ‘ones to watch’ fastest growing businesses category. Central Foods MD Gordon Lauder said: “We are thrilled to have moved so far up the list of top 100 private businesses in Northamptonshire, and to also be considered in the top ten ‘ones to watch’. This reflects the hard work, skill and commitment of our team." “We founded Central Foods in Northamptonshire in 1996 and it’s been our home ever since." "We’re now the leading frozen food consolidator operating across the UK, supplying a wide range of frozen food to the UK food service sector, but we are proud to have our base in Northamptonshire and are delighted to have once again been recognised in the Northamptonshire Limited list." “The list features many worthy and exciting businesses who we are very pleased to be alongside, and it’s with great pride that we see ourselves gradually moving up the rankings.” Central Foods was first included in the top 100 list in 2017 and has gradually climbed higher each time a report is published. Northamptonshire Limited is part of an annual series of business analysis which seeks to highlight and celebrate some of Northamptonshire’s most successful, privately owned businesses, by turnover, and provide them with the recognition they deserve for their contribution to the region and wider UK economy. It was compiled using the most recent publicly available accounts, as of 16th October 2023, of Northamptonshire’s private businesses. The report shows that the top 100 privately owned businesses in the Northamptonshire Limited list had a combined turnover of £10bn. Central Foods is proud to be a catering partner across the whole food service sector, supplying to hotels, restaurants, bars, universities, schools, pubs, care homes, garden centres, leisure outlets and more. It currently sells to over 180 independent wholesalers, as well as larger national and regional wholesalers.

Family businesses around the world are experiencing a transformative shift in their nature and drivers as they navigate the complexities of the next generation. Traditionally characterised by strong family ties, long-term perspectives, and a commitment to legacy, these businesses are now encountering a new set of challenges and opportunities that are reshaping their dynamics. One notable change is the evolving role of technology. The next generation is entering family businesses at a time when digitalisation is ubiquitous, requiring them to adapt to rapidly changing technological landscapes. The integration of advanced technologies such as artificial intelligence, automation, and data analytics is becoming crucial for the sustainability and growth of family enterprises. Those who can effectively harness these tools gain a competitive edge, while those resistant to change may find it challenging to keep up. Moreover, the shifting demographics of the next generation workforce are influencing family businesses. Younger family members are often more globally minded, diverse, and socially conscious. As a result, family businesses are embracing more inclusive and sustainable practices. This generation places a strong emphasis on corporate social responsibility and environmental sustainability, influencing strategic decisions and shaping the values of the family business. The rise of entrepreneurship within the family is another key trend. Rather than simply inheriting and maintaining existing enterprises, the next generation is increasingly inclined towards starting their own ventures. This entrepreneurial spirit introduces a dynamic element to family businesses, fostering innovation and adaptability. It also allows family members to diversify their interests and potentially create new sources of revenue for the family enterprise. Succession planning is always a critical aspect of family businesses that is undergoing significant changes. While the traditional approach involved passing the business down to the eldest son or a predetermined family member, modern family businesses are recognising the importance of meritocracy. The next generation is encouraged to gain relevant education, skills, and experience before assuming leadership roles, ensuring that leadership transitions are based on competence rather than familial hierarchy. Globalisation continues to play a pivotal role in shaping the next generation of family businesses. Increased connectivity and accessibility to international markets present both opportunities and challenges. Family businesses must navigate cultural nuances, diverse regulations, and global economic fluctuations. Those that can successfully expand their operations globally can tap into new markets, diversify risks, and ensure the long-term sustainability of the business. Furthermore, the changing nature of consumer preferences and expectations is impacting family businesses. The next generation is more attuned to the importance of customer experience, brand image, and digital presence. Family businesses are investing in marketing strategies, online platforms, and customer engagement initiatives to remain relevant in an ever-evolving market, areas that the next generation of family members are likely to be more skilled in understanding and applying to their own family firms. The next generation of family business members is witnessing and living through a paradigm shift driven by technology, changing workforce dynamics, entrepreneurship, evolving succession planning, globalisation, and shifting consumer preferences. Adaptability, innovation, and a willingness to embrace change are becoming essential for family businesses to engage their next generation and for these firms to thrive in the dynamic business landscape of the 21st century. As they navigate these changes, family businesses have the opportunity to build on their traditional strengths while embracing the modern practices needed for long-term success when it comes to engaging and onboarding the next generation as they seek to build sustainable businesses for generations to come.

In the long-anticipated judgment of HMRC v Fisher [2023] UKSC 44 (21 November 2023), the Supreme Court held that the transfer of a business to Gibraltar was not caught by the Transfer of Assets Abroad rules as the transfer was not made by the individual shareholders but rather by their UK company. This ruling against HMRC’s expansion of the Transfer of Assets Abroad rules to cover transfers made by a company provide some much-needed comfort to family businesses. The Fisher family were shareholders in a UK betting company. As the company branched into tele-betting, they decided to carry on this part of the trade from Gibraltar, for reasons of tax efficiency. The tele-betting business was therefore transferred from the UK company to a Gibraltar company. HMRC sought to tax the Fishers on the income of the Gibraltar company under the Transfer of Assets Abroad rules, on the basis that they had the power to enjoy the income of the Gibraltar company. In the First-Tier Tribunal, it was held that the Fishers were “transferors” and therefore caught by the Transfer of Assets Abroad rules (though one family member, Anne, successfully appealed on a point of EU law). The Upper Tribunal disagreed and held that the rules did not apply as the family members did not affect the transfer personally. In the Court of Appeal, it was held that since the family were involved in the decision-making of the business, they were “quasi-transferors”, so the rules applied. Finally, the case went to the Supreme Court. The Supreme Court held that, for the rules to apply, the transfer of assets has to be made by the individual transferors who then have the power to enjoy the income of the person abroad. It was held that an individual’s family members cannot be treated as transferors by virtue of being shareholders in the company which made the transfer. This would still be the case for majority shareholders and directors of the company. It was also held that a taxpayer cannot avoid the rules by simply transferring income-generating assets to a UK company prior to the transfer abroad. After ten long years through the courts, the Fishers’ appeals were allowed. The Supreme Court was highly critical of HMRC’s general approach to the Transfer of Assets Abroad rules, and in particular their argument that taxpayers’ uncertainty about whether the rules applied to them should be regarded as something positive. As the judgment notes, the Transfer of Assets Abroad rules are some of the most fiendishly complex and least understood UK tax rules. It is hardly surprising that the court has reached a different judgment at each stage. It remains to be seen whether the Government will implement legislation to counter the result of this case in Finance Bill 2024. The Birketts View This case offers some much needed and long-awaited certainty to family businesses that where a UK company set up for commercial reasons and carrying on a trade transfers assets to an overseas entity, the shareholders of the UK company are not the transferors for the purposes of the Transfer of Assets Abroad rules, even in the case of majority shareholders.

As part of a commitment to improve the quality of life in its communities, Perdue Farms is awarding a $20,000 grant to La Plaza Delaware and its Latino Leadership program through the Franklin P. and Arthur W. Perdue Foundation. The donation from Perdue’s charitable giving partner is part of the company’s Delivering Hope to Our Neighbors® outreach. La Plaza Delaware is a nonprofit organization designed to increase economic stability and prosperity for Latinos in Sussex County. The program offers leadership training in partnership with the Hispanic Alliance for Career Enhancement (HACE), a national model with programs in 37 states. Mary Dupont, La Plaza executive director commented: “Funding from Perdue enabled La Plaza to secure the partnership with HACE, train the trainer, and conduct the first Latino leadership training program with 13 graduates in 2022,”. “The latest Perdue Foundation grant will build on the foundation established over the past year to provide HACE scholarships to 40 aspiring Gen Z and Millennial leaders over the next 12 months.” La Plaza’s strategy brings leadership education and training to young professionals in the corporate, government and nonprofit sectors and includes aspiring young Latinos who work in small or family businesses at the community level. Kim Nechay, executive director of the Perdue Foundation, said Perdue is pleased to support La Plaza. “La Plaza and HACE build a foundation for aspiring Latino entrepreneurs in Delaware. It’s so important to expand business ownership for the next generation,” she said. “We’re impressed with La Plaza and HACE and proud to lend our support again.”

In their 170th year, Pickerings celebrated by opening of their fifteenth regional office. Based in St Ives, Cambridgeshire, the office is headed up by their previous North London Regional Manager, Julie Greyling. Paul Brooks, Managing Director commented  "Julie has done a phenomenal job with the North London Office and she is now looking forward to running the new office. I am sure it will go from strength to strength under her capable management". Gary Rains, Service Director commented "Julie has put a lot of time and effort in setting up the new premises and I know she will make it a success". Pickerings Lifts are the largest independent lift service company in the United Kingdom, and are the trusted partner to thousands of instantly recognisable businesses and organisations. Established in 1854 Pickerings Lifts is still owned by the original family, with 15 regional offices and 400+ employees, they offer engineering expertise to the retail, hospitality, industrial, transportation, healthcare and government sectors.

Family Business United is delighted to announce the family firms that are in the running to take home the London & South East Family Business of the Year Award 2024, sponsored by Forsters, and also in the running to take home the overall national title, Supreme Champion Family Business of the Year 2024. As Paul Andrews, Founder and CEO of Family Business United explains, "These awards are now in their twelfth year and we are delighted to see the depth and diversity of firms in the running from across the region. Family firms make an incredible contribution to the national economy in terms of employment, income generation and wealth creation, not forgetting their activities in communities and charitable support and it is an honour to host these awards and give recognition to their endeavours." "We look forward to finding out more about the shortlisted businesses and ultimately determining the regional winner and presenting them with their award in June." The shortlisted family firms in this region, in alphabetical order are: Allan Reeder Ltd Biddenden Vineyards Brewers Decorator Centres Charles Ivey Specialist Cars Cleanology Dina Foods Furniture Village Gargini Will Services Gibsons Games Ltd Homesitters Inscripture Kent Demolition Lemongrove Productions Lyfeguard Roman Pools The Pantry UK Ltd The Pizza Post Unicorn Orange As Stuart Hatcher, Head of Corporate at Forsters and one of the judges again this year explains: "I am delighted to be invited again to judge the 2024 Family Business of the Year Awards for the 3rd consecutive year. It is a privilege – but also a real challenge - to be a judge for London and the South given the number of high quality family businesses in the region and to try to select one winner amongst so many fantastic stories. I wish all of the shortlisted family firms the best of luck." The awards culminate in a gala awards evening that takes place in London on June 19, 2024 where the winners will be crowned. Keep up to date with all the latest news and updates about the awards using the hashtag #FBOTY2024 .

Family Business United is delighted to announce the family firms that are in the running to take home the South, South West & Wales Family Business of the Year Award 2024, and also in the running to take home the overall national title, Supreme Champion Family Business of the Year 2024. As Paul Andrews, Founder and CEO of Family Business United explains, "These awards are now in their twelfth year and we are delighted to see the depth and diversity of firms in the running from across the region. Family firms make an incredible contribution to the national economy in terms of employment, income generation and wealth creation, not forgetting their activities in communities and charitable support and it is an honour to host these awards and give recognition to their endeavours." "We look forward to finding out more about the shortlisted businesses and ultimately determining the regional winner and presenting them with their award in June." The shortlisted family firms in this region, in alphabetical order are: BCB International Brend Hotels Glencoe Radon Gas Centre Healthcare Matters KW Bell Group New Forest Ice Cream Oatway Design Thatchers Cider The George Bence Group Westlands Farm Shop The awards culminate in a gala awards evening that takes place in London on June 19, 2024 where the winners will be crowned. Keep up to date with all the latest news and updates about the awards using the hashtag #FBOTY2024 .

Family Business United is delighted to announce the family firms that are in the running to take home the Scottish Family Business of the Year Award 2024, sponsored by Turcan Connell, and also in the running to take home the overall national title, Supreme Champion Family Business of the Year 2024. As Paul Andrews, Founder and CEO of Family Business United explains, "These awards are now in their twelfth year and we are delighted to see the depth and diversity of firms in the running from across the region. Family firms make an incredible contribution to the national economy in terms of employment, income generation and wealth creation, not forgetting their activities in communities and charitable support and it is an honour to host these awards and give recognition to their endeavours." "We look forward to finding out more about the shortlisted businesses and ultimately determining the regional winner and presenting them with their award in June." The shortlisted family firms in this region, in alphabetical order are: Arbikie Forsyth Hattie's Autobody Hendersons James Donaldson Group JD Pierce Keela Outdoors LINIAN Macphie Redpath Bruce Scot JCB Wholesale Domestic Bathrooms The awards culminate in a gala awards evening that takes place in London on June 19, 2024 where the winners will be crowned. Keep up to date with all the latest news and updates about the awards using the hashtag #FBOTY2024 .

Family Business United is delighted to announce the family firms that are in the running to take home the Midlands & Central Family Business of the Year Award 2024, sponsored by Buckles, and also in the running to take home the overall national title, Supreme Champion Family Business of the Year 2024. As Paul Andrews, Founder and CEO of Family Business United explains, "These awards are now in their twelfth year and we are delighted to see the depth and diversity of firms in the running from across the region. Family firms make an incredible contribution to the national economy in terms of employment, income generation and wealth creation, not forgetting their activities in communities and charitable support and it is an honour to host these awards and give recognition to their endeavours." "We look forward to finding out more about the shortlisted businesses and ultimately determining the regional winner and presenting them with their award in June." The shortlisted family firms in this region, in alphabetical order are: Cleenol Group Ltd Colton Packaging Jane Newman Financial Planning Ltd Landermeads Jake & Nayns Novus Property Solutions Quality Life UK Sapphire Group The Wilkins Group Traceys Juice Bar The awards culminate in a gala awards evening that takes place in London on June 19, 2024 where the winners will be crowned. Keep up to date with all the latest news and updates about the awards using the hashtag #FBOTY2024 .