Swire Properties is delighted to confirm that Swire Hotels will open its first luxury hotel outside China under the “The House Collective” brand. Located in Shibuya District, in Tokyo, Japan, the hotel is scheduled for completion in FY 2027. This represents a significant move by the Company to develop its hotel management arm. The yet-to-be-named hotel will be part of a prestigious mixed-used project by acclaimed developers Tokyu Corporation and Tokyu Department Store (together, Tokyu Group), and L Catterton Real Estate (“LCRE”). Situated on the site of Tokyu Department Store’s flagship store, the project is a short walk from Shoto, one of Tokyo’s most prosperous neighbourhoods, and a stone’s throw from the bustling high-end shopping area of Shibuya which is famous for international designer brands, local arts and culture and distinctive Japanese fashion. The hotel will be a retreat from the bustling city, offering The House Collective’s renowned brand of luxury and style. Swire is no stranger to the Japanese market, having set up offices in Yokohama over 150 years ago. The Group’s trading interests in Japan gradually expanded into a diverse portfolio including insurance, shipping and aviation. Cathay Pacific, one of the first international airlines to serve Osaka, Fukuoka and Nagoya, and Swire Shipping are the Group’s principal interests in Japan today. Tim Blackburn, Chief Executive of Swire Properties and Chairman of Swire Hotels, said, “Over the past 14 years, Swire Hotels has created a series of distinctive and stylish properties which stand out in a highly competitive industry. We’re very excited to be launching The House Collective in Japan and we are looking forward to working closely with our partners, Tokyu Group and LCRE, to creating an exceptional experience for guests in this city. Looking ahead, we are very confident in the future of our hotel business and we will continue to explore opportunities to develop The House Collective and EAST hotel brands in the region.” Toby Smith, Deputy Chairman of Swire Hotels, said, “Witnessing the growth of The House Collective is an extremely proud moment for us as we look to expand into new cities throughout the Asia Pacific region. We’re delighted to be able to bring our distinctive design and people-first approach to hospitality to Tokyo. Our partners, Tokyu Group and LCRE, share our vision of a creating a new and vibrant guest experience which will offer world-class hospitality to locals and visitors to Tokyo.” “Swire Hotels’ The House Collective creates elevated luxury experiences with distinctive character and a sense of style”, said Kazuo Takahashi, President and Representative Director of Tokyu Corporation. “With Swire and The House Collective, we work with one of Asia’s most sophisticated and luxurious hoteliers and are delighted to introduce a new standard of contemporary hospitality to Tokyo”, said Mathieu le Bozec, Managing Partner of L Catterton Real Estate. This new addition to The House Collective is part of the Shibuya Upper West Project by Tokyu Corporation and Tokyu Department Store (together, Tokyu Group), and L Catterton Real Estate (LCRE). This 117,000 sqm landmark (includes Bunkamura) will be the epitome of quality living featuring high-end retail, a contemporary luxury hotel and residences, as well as never-before-seen arts and cultural experiences to complement the already vibrant Shibuya District. The architectural design is led by Snøhetta, an internationally renowned Norwegian firm known for creating sustainable spaces that effortlessly combine conceptual form with Nature. This project aims to meet Tokyu Group and LCRE’s ambitious sustainability goals.

In a family business, separating the family from the business can be the biggest challenge. We spoke to Dr. Denise P. Federer is a speaker, consultant, coach and psychologist in Tampa, Florida to get her insight into the issue associated with potentially having to fire a family member from the family business. Here are her thoughts on the matter. A few weeks ago, I was watching a romantic comedy called ‘What Happens in Vegas’, starring Cameron Diaz and Ashton Kutcher. While I don’t normally get ideas for an article from run of the mill Rom-Coms, the opening scene of this movie hit home, when Kutcher’s character Jack is fired from the family business by his father. In the film, ‘Jack’ is an affable guy who likes to goof off—which is not good for business and leads to his firing. Shocked and dismayed, he heads to Vegas with a friend where, as you might imagine, hijinks ensue. But what actually happens in Vegas in this movie isn’t important. The setup for Jack’s trip there is. In my work as a family business consultant, the issue of family members not ‘pulling their weight’ comes up often. Deciding what to do about it is one of the most difficult issues a family business will ever face. Should you fire a family member? The short answer is—it depends. There are a variety of factors at play when deciding what to do with a family employee who is not getting the job done in the manner that the business requires. Far from a simple yes or no, your decision should come only after careful consideration of the facts surrounding the case—including the following factors: Your Family Business Model I strongly believe in the importance of having a family business model, and how you construct your corporate governance around the model used. There are three main models for family businesses: The Family-First model , in which the family’s happiness and sense of togetherness should come before everything else. In this model, differences in the quality and degree of family members’ contributions to the business will not be fully recognized. The Business-First model , in which all decisions are based on what is best for the company, and the family needs become secondary. The model rewards hard work, promotes shared success, and is driven by growth and individual opportunities to succeed. The Family Enterprise model , which splits the difference and creates a balance between Family-First and Business-First models. All decisions should balance family satisfaction and the economic health of the business. In the Family-First model, firing that family employee would be a last resort, only after all other avenues are exhausted. In the Business-First model, firing the family member would likely be in the cards (dependent, of course, on how severe the issue is). In the Family Enterprise model, the decision essentially comes down to what the corporate governance says. Choosing one of the three models for your family business will help you create your corporate governance, which will easily lay out what your decision should be ion any of these situations. The importance of corporate governance cannot be understated, and if you’re currently in the position of deciding whether to fire a family member, you’re probably nodding right now. Your Values As the leader of your family business, what is important to you? Do you consider yourself more of a parent/sibling or more of a boss when dealing with the family member in question? Blood is thicker than water, but is it thicker than your business needs? If you don’t have a family business model, you’ll have to go on your values and make the best decision that satisfies them. The Developmental Stage of Your Business If your business is growing and you plan on bringing in outside leadership whom you know will not tolerate certain issues with family employees, the calculus on your decision changes. If you’re an established family company, your best bet may be to find a better fit within the company for the family member. Your Culture The culture of your family business is incredibly important. If you have a family employee who is damaging that culture, you have a problem. But not every instance is that severe. Look at how this person affects others in the company, and whether they are representing the values of the company. A lack of technical expertise can be fixed. But when someone is poisoning the culture, you may find that your hand is forced. No family business leaders really want to fire a family member. And in most cases, it should only happen after all other options have been exhausted. For instance, if a family member simply lacks the technical expertise, but is otherwise a hard worker and positive influence on the culture, a move to another department—or the creation of a new position—can solve the issue. The bottom line is that you must be honest with yourself and your family. That means having the tough conversations that most family businesses avoid. Difficult as they may be, those conversations can result in a solution that works for the family, the family employee and the family business. About the Author: Dr. Denise P. Federer is a speaker, consultant, coach and psychologist in Tampa, Florida. She brings over thirty years of experience to her work with individuals, executives and family businesses providing consulting and performance coaching.

Doctors are becoming increasingly concerned about the growing wall of mental health problems stemming from the pandemic, with some predicting dire consequences for employers and the economy. Whilst many have again returned to home working or have social distancing in place, many employers are not aware that the responsibility for managing work-related mental health issues amongst their employees rests firmly on their shoulders. “We’re seeing an increased number of individuals who are troubled with mental health issues arising from the pandemic” says Dr. Greg Irons MBChB MFOM, an occupational health specialist practising in London. “The ongoing situation across the UK is not only impacting those with pre-existing mental health conditions, it is affecting people who may previously have felt they were quite resilient and this can manifest itself in the workplace” he said. Specialists across the country have also expressed concerns about the impacts on workers’ mental health. Dr. Beverley Flint, Clinical Psychologist and Clinical Commercial Director at HelloSelf For Business says “The need for people to work from home during the initial lockdown was met with trepidation by many. The routine and connection that going into work provides was essential for some people’s mental health, for their sense of belonging.” Many employees were faced with the challenges of home schooling whilst continuing to work. This has been a great source of distress for many adults and children alike. The uncertainty that the pandemic has brought has increased the prevalence of mental health difficulties, often exacerbated by financial hardships. Mind, the mental health charity, says that at least one in six workers experience common mental health problems including anxiety and depression. Their research shows that work is the biggest cause of stress in people’s lives, more so than debt or financial problems. The pandemic has increased these pressures dramatically. “The flip-side of this is that some employees have thrived whilst being enabled to work from home, finding a work-life balance that suits them far better” Dr Flint continued. “Many are reporting feeling a great sense of loss if their employer is insisting that they return to the workplace, with some making the decision to resign.” “All of these stressors are not only exacerbating pre-existing mental health conditions, but they are triggering new presentations” Dr Flint suggests, continuing “employers need to consider the increase in mental health difficulties that we are seeing across all ages and circumstances.” There is a great deal that employers can do to protect the health of their employees, from enabling flexibility to providing access to professional support. Organisations that do not prioritise the mental health and wellbeing of their workforce will not only struggle to retain their talent, but may face great difficulty attracting it. Dr. Irons suggests that as we all watch pressures growing rapidly in the NHS, employers may be about to find similar problems too, with the potential for a growing wave of mental health problems affecting the working population. The Health & Safety Executive clearly state that employers must take steps to identify and manage risks to employees, including managing stress at work. Spot checks and fines from HSE Inspectors are possible at any time, right across the country, to ensure compliance with the law. The Equality Act 2010 also sets down in law that employers must adjust workers’ roles before they can be dismissed on health grounds, and demand for occupational health advice has also surged in the last two years. “We’ve seen huge increases in case numbers since the pandemic began” says Magnus Kauders, Managing Director of Occupational Health Assessment Limited, an occupational health provider based in the South East. “We usually have fairly predictable case loads, yet we’ve seen consistent and sustained increases in psychological health problems at work” he said, “and it’s rapidly getting worse.” Employer’s groups share the concerns. The Chartered Institute for Personnel and Development say “Employee health, safety and well-being is paramount. Employers need to be proactive in protecting their people and minimising the risk to staff.” The Society of Occupational Medicine has also called for swift action to provide universal access to occupational health across the UK, stressing that only half of the UK’s population have access to workplace health support. “We’re used to employers finding managing health at work difficult” said Mr. Kauders “although the complexity of managing stress, anxiety or depression can be really difficult for everyone” he continued “fortunately most people do recover with the right support in place”.

There are many factors that can help drive success into your business. Modern equipment will keep you in step with the times, an accommodating workplace will improve people’s overall well-being, and a wide client base will generate profit and enhance your reputation. However, the most valuable asset of a company is its employees. With great dedication, variegated knowledge, and sectorial competencies, talented workers can truly make a difference. It is safe to say, though, that teams can make better decisions, solve more complex problems, and execute more quickly than single individuals. This is why it is always important to put specific conditions into place that can effectively aid team development. As a manager, it is your responsibility to instil a sense of belonging and proactiveness in your workers. Ultimately, a high-performing team is likely to yield the results you are aiming for. But how can you mould a cohesive group to benefit the efficiency of your business? Here, we get an insight from Dominic Fitch, Head of Creative Change at Impact International , a leading experiential learning company, working to support global brands to prosper, by delivering customised people solutions, on how to shape a successful squad by focusing on targets, trust, communication, and encouragement. 1. Set Clear Roles & Priorities First things first, it is essential to ensure that each member of your team knows what their duties are. Defining everybody’s responsibilities will help your employees understand what is expected from them and deliver accordingly to the best of their abilities. In fact, any ambiguity or confusion at an individual level can hinder their own productivity, while also having a detrimental impact on the team as a whole. Moreover, it is wise to assign roles and tasks in line with people’s qualities. Are they good with numbers? Allow them to deal with stats and numerical data. Are they technically gifted? Software and computer-related duties will suit them best. Handing clear and tailored roles to your employees will harness their real potential and maximise your team’s performance. That said, if you want to nurture your squad and broaden their skillsets, consider investing in continual learning and development. High-performing teams tend to be curious and will welcome the opportunity to explore new paths and constantly build on their knowledge. 2. Embed Trust & Respect A team in which members both trust and respect one another is more likely to efficiently work in unison. Making sure that people value each other – and feel valued in return – will increase cooperation and spark appreciation towards their colleagues’ strengths. Therefore, creating a culture of trust is essential, and should be put into practice as soon as a new mind joins the business. In fact, it has been found that a pleasant onboarding experience lowers turnover figures by 157%. What’s more, it increases employees’ dedication and interest in the role by 54%. As a manager, you need to take steps to ensure that you are trusted too. The truth is that humans tend to trust people that they like, so building positive relationships with your team members can generate sentiments of respect. Get to know them and check on their feelings from time to time. This shows that you care about them not only professionally, but on a personal level too. Consistency is also important, as walking the walk makes you a manager that your fellow workers can rely on. Have you promised to carry out something? Have you organised a meeting? Follow through with your appointments, or your team’s drive may soon start to fade. 3. Communication Is Key There is no hiding that communication is the magic glue that keeps teams united. Indeed, from mitigating conflicts to solidifying team building, it conceals an array of crucial benefits. To nurture a close-knit, high-performing team, try to promote interaction at all times. Why should employees keep innovative thoughts to themselves? Why should they not share ingenious solutions with their colleagues? Saying things out loud and discussing specific ideas collectively can help teams work towards the same goal in an effective manner. In this respect, make space for thinking time and creativity sessions. Allowing your employees to spend time consulting each other will favour decision-making processes, helping them tackle any challenges with confidence and originality. Furthermore, you should consider cultivating a transparent feedback culture. Sometimes, giving unsolicited feedback can lead to awkward situations. In fact, people may feel uncomfortable sharing their advice, and the recipient may not accept it gladly. However, providing constructive feedback can nip potential issues in the bud, and therefore enhance group performance. Normalise this process and encourage team members to frequently offer advice to one another. Also, don’t shy away from praising hard-working employees. Everyone appreciates some well-deserved recognition from time to time, and it will work wonders on their motivation levels too! 4. Create Sense Of Purpose Finally, it is vital to instil a sense of purpose inside your team. Employees will feel more connected with their squad, as well as with the business on the whole, if they are presented with a common goal. What are the company’s targets? What should your staff be aiming for as a group? With clear directions and well-defined ambitions in mind, your team can truly thrive. Working towards shared, key objectives is what a team needs to optimise their productivity. Hence, to raise a group of high-performing people make sure to set out a well-organised itinerary for them to follow. You will be delighted with the end result! So, what will be your next steps? From establishing clear roles and building trust to outlining common goals and valuing communication, you will be providing your team of employees with the tools they need to excel.

This feature formed part of the KPMG series, “ Philanthropists in Action ,” a case study series which looks at emerging trends in the philanthropy landscape, as the ESG agenda and creating social impact climb the priority list of Family Offices and ultra-high net worth individuals (UHNWIs) around the world. “Philanthropy and family businesses have been at the heart of African culture for generations,” says Tsitsi Mutendi, Co-founder of the not-for-profit African Family Firms (AFF). “They sustain families, friends and neighbours, often growing into multi-billion-dollar enterprises.” “As Africans, we practice ubuntu. It is not about me, it’s about us. I am part of an ecosystem of other people that sacrificed their time, their resources for me. And we do the same.” She explains, the practice of giving reflects the spirit of Ubuntu, recognizing that the wellbeing of one is deeply connected to the wellbeing of others. Tsitsi is a third-generation entrepreneur, and in addition to her leadership of AFF, manages a successful publishing company and a Montessori school. She follows in the footsteps of her parents, grandparents, and her in-laws, the Mutendi family, who built a successful church, as well as a number of successful family-managed businesses. Philanthropy has been at the heart of the Mutendi family for over 100 years. “Ours was a home that was always full of children that needed a place to stay, someone to talk to, or to help with schooling,” says Tsitsi. Family business in Africa has not always received its fair share of attention. Despite sitting at the economic heart of the African continent, creating wealth for communities, and driving philanthropic activity, African family businesses are sometimes overlooked, under-documented, and unsupported. That is changing, driven by the passion, enthusiasm, and unending efforts of community leaders like Tsitsi. AFF was established a little over 2 years ago as a not-for-profit organization to support and facilitate the continuity of African family businesses across multiple generations. “The world is now looking at the continent because it is the last frontier,” explains Tsitsi. “We have so many resources and the youngest population on earth. We have so much, yet other people are identifying what we have.” Tsitsi explains that creating the AFF, was about recognizing that the conversation in Africa has to shift from political to economic. “We have to identify what we have, start learning from the mistakes of others, and create our own narrative, identifying the things we’ve done well,” says Tsitsi. Tsitsi’s approach to philanthropy demonstrates an upbringing where philanthropy was an everyday part of family life. “My mom was a philanthropist. If someone lost their parents, they came to stay with us. If they needed help, they stayed. It takes action to change the narrative; one dollar to change the story. That’s true philanthropy,” says Tsitsi. African Family Firms – how AFF is making a difference The AFF seeks to facilitate the continuity of African family businesses across generations, promoting the positive impact they have on the economy and, importantly, society. It is built around four pillars – community, research, academic education, and advocacy – providing an open and safe space for business owners to network and discuss the challenges and opportunities they face, creating, in effect, a peer board. “AFF is leading the discussion on issues that affect family businesses now, that we are part of a global audience. We recognize our history and our struggles; and in acknowledging that, we can face and step into our future,” explains Tsitsi. The African continent is home to almost two billion people yet has little formal education available for family businesses. Generations of future business leaders are leaving the continent to learn, bringing back knowledge and insights from other places that creates significant gaps in the African perspective. The AFF will shortly take over the Galliard Institute, renaming it as Galliard International and creating a world-leading family business adviser centre of learning. The final pillar is advocacy, with the AFF lobbying government seeking change in the legal system to encourage family businesses to thrive and grow. “As a solid group of family businesses, speaking with one voice across industries, creating a family business desk on government ministries, we can start creating change,” says Tsitsi. Put simply, successful family businesses mean healthy thriving communities. More money in Africa is spent by Africans on Africans through philanthropy, or Ubuntu, than through foreign aid. A spirit of Ubuntu A spirit of Ubuntu underpins the AFF, just as it underpins family life. “It is not about me, it’s about us,” Tsitsi explains. “I am part of an ecosystem of other people that sacrificed their time, and their resources for me. And we do the same.” “More money in Africa is spent by Africans on Africans through philanthropy, or Ubuntu, than through foreign aid. When we see neighbours not having food and share a meal or buying a neighbour’s child a stationary pack for school, that is real philanthropy, yet it is not documented. You may not see the benefit, but that is not the point. You give because you want to make a real difference.” Impact and collaboration Tsitsi emphasizes the need for collaboration as fundamental in achieving scale in Africa, whether that is through education, healthcare, environmental projects or supporting businesses. “When you work with other people, there are more ideas and more ways of creating synergy and opportunities. There are always ways to collaborate if you speak to people, government and organizations and find out what really matters to them.” Tsitsi points out that by identifying opportunities to help and― uncovering the areas where others may be lacking before finding people who are passionate about those areas with whom you can connect them, can make a greater impact. The importance of measuring that impact is not underestimated by Tsitsi. She says the AFF works to measure impact when change is seen. “The AFF is empowering family businesses,” says Tsitsi. “All of these things we do are coming together to be used by family businesses. They may not be used immediately, but we are documenting activity and mapping individual journeys. At some point, when the tide changes, when people need this information, it will be there. When you look at philanthropy, the measured impact isn’t immediate. It is never going to be.” Learnings for other philanthropists It is here that Tsitsi offers advice to philanthropists starting their own philanthropic journeys. “Make conscious giving decisions because it can be tiring if you feel like you are giving and giving, yet not seeing results. Ask whether they need that gift and will they know what to do with it? Understand the people you are supporting so you understand what they need and what they do not.” In other words, setting objectives that align to the values of both the individual philanthropist and the organization is key for all. “Don’t be the person that gives and then just walks away. Identify what you want to achieve and help see it through.” Find out more about Tsitsi and her work here This article was first published by KPMG and has been republished with their permission.

Managing your finances takes time and energy, something we mostly learn as a life skill as we progress through our careers. Unfortunately, financial wellbeing is still a subject most people in the workplace were never taught or received guidance on; we simply learnt from our parents or developed it from experience and our mistakes. In our early working years, we move from one payday to the next, occasionally wondering why we have run out of money a week before we get paid, Adrian Firth, Employee Benefits Consultant from Mattioli Woods shares his thoughts on how to plan for financial wellbeing. That is why managing money and finances takes effort and yet we all suffer from a little laziness from time to time. Having a financial plan requires just as much effort as keeping fit or mentally looking after ourselves. In fact, money issues and worries can have a detrimental effect on our mental wellbeing and vice versa, which is why it is important to continually learn and develop our financial skills. So back to my original point, that financial wellbeing takes effort. If you wanted to get fit, would you not take the time to join a club and start to build up your training? Finances are no different – there are many online resources that could be your ‘club’. Being financially sound is not about how much money you have; it is about making the best use of what you have and the continual learning you undertake and put into practice. In the exceptional times in which we live, I can see why people might worry about pensions and investments, market conditions and global commerce. There are endless news articles with real or potential worries and threats; however, I believe there are three simple, basic steps we can all take that will help us improve our financial fitness and financial wellbeing: Budget It does not matter how much money you have or how much you earn, if you do not have any plan in place then you are unable to plan ahead. All it takes is a spreadsheet or a budgeting app and you can start to take control. A budget is becoming essential for our financial lives, as many financial decisions are based on our ability to repay and our disposable income. It is not just about covering the bills and whatever is left is spending money; we need to allocate a budget for everything from rent or mortgages through to food, clothing and socialising. Having control over money is an essential step to creating financial security. Emergency Funds Many UK workers do not have anything to fall back on should the worst happen. Most are still moving from payday to payday without putting anything aside. There are many opinions on how much you need, ranging from two months’ to six months’ worth of salary, but it starts with having an element of savings in your monthly budget. An emergency fund needs to be there when you need it but not readily spendable. So, invest this fund in a bank or building society savings account that can be accessed through a branch or an online transfer, but NOT in your regular bank account (where you will spend it!). Try Not To Worry This one is always counterintuitive as we naturally worry when things start to get out of control or if we experience any financial difficulties. Rest assured, there are ALWAYS solutions to every financial problem you might have. The financial services industry and the Government really do wish to treat people fairly and with compassion, to find a solution to any issue a person has. If it is debt, there are charities and Citizens Advice with multiple solutions; if it is income, then your employer and your local council can help; if it is savings and investments, then speak to advisers and/or your bank. If you just put your hand up, you will find help is very forthcoming. So, having good financial wellbeing is not hard; it just means we need to spend time and effort to make things better for ourselves. Taking time to manage the money in and the money out is essential and starting the savings journey will help greatly with our financial security. Seeking help is essential – we all need a helping hand from time to time.

The latest figures from HM Revenue and Customs (HMRC) show that inheritance tax receipts received by HMRC increased by £300 million to £1.8 billion in the three months period of April 2022 to June 2022. This is an increase from the same period in the previous year, and continues the upwards trend over the last ten years. One in every 25 estates pay inheritance tax, but the freeze on inheritance tax thresholds, inflation at its highest level for 40 years and decades of house price increases are bringing more and more estates above the threshold. For those that are paying this death tax, Wealth Club calculations suggest the average bill could increase to just over £266,000 this tax year. This is a 27% increase from the £209,000 average paid just three years ago. Inheritance tax is typically paid at a rate of 40% over certain thresholds (noting you can pass on money IHT free to your spouse or civil partner, whose enlarged estate could then be subject to IHT when they die). The main threshold is the nil-rate band and applies to the vast majority of people in the UK, enabling up to £325,000 of an estate to be passed on without having to pay any IHT. There is also a Residence Nil Rate band worth £175,000 which allows most people to pass on a family home more tax efficiently to direct descendants, although this tapers for estates over £2 million and is not available at all for estates over £2.35 million However, the nil-rate band has stayed at the £325,000 level since April 2009. Inflation has risen 45% over this time and average house prices have increased 67%. Alex Davies, CEO and Founder of Wealth Club said: “The Treasury raked in an extra £300 million from inheritance tax from May to June 2022 compared to the same three months a year earlier, this increase is being fuelled by soaring house prices and years of frozen allowances which are now being decimated further by rampant inflation. Currently just 4% of estates pay inheritance tax, but given the nil-rate and main residence nil-rate bands are frozen until at least April 2026, it is likely the estates of many individuals with more regular incomes and average value homes, will end up getting caught out by this most hated of taxes.” “Moreover, with the government purse under pressure from all angles there is unlikely to be any respite from this soon. The good news however is that there are still lots of perfectly legitimate and sensible ways to pass on money free on inheritance tax to your heirs and it is for this reason that inheritance tax in some circles is referred to as a ‘voluntary tax’.” 1. Make A Will Making a will is the first step you should take. Without it, your estate will be shared according to a set of pre-determined rules. That means the taxman might end up with more than its fair share. 2. Use Your Gift Allowances Every year you can give up to £3,000 away tax free. This is known as the annual exemption. If you didn’t use it last year, you can combine it and pass on £6,000. You can also give up to £250 each year to however many people you wish (but only one gift per recipient per year) or make a wedding gift of up to £5,000 to your child; up to £2,500 to your grandchild; up to £2,500 to your spouse or civil partner to be and £1,000 to anyone else. 3. Make Larger Gifts Pass on as much as you like IHT free. So long as you live for at least seven years after giving money away, there will be no IHT to pay. 4. Leave A Legacy – Give To Charity If you leave at least 10% of your net estate to a charity or a few other organisations, you may be able to get a discount on the IHT rate – 36% instead of 40% – on the rest of your estate. 5. Use Your Pension Allowance Pensions are not usually subject to IHT – they can be passed on tax efficiently and, in some cases, even tax free. If you have any pension allowance left, make use of it. 6. Set Up A Trust Trusts have traditionally been a staple of IHT planning. They can mean money falls outside an estate if you live for at least seven years after establishing the trust. The related taxes and laws are complicated – you should seek specialist advice if you’re considering this. 7. Invest In Companies Qualifying For Business Property Relief (BPR) If you own or invest in a business that qualifies for Business Property Relief – the majority of private companies and some AIM-quoted companies do – you can benefit from full IHT relief. You must be a shareholder for at least two years and still be on death though. 8. Invest In An AIM IHT ISA ISAs are tax free during your lifetime but when you die, or when your spouse dies if later, they could be subject to 40% IHT. An increasingly popular way of getting around this is by investing your ISA in certain AIM quoted companies which qualify for BPR. You must hold the shares for at least two years and if you still hold them on death you could potentially pass them on without a penny due in inheritance tax. 9. Back Smaller British Businesses The Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment Scheme (SEIS) offer a generous set of tax reliefs. For instance, SEIS offers up to 50% income tax and capital gains tax reliefs, plus loss relief if the investment doesn’t work out. But EIS and SEIS investments also qualify for BPR, so could be passed on free of IHT. 10. Invest In Commercial Forestry This is an underused option for experienced investors. Pension funds and institutions have long ploughed money into forestry. The Church Commissioners has a forestry portfolio worth £400 million. Commercial forest investments should be free of IHT if held for at least two years and on death. You should also benefit from capital appreciation in the value of the trees (and the land they are on) and from any income produced by harvesting the trees and selling the timber (this income may also be tax free). 11. Spend It One sure-fire way to keep your wealth away from the taxman’s hands is to spend it!

The population is young and the economy has been growing for years. Vietnam exported goods worth 319 billion euros in 2021. Ten years earlier, the figure was 84 billion euros. That’s how long ago it was that Gebrüder Weiss opened two of its own locations in the South-East Asian country: one in the economic centre of Ho Chi Minh City (Saigon) and the second 1,600 kilometres further north in the capital Hanoi. “Today we know that was the right decision,” says Cristian Predan, Area Manager South-East Asia at Gebrüder Weiss. “The economic environment in Vietnam has improved steadily since we opened our first location there. The country’s road and port infrastructure has been expanded, while demand for consumer and industrial goods is rising among the exceptionally young population.” Exports include products from the electronics, mechanical engineering, aviation, chemical and food industries. Gebrüder Weiss mainly transports these goods for its customers to Singapore, South Korea, Europe, and the USA. Last year, the company increased the number of air and sea freight shipments by around 30 percent compared with the previous year. In Vietnam, Gebrüder Weiss manages several activities, including the spare parts logistics of European mechanical engineering companies, and operates a logistics warehouse for an international furniture manufacturer – including picking, packing, labelling and customs clearance. Vietnam is already the tenth country in which the logistics company has its own branches in East Asia and Oceania. The network now includes locations in China, Hong Kong, Taiwan, South Korea, Japan, Singapore, Malaysia, Australia, and New Zealand. Currently, the potential benefits of extending the network to neighbouring countries of Vietnam are being evaluated. Gebrüder Weiss already organizes cross-border land transports to Cambodia as well as domestic sea transports from the south to the north of the country.

When a founder becomes such a larger-than-life character that they overshadow everyone around them, continuity of the business becomes challenging. Sometime a founder’s image is so publicly associated with his or her company, one rarely stops to ask, “who is that person?” A few, such as Colonel Sanders of Kentucky Fried Chicken, Henry Ford, and Ralph Lauren become something even more than that, they become ‘iconic.’ For many family businesses, having an iconic founder has enormous benefits. But as BanyanGlobal’s Marion McCollom Hampton and Ben Francois wrote in the Harvard Business Review, that can be a mixed blessing. As Hampton and Francois discussed in this article, though it might be beneficial to have an iconic founder at the helm of a business for years, it can also cause family leadership beyond the founder to be much more challenging. After all, who can live up to the image of a truly ‘iconic’ founder who has become a kind of exaggerated character – a two-dimensional representation of the business without any visible human imperfections? Just google ‘Colonel Sanders or Henry Ford quotes’ and you’ll see the continued reverence for those founders. When a founder becomes a larger-than-life icon synonymous with the business itself, he begins to overshadow everyone and everything around him. Worse still, an iconic founder can start to believe his own hype and hold next generation leaders to impossible standards, create a ‘loyal’ workforce that is resistant to new leadership, and potentially even cause family members to walk away from the business. Ironically, a wildly successful iconic founder can unintentionally set his beloved business up for failure in future generations. So how can a family business avoid that very significant downside? Hampton and Francois shared their thoughts in their Harvard Business Review article. Sometimes the individual entrepreneur is in fact as wise and kind as the image portrays him to be. But in many cases, that real person behind the iconic status is all too human. Successful business leaders, iconic or not, make mistakes in business and in their personal lives. But we have seen iconic founders who begin to believe their own publicity and consistently choose to grow their image over helping others to shine. Sometimes, they hold their children up to such high standards – standards that they think reflect their ‘perfect image’ – that the next generation feel (rightly so) that they can’t possibly meet them. Iconic founders often lack empathy for the sacrifices others (family, employees) are making. They see the world through one lens, which leads them to push for business growth and celebrity at the expense of all other priorities. As the iconic founder’s family seeks Dad’s approval, he just pushes harder to promote his image as super-human. Those closest to him find it hard to challenge him in any setting, business or family, for risk of being disregarded by the icon – better to agree and stay in good graces than confront and be shut out. Hampton and Francois have seen difficult dynamics evolve in families of the iconic founder. When the icon makes irrational demands or unkind judgements, everyone snaps to order – no one disagrees. Family members’ (and often employees’ and colleagues’) unpleasant experiences with the icon get buried: to discuss their pain or to criticize is to be disloyal. The iconic founder’s flaws – some of them grave – stay invisible. And the grandchildren can be affected as well: younger family members know that there are bad feelings and even events that have been covered up, but they don’t know what actually happened. To ask is to run the risk of taking the icon off the pedestal, and then to be criticized or even ostracized from the family. Finally, the lasting effects of an iconic founder can stretch beyond his or her impact on the family to thwart the growth of the business going forward. The icon can cultivate and leave behind a ‘workforce of the past,’ with loyal long-term employees defaulting to the icon’s preferred ways of managing at the expense of fresh ideas. They can nurture a culture of ‘yes'[ people rather than independent thinkers and drive creative next generation family members away from the business and into their own endeavours where they have more control. We highlight some of Hampton and Francois’ ideas for navigating the challenges of an iconic founder below: How The Next Generation Can Counter-Balance An Icon When family members recognize the complexities of having of a truly iconic founder, you can feel trapped. But there are steps you can take to prevent an iconic founder from overshadowing the next generation’s chance to grow and develop as individuals in your family businesses: First, acknowledge and appreciate the contributions of the founder, but don’t let his shadow shade your identity. Recognize that the founder was a dynamic person who took risks with his career and with the business. Think of the founder as an inspiration, not a constraint. Forge your own career based on your skills and passions, whether within or outside of the business. Avoid the temptation to be a clone of the icon. Second, look forward, not backward. Recognize that your generation will need to find your own way. As next generation family members you may not yet be running the business, but as future owners, you can start to communicate, meet, develop trust, and determine how you want to be collective owners of the business. You do not have to be tied to the founder’s version of how family owners should operate. Third, be prepared to evolve. You will need to recognize the impact of the icon on the family and the business, and to have the courage to say, “we need to do this differently.” Families who move successfully past the iconic founder refresh their strategies and push their businesses to evolve. In the family, they allow the “icon” to fade and instead acknowledge the talented and flawed relative. About the Contributors: Marion McCollom Hampton is a co-founder and Senior Partner at BanyanGlobal Family Business Advisors. She has been a leader in the family business advisory field for more than 30 years and is a co-author of the foundational work Generation to Generation: Life Cycles of the Family Business (HBR Press, 1997). Ben Francois is a Principal at BanyanGlobal Family Business Advisors, specializing in family business ownership strategy.

As the UN’s Climate Change Conference of the Parties (COP26) gets underway, HLB has published its 2021 Sustainability report, “Is your strategy sustainable?” This new report outlines a three-step roadmap to help businesses develop their sustainability strategy and explores the technologies that can help at each stage. Many businesses still find it difficult to begin their journey to net-zero. We are at a pivotal moment to take action on climate change, and HLB is dedicated to helping clients develop sustainability strategies for a better future. “Sustainability needs to be baked into your strategy at its core, not as a supplement or an add-on’’ says HLB’s Global Sustainability Advisory Leader Manosij Ganguli. ‘’A sustainable business will be a profitable business that will be around in the long-term. Our new report offers clear guidance for business owners, many of whom know they need to think more sustainably, but don’t know how or where to begin on their journey to net-zero.” The HLB report suggests starting small but with decisive actions and follow HLB’s three-step roadmap: Step one –taking a snapshot of your baseline Step two – targeting a sustainable business model Step three – monitoring and reporting to realise a sustainable vision Within each step of the journey, some practical actions are highlighted to support new strategic objectives, as well as boosting business’s bottom line. It also includes key sustainability and technology questions to help determine a starting point, transform and reshape the business model, and measure and report on progress. You can read the full report below:

There is growing pressure on businesses to play their part in tackling climate change, and an increasing number of companies are making commitments to reduce their greenhouse gas emissions. But how reliable are the data and metrics that companies disclose? Not very, according to voices from financial markets to civil society, who are increasingly raising questions about the quality of the data underpinning corporate climate reporting. Without trust in data, doubts will grow about businesses’ ability to tackle the problem and whether they are delivering on their promises to reduce emissions. Companies, consumers, policymakers and investors all require trustworthy data to make informed decisions on climate change as we ratchet up actions towards global reduction commitments. This paper, published by PwC, explains where the mistrust is coming from, the questions to ask of companies, and the steps that businesses, including family businesses, and others can take to increase the robustness of the data. Download and read the full paper below:

Leading glass packaging company, Croxsons, has made changes to its leadership structure as part of their succession plans. Tim Croxson, currently the company’s COO, has taken up the position of CEO with immediate effect, in place of his father, James Croxson, who steps aside to concentrate more on developing Croxsons’ international concerns. The change of ownership, due to be formalized later in the year, comes after a period of extraordinary growth for the family firm, who celebrate their remarkable 150th anniversary next year. In taking the business forward and increasing its market share, both James and Tim, who represent 4th and 5th generations of the Croxsons family respectively, have enjoyed a fruitful partnership together over the past 20 years. Global sales, has enabled Croxsons to extend its reach and strengthened its brand – a development that was rewarded with a Queen’s Award in 2019 for exceptional progress being made in international growth and exports. Regularly featuring in the Sunday Times Fast Track 200, Croxson has offices in the UK, Australia, New Zealand. USA and Hong Kong. “Having been in the business for over 50 years, I have seen both the packaging industry and my own company change extensively in that time,” said James Croxson, who turned 70 earlier this year. “The company has grown from being wine barrel suppliers and bottle washers in 1872 to now a Global packaging supplier, providing over 50 different countries with millions of bottles, jars, caps and corks. As we approach 150 years of being a family owned business, we are proud of our company, its heritage, its 5 generations, its great team and all its achievements.” “As is the norm in a fast growing SME, I have done every role and have built a great team over the past 50 years, who have been a joy to direct and lead. My main focuses going forward are international sales, continuing to build our international sales teams and giving the next generation some inevitable pearls of wisdom. And like Tim, I look forward to the next chapter in Croxsons’ illustrious history.” Tim Croxson added: “Moving into the CEO seat at Croxsons is really a natural progression for both James and I. Our combined strengths and the team we have built around us, have helped put the company into an incredibly strong position. Alongside the board, we’ve both worked hard to future-proof our offering and be clear on our purpose, thereby ensuring we continue to be relevant for the next 150 years. I look forward immensely to continuing that self-belief, creating value for our customers, and maintaining our uniqueness.”