Transferring wealth to the next generation is a complex process that transcends numbers and legalities. It’s a delicate balance of imparting financial knowledge, instilling values, and preparing the younger generation for a responsibility that’s profound and impactful. Here’s my approach to raising children ready for wealth transition. Initiating The Conversation Early Introducing the concept of wealth and responsibility at an early age sets the foundation for understanding and maturity. Open and honest discussions about money, investments, and family legacy create an environment of trust and inclusivity. Integrating Financial Education Financial education forms the backbone of preparing children for wealth transition. This encompasses: Understanding Money: Its value, purpose, and role in daily life. Investment Principles: Basics of investing, risk-taking, and return on investment. Managing Finances: Budgeting, saving, and making informed financial decisions. Promoting Values And Ethics Wealth is not merely about accumulation but a reflection of values and ethics. Emphasizing family values, philanthropy, and social responsibility helps in nurturing a sense of purpose and alignment. Providing Real-Life Exposure Practical experience amplifies learning. Providing children with real-life exposure through allowances, projects, or involving them in family businesses fosters hands-on understanding and confidence. Creating A Supportive Environment Encouraging questions, acknowledging feelings, and supporting individual interests and talents make the learning journey enriching and personalized. Encouraging Emotional Awareness Recognizing and managing emotions, empathy, and effective communication are essential soft skills that enhance collaboration, decision-making, and relationship building within the family. Building Family Cohesiveness Regular family meetings, shared activities, and working towards common goals promote family unity, shared vision, and commitment. Involving Professional Support Professional guidance from financial planners, psychologists, and educational experts can provide unbiased insights and tailored strategies to suit the family’s unique needs and aspirations. Raising children ready for wealth transition is an art that blends financial wisdom with emotional intelligence, values, and family cohesion. It’s an ongoing process that shapes not only the future of the family’s wealth but its legacy and societal impact. About the Author - Dr Lami comes from a family business background and has experienced first-hand the impact that money has on our emotional and mental wellbeing and the quality of our relationships. Working through her own challenges, her experience and qualifications have given her both a personal and professional understanding of the challenges faced by her clients. Her Wealth Consultancy provides Non-Financial Solutions for UHNW Individuals, Couples, Families, Family Offices & Family Businesses. Her approach to her work focuses on finding creative and relevant solutions to the non-financial challenges of wealth which is done by facilitating, advising, educating and coaching clients to develop a deeper understanding of their respective mind-sets and the impact that emotional intelligence has on matters relating to wealth, relationships, parenting, family, planning and succession. Find out more about the work she does by visiting her website here

Hendy Group has expanded its operations in West Sussex with the opening of a Nissan dealership in Crawley and the refurbishment of its MG showroom in the town. Hendy chief executive Paul Hendy said that Crawley is an important location in the group’s portfolio and said the opening of Nissan and the refurbishment at MG will provide top class facilities for both customers and its valued colleagues. “Investing in our facilities and our colleagues is an important part of our expansion plans and we are pleased to be able to offer the very best here in Crawley,” said Paul. “We are delighted to be representing Nissan in the area and this new dealership joins our existing Nissan operations in Dorset, Wiltshire and Hampshire.” Hendy has appointed Melinda Minns as the new sales manager to lead the Nissan brand in Crawley and recruitment has also included new technicians, sales advisors, and logistics personnel. The £3/4 million investment project in Crawley has created state-of-the-art showrooms for both Nissan and MG and the investment in car and commercial vehicle facilities on the MG site has seen the installation of the very latest MOT bays, three new commercial vehicle ramps and extended parking for customers. Hendy has also included a new colleague welfare room in the project as it continues to invest in its workforce and their wellbeing.

The international logistics company Gebrüder Weiss takes charge of transporting an innovative solar car to Australia for the aCentauri Solar Racing Team of Eidgenössische Technische Hochschule Zurich (ETH). This is where the World Solar Challenge will begin at the end of October 2023. This unique race sees 31 teams cover the vast 3,000 km from Darwin across the Australian outback to Adelaide using solar power alone. To ensure that the high-tech vehicle can be on its marks on time at the other end of the world, Gebrüder Weiss delivers a customized mix of logistics covering land transport, sea and air freight. “Our position as a global logistics company means we are a driver of intelligent transport solutions, actively shaping the mobility of tomorrow,” says Frank Haas, Head of Corporate Brand Strategy & Communications at Gebrüder Weiss. “aCentauri’s solar car is a trendsetter with the potential to revolutionize the transport sector, which is why we are supporting the team on their journey to Australia.” The students have been working on the development and implementation of this solar car for nearly a year. Designed for durability and maximum energy efficiency, it is emblematic of a future in which the environment takes center stage. “Of course, we would like to win the race. But what is equally important to us is taking an active role in developing efficient, environmentally sound solutions,” explains Alexandr Ebnöther, team manager at aCentauri. “With the support of Gebrüder Weiss, we can demonstrate that solar-powered cars and, by extension, sustainable mobility, are possible.” There is particular focus at the moment on alternative drives at Gebrüder Weiss. For example, aCentauri’s solar car is covering the first leg of its journey on the logistic company’s zero-emission hydrogen truck. Gebrüder Weiss regularly reports on the preparations and the progress of the cooperation via a dedicated landing page here and the various social media channels.

A JCB donation is proving the answer to a historic local church’s prayers in helping fund vital renovation work. St Michael and All Angels Church at Stramshall, near Uttoxeter, has received £10,000 from the Rocester-based digger giant to help with major restoration work of the stunning Grade II listed building. A regular architectural inspection of the church, which dates back to the 1850s, showed building and stained glass window repairs were urgently needed, so volunteers from The Friends of St Michael’s set about raising funds. Committee secretary Angela Bath explained the group of ten parishioners who make up the Friends along with countless villagers held cake bakes, raffles, and community fundraisers to get the repairs off the ground and also approached nearby neighbours JCB for support too. Work is now complete on the restoration of a stunning stained glass window which commemorates The Reverend Charles Frederick Lowry who was vicar at St Michael’s for more than 50 years. Meanwhile, specialist masonry work has begun on the west wing, bell tower and roof, with the aim of getting the church watertight by winter. Once the renovations are complete, ambitious plans to build new kitchen and toilet facilities to make the church a community hub are also on the Friends’ agenda. Vicar, The Rev. Margaret Sherwin said: “St Michael’s is at the heart of Stramshall’s community and we are delighted that JCB is helping us to preserve this very special building for future generations.”

A government financing guarantee has helped award-winning metal recycling and waste management specialist Ward supercharge its export growth and achieve its highest annual turnover yet. With the UK generating over 222 million tonnes of waste each year, recycling and waste management are booming sectors. They also export to a growing international market, helping this country manage its waste more sustainably while at the same time supporting jobs, boosting trade and helping to grow the economy. This is something which Ward, one of the UK’s largest independently owned recycling firms, can attest to. The fourth-generation family business achieved record turnover and international sales in 2023 at £312m, thanks in part to backing from UK Export Finance (UKEF), the government department responsible for issuing loans, guarantees and insurance. This service is available to ensure that no viable export fails for want of finance. Ward specialises in metal recycling and waste management, helping a range of sectors reduce their impact on the environment by collecting their materials and recycling as much as possible. It serves a growing export market for recycled scrap metal, shipping reclaimed material to a global client base. In 2022, HSBC UK agreed to provide export funding with backing from UKEF to help Ward expand and meet significant demand for recycled metal from clients in India, Pakistan, Turkey and Egypt. HSBC UK secured a loan guarantee from UKEF for an extra £9 million in financing, with the guarantee issued under UKEF’s General Export Facility product; this allowed HSBC UK to release the funding to Ward. Through its GEF product, UKEF provides partial guarantees to banks which help UK exporters gain access to trade finance facilities. Ward has since used the additional funds to increase the amount of metal for export which is processed and stored at its docks in Immingham and more recently Cardiff. This allows it to load multiple ships simultaneously – each carrying up to 20,000 tonnes of material – and therefore export more metal in less time. In March 2023, less than a year after UKEF unlocked this £9 million financing deal, Ward achieved its highest monthly export sales of metals. Tim Reid, CEO of UK Export Finance, said: “Stories like Ward’s show how UKEF, working with financial institutions like HSBC UK, can unlock new exporting opportunities for firms across the country." “Backed by the right financing, innovative businesses like Ward are supporting growth and reducing waste in the UK whilst making global supply chains more sustainable – this is something which we are proud to support." James Balfour, Finance Director at Ward, said: “We have seen a phenomenal year of growth since this financing was agreed. Support from UKEF and HSBC UK has allowed us to bring our exporting business to new heights, especially in Asia and the Middle-East. I’m excited to see how our team can build on this success.” Ward’s exporting success was recognized with a Queen’s Award for Enterprise for Excellence in International Trade in 2022.

Arco the UK’s leading safety company has begun using environmentally conscious recycled threads at its clothing centre in Preston. Following a successful pilot with supplier, Madeira, Arco, the UK’s leading safety company, has introduced recycled threads from Madeira’s Polyneon Green range into its personalised workplace clothing embroidery and decoration service. Polyneon Green threads are made from 100% recycled PET bottles, reducing carbon emissions associated with virgin thread production and reducing the amount of plastic in the environment. Over the course of 2022, when the trial began, 62% of the cones supplied from Madeira were Polyneon Green. So far in 2023, 67% of the total cones supplied to Arco have been with thread made from the alternative. In addition to the thread being made from recycled materials, the boxes that the cones are packaged in are made of 66% recycled cardboard and they themselves are fully recyclable, the protective wrapper used for each cone is also 100% recyclable. In total, 1.148 tonnes of recycled threads have been used in the clothing centre since the trial began. According to a recent study by the European Environment Agency, EU consumers discard 5.8 million tonnes of textiles annually, two thirds of which from synthetic fibres. This accounts for around 13% of all plastic waste globally. Jim Harbidge, Head of Sustainability at Arco, said: “At Arco, we work in partnership with our suppliers, customers and relevant bodies to develop and provide responsible solutions for safer businesses. “Switching to recycled threads is an example of how Arco is taking action for a safer tomorrow and making it easier for our customers to meet their sustainability and circularity goals and to be confident in making more responsible purchase decisions.” Stephen Crossley, General Manager of Arco’s Clothing Centre, said: “Working closely with our supplier, Madeira, we have successfully implemented important changes to the thread we use for our embroidery and decoration services." “Our job is never completed when it comes to sustainability, so, as the Polyneon Green range continues to develop, in terms of colours and finishes, we will seek to source even more of the threads we use from this range.” Andrew Maylor, Managing Director of Madeira, said: “As a long-term supplier of embroidery threads to Arco, we are proud to be working in partnership with them to help take action for a safer tomorrow." “Our Polyneon Green range was created in response to the global demand to reduce plastic bottles. With Polyneon Green, we are reducing the amount of plastic in the environment and making the textile industry more sustainable. Our aim is to continue to develop the range further so that our customers can source all of their threads from Polyneon Green.”

One of Glasgow’s leading family firms has given a four-figure donation to a group of medics who relieve pressure on emergency services by voluntarily patrolling the city centre dealing with injuries sustained in the night-time economy. More than 50 volunteers comprise Glasgow Street Aid, who handle assault injuries, medical emergencies, such as heart attacks and overdoses, and minor injuries. They also operate a needle exchange to try to limit the chance of drug users picking up an infection by using dirty needles. The group has a base in Union Street from where its qualified volunteers have been operating for over three years and has a good relationship with Queen Margaret University. Former soldier and head of service at Glasgow Street Aid, John Barclay, explains: “The university has paramedic students and we do the placement providing for them from the third sector point of view. They’ll do their ambulance placement, but they’ll also do their third sector which is here, which is great. It means that their voluntary hours here basically go towards their university course, which is fantastic.” John says the volunteers help ease pressure on NHS services, particularly at busy times like weekend nights, which is backed up by their own data. “From January to June we’ve done 694 jobs, which is just crazy to be honest … so we’ve managed to save 368 ambulances being called out just by us doing our job,” says John. “That’s just by us being able to see them, assess them, give them advice, clean their wounds, whatever it may be.” Glasgow Street Aid has also had numerous interactions with police officers, usually to assess if someone who’s been arrested say in the city centre is suffering from something other than too much to drink. The group approached Allied Vehicles Charitable Trust to seek help with funding team radios for security and on shift communication, medical kit, volunteer uniforms, medical consumables and diagnostic equipment, and were given a £1,500 donation. Rebecca, another Glasgow Street Aid volunteer, said the donation was wonderful, adding: “We cannot thank the trust enough for the grant … it really will help us out” Indeed, one of the first things they bought with the gift was a monitor to check and record patients’ vital signs in a form that is easily transferable to hospital equipment. Allied Corporate Culture Director, David Facenna, said: “Glasgow Street Aid is an amazing charity and I think it’s incredible that these medics give up their time to help people, especially at weekends when it can be quite a daunting prospect.”

The Swan and Chequers has reinvigorated Sandbach with its stunning new look. The historic pub which started out life as an old corn exchange dating back to the late 1800’s is now unrecognisable following the substantial investment. The Swan and Chequers has been closed for more than twelve months whilst plans were made to bring a new life into the history-filled site with the local community eager to see what would happen to the much loved pub. Licensees Matt and Jaki Hurst said: “Our newly refurbished pub/bar was very well received over the weekend! Customers enjoyed our new seating area outside in the sunshine, and we look forward to continued success. It’s been amazing meeting new customers as well as old." "We’re also excited to launch our food menu this Thursday, with dishes such as homemade sourdough pizzas, kebabs, smashed burgers, a soft-shell crab burger and 13 small plates to choose from. We can’t wait for everyone to try them!” The new-look bar now seats 90 people inside, with space for a further 90 outside in the courtyard. From the curbside, there are some subtle changes, with new outdoor lanterns and wrought iron gates. The original stained glass windows have been refurbished and the projecting hotel sign has also been restored. However, the Victorian-hand-painted signage and traditional gold leaf window lettering give some clues to what lies inside. Stepping through the door beyond the entrance vestibule, the pub is now unrecognisable. Structurally the internal walls have been removed to create a large open-plan bar area with plenty of natural light. Columns have been added to the main bar area stylised with cast iron Corinthians capitals and floating poser tables. The interior has been designed with a British mid-century era in mind, paying homage to the site’s earlier links to Winston Churchill’s speech on the balcony in 1945. The design scheme also features influences from Victorian London’s underground and the old industrialised city, featuring brown chequered tile work and bespoke designed mid-century pendant lighting. To accentuate the London underground theme, you’ll also notice the fixed seating to be designed to mirror the seat design of the old underground tube trains using the same fabrics used on the 1950s metropolitan tube line, with overhanging old railway pendant lighting. The courtyard of the Swan and Chequers will be the largest outdoor drinking space in Sandbach, housing 90 people. The design team at Robinsons chose to bring history to life with two full wall-length murals. Continuing the mid-century London theme the artwork features an impressive mural of Winston Churchill with his famous quote ‘If you’re going through hell, keep going’. The wall is completed with beautiful red poppies signifying the fallen soldiers and a nod to Churchill’s life as Prime Minister with a replica of 10 Downing Street’s door built in. On the other wall, you’ll see a more playful painting featuring swans and wildlife. Joint Managing Director, William Robinson, commented: “The company has owned this pub since the early 1900’s. Investing in this innovative and modern design scheme is part of our ongoing commitment to delivering the best pubs for the communities that they serve.”

Hendy Group has honoured long-serving colleagues with 20 new admissions to the prestigious 25 Year Club which recognises the growing number of loyal colleagues within the company. Chief executive Paul Hendy said there are now 145 members of the 25 Year Club, and he is honoured that so many people choose to stay with Hendy which currently represents more than 20 brands across the south coast and has a turnover in excess of £1 billion. A day out and evening celebration evening were held to recognise members of the 25 Year Club with colleagues and their partners involved in the event. “I’m delighted to welcome the new members to the 25 Year Club and I’d like to thank the colleagues for their dedication and loyalty to Hendy Group,” said Paul. “We pride ourselves on having colleagues of the highest calibre who share our values and having so many people who have worked with us for so many years demonstrates support in our approach to business.” Among those joining this year is Julie Southgate who is Hendy’s group sales administration manager who is based in Tunbridge Wells. Julie has been in sales admin for her whole working life after a three-week temporary job led to a fulfilling career. “This is a role I love where everyone always pulls together and there is always such a sense of achievement when we meet our targets,” said Julie. I love working with my team, watching their achievements and seeing how they have developed over the years is a very rewarding part of my role and to think that I have had a small part in their growth makes me proud.” Julie says she feels privileged to have a role she thoroughly enjoys and always feels valued and respected. “I have always felt fully supported in my role and there is a great relationship with senior management and the directors, and I like to carry that down through my team and with all colleagues that we work with throughout the whole group.” Also new to the 25 Year Club is Jo Bluer who is based in Portsmouth and is group senior warranty administrator. “I enjoy the work I do and the challenges it can bring, making the days different,” said Jo. “It’s lovely to have been in the same working environment for this length time, with great colleagues.” Jo said that her early years as a wife of forces personnel meant changing jobs every few years as they moved, and while she enjoyed travelling she said it is now nice to have roots. “Seeing customers over the years come back over time is lovely and some make you feel special as I hope we do for them.” Good training and benefits, personal development prospects and the fact it is family-run are some of the factors the business believes drive its high colleague retention. Paul added: “We are thrilled to have a happy and motivated team which enables us to offer high levels of service across our business and we are delighted to have so many long servicing colleagues alongside us every step of the way.”

Brooks Macdonald, a wealth manager with £16.8 billion in funds under management, today announced a partnership with Family Business United (FBU) to provide financial wellbeing support to UK family businesses and their employees. The partnership will see Brooks Macdonald become FBU’s financial wellbeing partner across the UK, supporting members with a range of services including financial planning and investment management, alongside access to knowledge, advice, research and insights. This will be complemented by financial educational programmes and networking opportunities across the UK. “We are delighted to partner with Family Business United,” said Stewart Sanderson, Head of UK Private Clients at Brooks Macdonald. “Running a business, can often be all encompassing, both physically and emotionally, so we want to ensure that their own finances are one less thing to worry about.” “We have extensive experience of working with family businesses and are committed to supporting them. It’s a wonderful sector, employing vast numbers of people and creating a significant contribution to UK plc. Through this partnership, we will be able to provide valuable resources and support to help FBU members achieve their financial goals.” “We are excited to partner with Brooks Macdonald,” added Paul Andrews, CEO of Family Business United. “Brooks Macdonald has a deep understanding of the challenges and opportunities when working within a family business. We believe that this partnership will be a valuable resource for our members.” FBU is a membership organisation that represents over 250 family businesses in the UK with turnovers of up to £400 million. Their mission is to champion and act as the voice for all family businesses, this includes aspects of their financial and business planning.

We are delighted to announce that Rania Labaki has been inducted into the Family Business United ‘Family Business Hall of Fame,’ which recognises the exceptional contribution of individuals and their work in advancing the field of family business. Rania is a passionate advocate of long-lived family businesses who strives to inspire and serve family businesses and their stakeholders through different roles, as a researcher, an educator, a director of family business research centre, an editor, and an advisor, with a special focus on the interplay between family dynamics and decision-making. As Rania explains; "As the oldest and predominant form of organization, family businesses continue to fascinate for the positive impact they make on the systems they interact with. They do not, however, represent a homogeneous group of organizations. While long-lived family businesses have successfully managed to navigate crises and uncertainties, others were not able to thrive nor survive in the hands of their owners-managers." "The key lies in the family which is a double-edged sword, a strength and a weakness for the business resilience and continuity. A key which is challenging but that I believe is crucial to capture and master if we are to ensure the sustainability of our economies, societies, and communities." "This is where my passion stems from, translating into research, teaching, and advising family businesses and their stakeholders on the interplay between the family dynamics and the family business decision-making. By being committed for more than twenty years to creating, disseminating, and empowering through knowledge, I hope to contribute to inspiring and supporting these emblematic organizations in perpetuating their strong values, entrepreneurial models, and long-term view over generations." "The nomination for the Family Business United Hall of Fame comes, therefore, as an absolute honor that rewards these humble efforts of mine. Since its inception, I witnessed the pioneering spirit, remarkable commitment even in crisis times, and growing impact of Family Business United." "By embracing diverse expert perspectives from around the world, recognizing and promoting the contributions of family businesses no matter where and how big they are, genuinely giving them a voice and a platform to share their experiences and learn, Family Business United is bringing valuable knowledge and visibility that serve the communities of family businesses," concludes Rania. As Paul Andrews, Founder and CEO of Family Business United adds, “Rania has made an exemplary contribution to the world of family business, and continues to do so. She thoroughly deserves her place in the Family Business Hall of Fame.”

We are delighted to announce that Peter Vogel has been inducted into the Family Business United ‘Family Business Hall of Fame,’ which recognises the exceptional contribution of individuals and their work in advancing the field of family business. Peter is Professor of Family Business and Entrepreneurship and holder of the Debiopharm Chair for Family Philanthropy at IMD Business School. He is also the Director of the Global Family Business Center and the Global Family Business Award. He works with families, owners, boards and executives of family enterprises and family offices around the world, focusing on transformations, governance, ownership and leadership succession, entrepreneurship, wealth management and on establishing professional boards and leadership teams. Peter has published academic articles and books, such as the award-winning Family Philanthropy Navigator. He is frequently referenced by leading media outlets around the world, and he is a sought-after keynote speaker. Peter is the founder and Chairman of Delta Venture Partners and an Associate Partner of the Cambridge Family Enterprise Group. He was named by Poets & Quants as one of the world’s best business school professors under the age of 40 in 2022 and was included in Family Capital’s Top 100 Family Business Influencers list in both 2020 and 2022. As Peter explains, "Family enterprises are faced with a unique set of challenges related to governance, succession, family dynamics and strategy. My mission is to serve as a trusted partner and inspire enterprising families, to help them ensure family unity, business success and to have a positive impact on society. I am delighted to be recognised within the Family Business United Family Business Hall of Fame." As Paul Andrews, Founder and CEO of Family Business United adds, “Peter is a stalwart of the family business community and continues to make a significant contribution to the sector. He thoroughly deserves is place in the Family Business Hall of Fame.”