An independent Shetland knitting, yarn and haberdashery shop has seen its turnover more than double after accessing support from Business Gateway. Local retailer, Loose Ends, is a mainstay on Lerwick’s Commercial Street, serving Shetland’s textile makers, creative industries and recreational crafters alike. The business, which prides itself on getting the best craft supplies and equipment quickly and at affordable prices, sells everything from fabric to knitting patterns, wool, wool accessories, quilting fabric, haberdashery and Shetland gifts crafted by independent local makers. The team are dedicated to supporting the crafting community, collaborating with small independent local farms to source single-origin wools, partnering with local makers, and offering extended opening hours to accommodate those with busy schedules. Co-owner, Dee Henderson-Haefner, had worked in the store for 5 years under its previous owner. Looking to take over the business with her son Daniel Hanstrom, Dee reached out to Business Gateway in 2023 to support with business planning and financial forecasting that helped her to access essential funding. Local Business Gateway adviser, Jeff Gaskell, supported Dee and Daniel throughout their business journey, providing expert one-to-one support across business planning and company regulations. Jeff also signposted the duo to funding opportunities and fully funded specialist marketing support from consultants at Tuminds, a dedicated digital marketing training provider. Since taking over Loose Ends, Dee and Daniel have completely revamped the business, using Dee’s industry knowledge and contacts to craft a lasting connection with customers and establish a strong foundation for growth. Loose Ends has seen turnover more than double since accessing Business Gateway support, enabling the business to take on its first employee and refurbish its storefront. Dee Henderson-Haefner, co-owner, Loose Ends, said: “Business Gateway’s support has been instrumental in helping us secure the funding to take on the business and establish a strong foundation for our revamp." “Jeff has always been on hand to offer guidance and has been an invaluable resource for connecting us with the wider support network available that we wouldn’t have known about otherwise.” Jeff Gaskell, Business Gateway adviser said: “Dee and Daniel’s passion to revamp Loose Ends and bring it back to the heart of the community has been inspiring. It's great to see the strong community response to their hard work and I’m delighted we have been able to support their growth.”

A Portsmouth IT company has partnered with a Meon Valley farm shop as it kickstarts its expansion across Hampshire. Tektraders Ltd, based in the heart of Portsmouth, has supported Westlands Farm Shop in Wickham to deliver the latest tech to help oversee its new second store in Winchester. As part of the partnership, Tektraders has supplied four state-of-the-art PCs and three monitors to speed up the farm shop’s back-office operations as the business grows. Tektraders Ltd Managing Director Rob Hepworth said, he was thrilled to see Westlands growing, having worked with the family-owned business since its earliest days. “The very first piece of equipment I sold to Westlands was a tiny gadget used to rewind its roll of stickers for its famous strawberries." “It’s a pleasure to see how far the farm shop has come and to witness the opportunities to integrate IT into its day-to-day operations." “We supply to a variety of organisations that are often keen to improve what they do. I love helping businesses sharpen up their tech portfolios as they start hitting their business growth goals." Kayleigh Collet of Westlands Farm Shop said: “It’s been an extremely busy year for us so far. We have recently opened our second store in Winchester, and we’re gearing up for our strawberry season. Our recent IT upgrade will help us keep our shelves fully stocked, manage finances and admin and help us oversee two stores at the same time.” Based in the heart of Portsmouth, Tektraders Ltd is an independent IT company which supplies tech to offices, schools and businesses.

Hendy Foundation, the independent charity affiliated with leading car dealer business Hendy Group, has confirmed its latest round of funding commitments for local charities across the south coast of England. The latest phase of donations includes The Sampson Centre for MS in Surrey. This takes Hendy Foundation’s charitable commitments in 2024 to over £50,000, benefitting 26 different charities. ● The charitable Hendy Foundation linked to leading motor retailer, Hendy Group, donated £50,000 to organisations across the south coast in 2024 ● The Sampson Centre for MS is a recipient of a new grant ● Over 200 small charities have now been backed with vital funds since Hendy Foundation was created In its latest funding round, Hendy Foundation has selected eleven small charities to support across six counties. These include: The Sampson Centre for MS (Surrey) Mid Kent Community Radio (Kent) Domestic Abuse Volunteer Support Services DAVSS (Kent) Life Education Wessex (Dorset) Bournemouth Food Bank (Dorset) Dorset Mind (Dorset) Wild and Free Therapy (Dorset) Aldermoor Community Farm (Hampshire) PEDALL Inclusive Cycling (Hampshire) City Gate Community (East Sussex) Estuary League of Friends (Devon) Hendy Foundation has chosen to support the Sampson Centre in this latest round of funding. They currently support 250 registered disabled people who live with Multiple Sclerosis, providing oxygen therapy, physiotherapy, exercise and advice to help relieve and minimise their symptoms. Hendy Foundation helped the charity with funds to pay for one month's supply of oxygen therapy. Since its launch, Hendy Foundation has granted over £350,000 to more than 200 charities in communities that are local to Hendy Group’s car dealerships across Devon, Dorset, Wiltshire, Hampshire, West Sussex, East Sussex, Surrey and Kent. On average, Hendy Foundation receives between 50 and 100 applications for each funding round, which typically occur two to three times per year. A panel of volunteer trustees carry out a detailed due diligence process to determine which are most eligible to receive support. Some of the charities previously supported by Hendy include: · Dyscover, Surrey: Hendy Foundation donated to this specialist charity, which supports people with aphasia, a speech and language disorder which is acquired following a brain trauma. The grant has enabled the charity to buy new laptops for specialist staff. · Jigsaw South East, Surrey: Hendy Foundation has supported this charity twice since 2019, first in 2021 when providing support for bereaved children and young people who have suffered a bereavement of a loved one and the second in 2024 with a grant specifically for family bereavement groups. Launched in 2019, Hendy Foundation is a dedicated charity that provides grants to local charitable projects, people and charitable organisations. The family-run Hendy Group’s commitment to supporting local communities goes back generations, and the Hendy Foundation continues to explore exciting new ways to strengthen and improve upon these links. About Hendy Foundation Hendy Foundation is an independent charity affiliated with the family-run automotive dealer group Hendy Group, established in 2019. Run by a number of trustees, Hendy Foundation supports small, local charities that fall within the footprint of Hendy Group across the South Coast. About Hendy Group Hendy Group is a family-run automotive dealer group, established in 1859 and celebrating 165 years of operation in 2024. With fifth generation family member, Paul Hendy, currently CEO, the business now employs over 1,700 colleagues. In 2024, the Group is ranked 18th in the AM Top 100, with a 2023 turnover of just over £1bn. The Group proudly represents 22 automotive brands across the South Coast and is committed to providing world-class customer service at all of their dealerships.

In this article, we take a look at intellectual property rights and, in particular, how they can be best be utilised for business growth and protection in the context of farms and rural business. What Is Intellectual Property? Intellectual property, or IP, is a general term which describes intangible assets. All businesses have IP, regardless of what sector a business is operating within, and examples of IP include copyright, trade marks, patents, design rights and many more. These assets, although not physical, add value to a business and help them to achieve their goals. Having a clear plan for how to deal with IP is essential, and many businesses fail to take advantage of the tools in the IP toolkit until it is too late. There is a tendency for businesses to dismiss IP, or not engage with it, because they think it's more about creating opportunities for litigation. However, the key is to look at it through the lens of how intellectual property can add value and instead consider IP as an asset which can be used to generate revenue for your business. The farming and rural sector is currently undergoing huge changes and, as a result, it is expected that more farms and rural businesses will inevitably look to diversify. When it comes to diversification, for most businesses the key intellectual property is going to be brand, which in legal terms we refer to as trademark and copyright. Brand is a way of protecting the farm name, the names of products that you produce and the names of services that you generate. It's the way in which the law creates a monopoly in a brand, a name, a logo or a get up. How Can Farming Businesses Make The Most Of Their Brand? Farms and rural businesses may be failing to make the most of the opportunities that they have to capitalise on the narrative of their products. Non-farming businesses are looking to increase sales by using imagery and text to create an impression that their products have a rural provenance or originate from a family business, a practice known as "Farmwashing." Despite this, many rural businesses which do have this genuine background, are not taking advantage of this opportunity in their branding and marketing. Often farming and rural businesses fail to take control over their brand because they do not register their trade marks (e.g. product and farm names). Businesses should be looking at how their brands can add value to the work they do and step one in this process is to take ownership of their brands through trade mark registration. Trade Marks Trade mark registrations are a way in which businesses can take ownership of their reputation and of the brands that they are using. By obtaining trade mark registrations, businesses can create assets which can add value to their business. Businesses focus on developing their reputation every day they trade. Whether it is goods, such as the products that they are putting onto store shelves, the services that they offer, such as holiday lettings on their rural property, or simply the distinctive name of the farm itself. For many businesses that reputation will be one of, if not their most, valuable assets. Trademarks are the way the law says we can ring fence that, we can identify what that reputation is and we can package it up into an asset which you as a business can do things with. Historically, the farming sector gave rise to some of the earliest trad marks and initiated the development of much of the trade mark law we still see today. Early trade marks involved branding cattle, with the brands designed to protect the consumer just as much as they were intended to protect a business, they would educate the purchaser of the quality of the livestock and provide reassurance as to how it had been cared for and reared. As a result of the brand, a buyer would understand the quality of what they were buying. Brands still serve this function today, operating not just as a marketing tool, but also as a form of quality assurance. However, despite this long history, and that some of the most well-known, and hence valuable, brand identities on our supermarket shelves are farming brands, it is something that is considerably underutilised in this sector. By not taking control over their brands, farming businesses are missing out. In a time when farmers are struggling financially and consumers are increasingly valuing local produce, it essential that farming businesses develop and protect their brand identities, by way of trade mark registration, to make the most of their unique place in the market. Copyright Copyright also has a part to play and can protect written communications, websites, or even software code. Copyright doesn't protect ideas, but it protects the way that you manifest and express those ideas. For example, where a rural business has diversified to provide holiday lets via a website, copyright might exist not only in the website design itself, but also in the software code behind the booking systems created. A key thing with copyright is being aware that it's there. It runs through so much and it has a value. However, rural businesses must also understand that when they engage with third parties, issues around the ownership of any copyright generated can arise. It is therefore essential that rural and farming businesses explore their connections with any third parties, whether they be marketing companies, packaging designers, website designers or whoever it may be, to make sure that it is clear where the ownership of the asset ultimately sits. When Should Farm Businesses Consider Protecting Their IP? Generally, businesses across all sectors engage with IP a little late in the day, often in reaction to something that's happened, rather than proactively. However, in order to effectively protect these important assets, it is essential that farms and rural businesses engage positively and proactively with the IP system. There are many triggers that would have a business in this sector engage with intellectual property, in particular: New Service Lines - Businesses who are, for example, diversifying into things like holiday lets or providing a wedding venue are starting to create brands to take to market. Those businesses will need to consider the IP in that brand and register those brands accordingly. New Product Lines - Businesses engaging in new product lines, such as product development for food and drink products, will also be producing brands that they need to protect. However, they should also consider copyright, for example in relation to the recipes that they have painstakingly developed. Generation Change - We also often see the need for consideration of IP when there's a generational change across farming businesses and there is a different focus moving forward on brand, reputation and where that can be generating value. As part of any review of the assets of a business, it is important to also understand the intangible IP assets that are there and that could be used to generate value. Three key IP takeaways for farming and rural businesses Identify the brands that you are using and register those brands as trade marks Don't assume, because of trading history or because of household brand name status, that everything is in hand from a branding point of view. Check the brands that you are using and register them accordingly. As discussed, consumers value the association with a rural setting. Consider taking advantage of this value, by using clever branding and trade mark registration, to ensure consumers associate your products and services with the rural setting that they originate from. Be proactive Don't wait until the wheels have come off, take ownership of these assets upfront. Consider, not just your registrations, but also about where you collaborate with third parties as ownership issues may exist. Shift your perspective Don't consider IP as a cost. Don't consider IP just as a tool for litigation. Think about IP as a value-add to your business. Ideally, you want to be taking the plan for the business and creating an IP strategy which accurately dovetails with that. Taking control of your brand is crucial to maximising revenue in your business and trademarks and IP are very much about creating a legal asset in your brand. About the Author - Robert Davies is a Managing Associate at Foot Anstey LLP and there Intellectual Property experts are available to support you in your journey and assist you in taking control from a legal point of view. Please get in touch via their website here to find out more.

Boodle Hatfield's William Rollin (Partner – Family and Divorce) and Laura Cullinane (Senior Associate – Tax and Trusts) reflect on the IHT implications of last Autumn's Budget and explore the planning opportunity to mitigate IHT and divorce risk in the context of a family business Significant changes to personal taxation were announced in the Autumn Budget 2024. These included inheritance tax (IHT) restrictions on agricultural and business property relief (APR/BPR) and announcements of changes to the IHT treatment of pensions. Headline IHT rates have not changed but APR/BPR will reduce significantly from 6 April 2026. From 6 April 2027, unspent pension funds and death benefits will also be subject to IHT. The detail of the proposed changes is subject to separate consultations (the consultation in respect of BPR/APR having been published on 27 February 2025) but those consultations fall outside the scope of this article. In broad summary, the direction of travel is clear - the intended tax changes will mean more assets falling outside the existing IHT reliefs and the overall IHT burden shall be higher. Some readers will be aware that every individual has an IHT nil rate band of £325,000 - and there are various reliefs/exemptions such as the spouse exemption and main residence nil rate band. Beyond the nil rate bands and exemptions/reliefs; anything left to the next generation on death will incur IHT at up to 40%. However, outright lifetime gifts (Potentially Exempt Transfers or PETs) made more than 7 years before death are not assessed to IHT. If the donor fails to survive seven years from the date of the gift, the PET becomes chargeable to IHT so the value of the transfer is included in the donor's estate (reduced by taper relief if the donor survived more than three years from the date of the gift). While the Budget extended the scope of IHT, it did not disrupt the ability to make PETs. It should also be noted that families can still consider opportunities to put BPR/APR property into trust (and take it out of trust) before April 2026 in addition to or instead of lifetime gifts. Bespoke advice should be obtained to maximise protections. Our view is that passing wealth to future generations early remains potentially very effective for IHT planning purposes. IHT – A Planning Opportunity? In light of the changes announced in the Budget and potential impact on family wealth, we focus in this article on a notional older couple (Parents) whose assets exceed their needs. Their asset base includes the family home, an investment property, ISAs, pensions and the entire shareholding in the family trading business. Professional advice confirms that their assets (and income) exceed lifetime needs. However, subject to the usual exemptions and reliefs summarised in this article, any legacy left to the next generation risks incurring IHT at up to 40%. Parents are therefore considering mitigating IHT by making a PET to the next generation (Child). Whilst it is tempting to delay making plans for future – the sooner a gift is made, the sooner the clock starts counting up to the 7 year point after which the gift should not be taxed to IHT. Divorce Risk One of the risks around lifetime gifting is the concern that assets gifted to Child may become subject to divorce claims if Child gets divorced from their spouse (Spouse). On divorce, the law assesses a couple's assets in (separate) marital and non-marital 'pots'. The marital pot broadly comprises value generated by the couple during the marriage. Inheritances and gifts usually fall into the non-marital pot. In principle, the marital pot will be broadly shared, and the non-marital pot retained by the owner, subject to any claims by the financially weaker party to backfill their 'needs'. Child's non-marital asset could be the target of needs-based claims. Enhancing this risk, the court is generous in assessing needs. If the couple has enjoyed a comfortable standard of living, 'needs' are deemed at a corresponding level. Further, the smaller the marital asset base – the greater the proportionate risk to the non-marital asset. For example - if the divorcing couple have marital assets of £1 million and Child has non-marital assets of £3 million – it's no stretch to imagine that Spouse could secure a £2 million divorce settlement – effectively receiving half of the value of the non-marital asset – very far from what Parents would wish for. Mitigating Divorce Risk Divorce risk is a potential obstacle to lifetime gifting – which is why from a family law perspective, we may recommend a nuptial agreement to mitigate divorce risk. Whether a 'pre-nup' before marriage - or a 'post-nup' after marriage – a nuptial agreement allows Child and Spouse to agree the financial outcome of a potential divorce. The core protection envisaged for these purposes is that Spouse would agree to limit - or to wholly forego - claims against the planned lifetime gift. Since the case of Radmacher in 2010, a fair nuptial agreement will usually be upheld by the court. It is therefore potentially a protective shield for gifted family wealth. Accordingly, we'd encourage anybody considering making a lifetime gift to ask the next generation to enter into nuptial agreement. Planning A Lifetime Gift/Proposing A Nuptial Agreement If Parents contemplate making IHT efficient gifts, tax advice should be taken early to scope out the tax benefits of disposing or retaining specific assets. Having decided which asset(s) Parents wish to gift, they or their solicitor can explain the gifting plan and potential tax savings to the next generation. Critically, they explain their requirement that a nuptial agreement be signed before the lifetime gift is made. The specific terms of the agreement will depend on the nature of the proposed gift, and also on the Couple's and the recipient Child's financial circumstances. In the context of gifting shares in a family business, protections written into the nuptial agreement for Child can also be protective of the family business in a divorce scenario. The nuptial agreement could: • Exclude the transfer of Child's shares • Excluding or limit capital claims against Child's shares • Limiting or excluding income claims against Child's dividend income • Require Spouse to resign any directorship / role in the business • Spouse to surrender company property • Spouse to vacate the business premises • Spouse to forego employment / other claims against the business • Spouse maintaining business confidentiality and not bad-mouthing the business The Budget presents significant IHT implications for families with business interests. Timely planning including PETs, where appropriate, potentially supplemented with nuptial agreements, can assist in mitigating risk. By seeking legal and tax advice and taking strategic action, families can protect their wealth and ensure smoother transitions to future generations.

Pride Park based NK Motors has reported a surge in sales since completing a £1m showroom refurbishment on the eve of its 20th anniversary in Derby. The Kia dealership, in Orient Way, has this week seen its 35,000th car driven off the forecourt since moving to its Pride Park home in April 2005. NK Motors, which also sells around 200 used cars every month from Pride Park and its other base in Chilwell, saw its sales of Kia cars from the Derby branch exceeded the 2,500 mark last year despite work being carried out on the revamp.  The project took 12 months to complete and included the addition of six new upper-floor offices, a double mezzanine space upstairs and a make-over of its large showroom. As a result of the business’s increasing success, it is hoping to ramp up £100m in turnover this year compared with the already impressive £80m achieved in 2024. Group managing director Sanj Kumar puts the success down to the increasing popularity of Kia’s new model range and great choice of electric vehicles combined with his firm’s constant commitment to improving services for customers.  “Kia cars have come a very long way since the early days, and customers love the quality, the high basic specification and the seven-year warranties that the manufacturer provides,” said Sanj. "But NK Motors’ success is also about how we treat our customers and the fantastic environment we provide for them at our Derby showroom." “As an official Kia franchise dealership, we have certain standards and guidelines that we must meet in terms of our showroom, branding and presentation. But with this latest refurbishment, we have gone above and beyond what we are required to do." “It’s an amazing space, and we’re extremely happy with the result – not least the car sales results which seem to have coincided with the completion of refurbishment work at the end of last year.” NK Motors Group also includes a car dealership in Eldon Road Business Park, Chilwell, Nottingham, very close to where Sanj’s dad, Nindy Kumar, launched the original business in 1981. The Eldon Road branch also sells a combination of used cars and new Kia vehicles. In those days, Mr Kumar senior launched his business as a car mechanic and MOT centre before expanding into used car sales. But it was Nindy’s foresight in striking a deal in 1999 to buy a batch of 150 Kia cars that truly launched the business and built its ongoing relationship with the South Korean car manufacturer. Sanj joined his dad’s business as a teenager in 1998, working in various roles, from vehicle technician to sales executive, in Chilwell before the milestone move to Pride Park in 2005. Nindy continues to play an active role in the family business. The NK Group now employs 120 staff across all businesses, while NK Motors has doubled its turnover in the last 10 years and is now forecasting another major leap in sales to £100m by the end of this year. The firm, which continues to offer Kia-approved workshop and servicing facilities on site, currently has over 600 cars in stock. The wider NK group also includes an inhouse construction team, a horse livery, a large commercial property portfolio and the hugely popular Nicco restaurant and bar, also in Pride Park. “We’ve come a very long way as a business since dad opened his garage in 1981,” said Sanj. “But thanks to a bit of luck, some shrewd business decisions and an awful lot of hard work, we’re still growing strong and have even bigger plans for the future.”

Leading glass packaging specialist, Croxsons, is set to exhibit at the Farm Shop & Deli Show for the first time, bringing its consultative expertise and premium glass packaging solutions to the event being held at the NEC Birmingham from 7-9 April 2025. Visitors can find Croxsons at Stand K291, where the team will showcase sustainable glass packaging for food, cider and spirits. As a family business with a heritage spanning over 150 years, Croxsons understands the needs of food makers, artisan producers and independent brands. Their presence at the Farm Shop & Deli Show, part of The UK Food & Drink Shows, highlights their ability to support businesses of all sizes, from small-batch producers to large-scale manufacturers, with tailored, high-quality packaging solutions. Tim Croxson, CEO of Croxsons said: "We’ve never forgotten our roots. In business, we very much take a consultative approach, understanding the individual needs of every customer, whether they’re a family-run farm shop or a large-scale producer. This event is a fantastic opportunity for us to connect with like-minded brands in the food and drink space and demonstrate how our sustainable glass packaging solutions can help them stand out in the market.” Throughout the show, Croxsons’ regional sales team will be on hand to discuss bespoke glass packaging solutions, closures and decoration services. Aligning with their 2024 stand design from IFE Manufacturing, Croxsons' stand at the Farm Shop & Deli Show will reinforce their commitment to sustainability, showcasing their latest eco-friendly glass packaging innovations.

Selling a family business is one of the biggest decisions an owner will ever make. It’s not just about the business itself—it’s about the people, the legacy, and often, the identity that comes with it. But when the time comes to sell, emotion must be balanced with a clear strategy. Buyers don’t just look at what the business is today—they want to know what it will be without you. One of the biggest risks in any sale is an over-reliance on the owner. If the business can’t function without them, buyers will hesitate, push for a lower price, or walk away entirely. On the other hand, if a strong leadership team is in place, it reassures buyers that the business will remain stable, profitable, and well-run long after the sale. That’s where real value is created. Why Leadership Matters In A Sale Every buyer asks the same fundamental questions. Who will run the business when the owner steps back? Will customers, suppliers, and employees stay? Can the business continue to grow without the family’s involvement? If these questions don’t have clear answers, buyers see risk. And risk lowers value. When a business has the right leadership in place, it makes a sale not only easier but more attractive. The company is seen as a credible, investable proposition rather than a risky handover. It attracts more interest, commands a higher valuation, ensures a smoother transition, and gives the owner more flexibility in shaping their exit. Despite this, many owners underestimate just how long it takes to put the right team in place. If a sale is even a possibility within the next five years, now is the time to start preparing. How To Build A Leadership Team That Strengthens A Sale Start Early – It’s Not A Quick Fix Recruiting, integrating, and empowering a leadership team takes time. It’s not just about hiring the right people—it’s about ensuring they work together effectively and genuinely take responsibility for running the business. Too many owners try to step back just months before a sale, but buyers see through it. The businesses that achieve the best valuations are those with leadership teams that have already been operating independently for years. Strengthen Leadership In Key Areas Buyers want to see a leadership team that extends beyond the family and is strong in the areas that matter most. If the owner is the CEO, there needs to be a transition plan. If financial control has always sat with the family, a professional finance lead must be in place. Commercial and operational leadership needs to be structured so that key relationships and processes continue seamlessly. HR and people management must be professionalised, particularly in businesses where culture has been closely tied to family influence. The ultimate test is simple: if the owner steps back today, can the business continue to run effectively without them? If not, gaps need to be addressed. Balance Family And Non-Family Leadership – And Strengthen Governance Many family businesses hesitate to bring in external executives, but buyers want to see a balance. The strongest teams include family members in leadership roles only where it makes strategic sense, not just out of tradition. External hires can bring fresh expertise, and independent non-executive directors (NEDs) add credibility, helping to strengthen governance and decision-making. A board made up entirely of family members can be a red flag for buyers, signalling that decisions may be too insular or subjective. Having at least one or two independent NEDs reassures buyers that governance is robust and professional, not just family driven. Move From Informal To Professional Leadership Structures In many family businesses, major decisions still happen over Sunday lunch or in a family WhatsApp group. That may work internally, but buyers want to see clear governance and structured decision-making. Roles and responsibilities should be properly defined, ensuring leadership operates based on function and expertise rather than family hierarchy. Authority must be delegated properly—leaders need to have real decision-making power, not just the illusion of it. If key people plan to leave after the sale, a documented succession plan must be in place well in advance. A business that operates on systems and leadership accountability—not just familiarity and trust—is a business that will attract stronger buyers and better offers. Incentivise The Leadership Team To Stay One of the biggest concerns for buyers is whether key people will stay after the sale. Without retention plans in place, they will factor that uncertainty into their offer. Aligning leadership incentives with a successful sale creates confidence on both sides. Retention bonuses can ensure that key leaders commit to staying for a set period post-sale, while earn-out structures tie compensation to business performance after the transaction. Long-term incentive plans and, in some cases, equity participation can also help align interests and keep leadership invested in the business beyond the sale. Owners can’t assume that loyalty alone will keep people in place—certainty is needed, and that requires the right structures and conversations well ahead of a sale. Prove That The Business Can Run Without You For many family business owners, this is the hardest step—letting go. Buyers need to see that the company can genuinely operate without daily involvement from the family, and the only way to prove that is to step back before the sale. The transition should begin long before buyers start due diligence. The leadership team must be making real decisions and running the business day to day. Relationships with customers and suppliers should be strong beyond the owner, ensuring stability throughout and after the sale. A business that can stand on its own is a business that will continue to thrive, and that’s what buyers will pay a premium for. Final Thought – Leadership Drives Value A well-run business commands confidence, attracts stronger buyers, and ultimately achieves a higher sale price. Buyers want stability and a business that isn’t reliant on one person. That doesn’t happen overnight—it takes years of preparation. If selling is on the horizon, the question isn’t whether you should prepare—it’s how soon. The earlier leadership is strengthened, the more control and choice the owner has over the sale. At TWYD, we work with family businesses at every stage of this journey—whether a sale is five years away or just around the corner. If you’d like to explore what this means for your business, we’re here to help. About the Author - David Twiddle is the Managing Partner at TWYD & Co , an executive search and leadership advisory firm dedicated to family businesses. Having built and successfully prepared three of his own family’s businesses for sale, he knows first-hand the challenges of stepping back, putting the right leadership in place, and ensuring a business is sale ready. Through TWYD, he helps business families strengthen leadership, structure transitions effectively, and build value—whether they’re preparing for a sale or planning for the future.

Cardiff & Vale College (Coleg Caerdydd a’r Fro) has found success using family run Celebration Packaging’s zero-touch disposable wooden cutlery dispensers. “We originally trialled the wooden cutlery dispensers in one of our College canteens and the feedback from customers was really positive,” says Anthony Ruston, Head of Department – Catering and Retail Operations, CF10 Retail Ltd, Coleg Caerdydd a’r Fro (Cardiff & Vale College). “Customers really appreciate that the unit keeps the cutlery in a more sanitary condition than just being placed in a traditional cutlery tray. “We have also found that we were using less cutlery as customers were just taking what they needed and there were less breakages. This trial was a success and the dispensers have been rolled out across all catering sites that we operate.” Hygiene, convenience and sustainability Celebration Packaging recently launched the revolutionary new zero-touch disposable wooden cutlery dispensers and they have been proving extremely popular with catering facilities managers across the UK, as they deliver a perfect combination of hygiene, convenience and sustainability. Celebration Packaging Director, David Oates commented: “We are proud to have launched the world’s most hygienic zero-touch wooden cutlery dispenser. For end-users, there are no levers or buttons to press, as they simply pull the cutlery handle from the dispenser. This creates a sanitary dispensing solution, significantly reducing the chance of contamination by bacteria, germs and viruses, which is common with traditional open cutlery trays and pots." “Meanwhile, operators have absolutely zero contact with the cutlery when filling the dispenser, which totally prevents cross-contamination.” Preventing wastage and over-consumption Celebration Packaging’s disposable wooden cutlery dispensers prevent wastage and over-consumption, as customers only pick the items they are going to use, rather than taking – and touching – multiple items. Ideal for self-service areas, takeaway and QSR restaurants, food kiosks, food courts, service stations and stadiums, the unit has a small footprint when placed on counters, or can also be wall or stand mounted. For operators, the high-quality, robust and aesthetically pleasing dispenser is designed to be easy to maintain as the transparent housing shows the cutlery level, and it is purely mechanical with no power or batteries required. “These dispensers offer a professional minimalist, modern looking, practical and organised solution, especially when compared to messy and unorganised open cutlery trays or pots, which are often a hot-bed for germs, viruses and bacteria,” says David Oates. “But, perhaps the biggest benefit of these innovative new zero-touch disposable wooden cutlery dispensers is that consumers only touch the handle of the piece of cutlery they are going to use, so this is both a hygienic and a waste-saving solution.” Easy to use and maintain To load the hygienically packed factory-sealed cutlery refill pack, simply open the flap, press the red button and pull out the cartridge. The refill pack of knives, forks or spoons can then be placed in the corresponding cartridge, and the tape tab pulled off and the bag removed. Pull the trigger to release the first piece of cutlery, press the red button and push the cartridge back into the dispenser, which is now ready to use. Simple. Wooden cutlery is 100% natural and is the perfect alternative to the now banned single-use plastic cutlery. The dispensers are easily branded, creating an unmissable opportunity for operators wanting to advertise their brand or announce special promotions or events. The cutlery dispenser is highly versatile, allowing customers to tailor the unit by selecting any three cartridges to suit their cutlery requirements. They can choose from regular-sized or the newest smaller snack-sized knives, forks, and spoons – or a combination of both sizes. For instance, they may wish to feature a regular size knife and fork, with a smaller snack size spoon, or two of the smaller snack size forks and one regular larger size fork. Customers can build their own dispensers with a widely variable combination of regular and small snack size cutlery in any one dispenser.

One of the UK’s leading bespoke racking manufacturers is looking to double its sales by 2028 after tapping into assistance from a leading business support programme. Wickens Engineering Ltd, which employs 50 people at its Wainwright Road factory in Worcester, is targeting £20m in revenues after it completed a £1m improvement project in its paint shop, giving it the capability to powder coat 8-metre-long steel beams for the first time. The latest phase of the investment drive was supported by consultancy through the Elevate Manufacturing Programme, which included a revenue grant that played a key role in driving change. The project enabled the business to adapt its processes, improve efficiency, significantly reduce solvent paint usage and maximise production capacity. In addition, Wickens received grant funding towards capital equipment, allowing the much-needed project to be implemented six months ahead of schedule. It will help the company, a specialist in cantilever, heavy duty, structural and vertical racking, to improve performance and offer a greater product range, whilst also cutting solvent emissions significantly. Mark Rawlings, Operations Director at Wickens, commented: “We have seen strong growth in recent years, with turnover up £3m after orders from clients in the automotive, marine, recycling, construction and retail sectors." “Our paint shop was reaching capacity, so we knew we had to do something about it, deciding to embark on a £1m investment in automation equipment. As part of the GROWTHmapper exercise we did with the Elevate Manufacturing Programme, we identified solutions that would unlock capacity and allow us to offer a new service to customers.” He continued: “We can powder coat up to 8-metres in length now and this is proving very popular with our clients, who span the length and breadth of the UK.” Wickens has been a trusted name in the industrial racking sector for more than 40 years, with its solutions adopted by boat yards, steel stockholders and tooling manufacturers. Household retailers are another major user of its bespoke offer, with the company recently completing the largest project in its history for a well-known brand. Faced with several business challenges that come with the manufacturing territory, the leadership team turned to external assistance, firstly from the Worcestershire Growth Hub and then more intensive, one-to-one assistance from the Worcestershire Council-funded Elevate Manufacturing Programme. The latter appointed a Manufacturing Growth Manager to work with Mark on identifying barriers to growth and a range of business improvement projects, which ranged from the paint shop upgrade to upskilling the workforce. “There’s so many different business support programmes out there that it can get quite confusing and time consuming trying to find the right ones that will work for your company,” added Mark. “Worcestershire SMEs are blessed that we have a very proactive Growth Hub and the Elevate Manufacturing Programme, who collaborate very closely to ensure manufacturers get access to dedicated support." “It has made a massive difference to us operationally and will be a big boost commercially. They also signposted us to Skills Boost, which helped us fund Business Improvement and effective leadership training for more than ten people. The external support has been a real big plus for us.” The Elevate Manufacturing Programme aims to support SME manufacturing businesses in understanding their short, medium and long-term improvement goals. It has worked with more than 30 companies in the region to improve productivity, competitiveness, sustainability and to adopt new products or services through digital adoption. Each firm has access to the GROWTHmapper business diagnostic tool and grants of up to 40% towards the total cost of a project. There is also a calendar of manufacturing workshops covering topics from digital manufacturing to supply chain management. Jas Raju, Manufacturing Growth Manager with the Elevate Manufacturing Programme, concluded: “Wickens is a well-established family business that continues to grow in Worcester, creating jobs and contributing to the local economy. Through the Programme, we’ve helped them identify key areas for improvement and access funding to accelerate their expansion towards a £20m turnover by 2028.” Councillor Adam Kent, Worcestershire County Council’s Cabinet Member for Economy and Skills, added: “We are delighted to see Wickens Engineering Ltd flourish through the Elevate Manufacturing Programme. This success story truly demonstrates the power of tailored support to help businesses in our region tap into their full potential, streamline their operations and drive sustainable long-term growth.”

One of the UK’s leading manufacturers of engineered timber components, Donaldson Timber Engineering Ltd (DTE) has become the first bespoke product manufacturer to achieve the Code for Construction Product information (CCPI) mark for DTE roof trusses and DTE joists. Initiated by the Construction Product Association (CPA), the CCPI was developed as a direct response to Dame Judith Hackitt’s review of Building Regulations and Fire Safety set up in the wake of the Grenfell Tower tragedy. It consists of an 11-clause set of expectations that promotes positive culture and behaviour change in the approach and management of product information by the construction product manufacturing industry. Conformance with the CCPI helps to give greater customer confidence that product information is clear, accurate, accessible, up-to-date and unambiguous. This is something which is becoming increasingly important to specifiers and buyers looking for guarantees and safeguards in product performance claims. The CCPI Assessed Status for DTE roof trusses and DTE joists is valid for two years and requires a commitment to continuous improvement and a proactive approach to raising standards in product information. Luke Roberts, Managing Director at DTE, said: “We’re extremely proud to be the first manufacturer of trusses and joists to commit to higher standards in construction product information, marketing and product claims by achieving CCPI assessed status for this product set. This is another step towards delivering manufacturing and supply chain excellence, signifying to customers that the product information they’re receiving is trustworthy and adheres to the high standards set out by the CCPI." “The CCPI is playing a pivotal role in driving up standards in product information and marketing and facilitating positive culture change. We’re pleased to be working proactively with the CCPI to raise standards in our product information management and marketing.” Mark Murphy Chief Risk Officer at Donaldson Group and Tom Edwards, General Manager at DTE Ilkeston led the process. Mark said: “While a huge amount of work has gone into this process, our structured approach, along with an historic and ongoing commitment to certification, allowed us to demonstrate our compliance and values across the business." “We’re always striving to achieve the next standard of excellence and trust, so there’s an enormous amount of pride in achieving the CCPI mark for this product set. It’s great to have successfully been through the CCPI independent assessment process to demonstrate that we deliver on our core value of integrity." “A huge thank you to our Donaldson colleagues who supported on this over the last nine months.” "DTE is the UK’s longest established manufacturer and supplier of roof trusses, open web joists and I-joists, with a regional network of nine branches across the UK."

Working capital is the capital of a business, which is used in it’s day-to-day trading operations, calculated as the current assets minus the current liabilities. Current assets are held for a short period of time and will be converted into cash within one year e.g. trade debtors, prepayments, stock etc. Current liabilities are short term obligations and are debts due to outside parties within one year e.g. trade creditors, VAT, PAYE, leases and loans. If current assets exceed current liabilities, you have “positive” working capital. That’s a good sign and suggests that you have sufficient resources to fulfil short-term obligations. However, a negative number indicates the business might struggle to cover liabilities and could end up in a cash flow deficit. Family businesses need to balance the short-term financial needs with long-term goals. That is, meeting current financial obligations but still planning for the future and having enough resources to fund sustainable growth. What is Working Capital Management? Working Capital Management refers to a businesses managerial accounting strategy designed to monitor and utilise the two components of working capital; current assets and current liabilities, to ensure the most financially efficient operation of the business. Family businesses often rely on financial support from family members, meaning that personal finances and business finances can become linked, however, it is important for both the business and the owners to be financially independent. Managing working capital effectively can help a family business grow and ensure there is a legacy to be passed on to the next generation, which should in turn provide peace of mind and reduce financial stress. Understanding Working Capital To manage your working capital, you need to understand it. Sometimes clients ask us, “Are you sure I made a profit? I have less money now than I had at the start of the year.” You can be showing a good profit on the books and still be strapped for cash to cover immediate debt. A business’ ability to generate cash is crucial, and businesses with low cash reserves or unstable cash flows can be vulnerable. Cash might be King, but Working Capital is Queen. Businesses with strong working capital are proven to be less impacted and more resilient during challenging economic times. The changes announced in the Autumn budget 2024 are an example of how businesses need to be agile. Managing your working capital effectively is a practical and cost-effective way to fund growth and the businesses profitability. In terms of family businesses and a need to understand working capital, funding succession is a significant challenge faced by family business owners. To ensure there is wealth there to succeed, family businesses need to ensure that they are allocating their resources efficiently, making sufficient investment in growth opportunities, all whilst maintaining adequate liquidity. This challenge will only be overcome if owner-managed businesses understand the working capital requirements of the business and can make informed decisions. There are several factors that affect working capital needs and management. Internal factors are things such as your business size and desired growth rates; organisational structures; and your borrowing & investing positions. Externally there are several factors that are outside your control such as banking services, currency fluctuations, interest rates etc. Strategies Like everyday life, if we firstly focus on the things that we can control. Every business needs to have access to quality management information to make informed decisions. The Working Capital culture and processes for the organisation must be inherent and interwoven throughout the business’s entire operations, recognising that working capital problems are not just the domain of the finance department. There are some practical strategies to improve working capital, such as managing your: Customer/clients – businesses can accelerate monies due from debtors by following a few simple steps to try and reduce debtor days. These include practices such as agreeing payment terms in advance; establishing credit practices as a matter of company policy; and completing credit checks before onboarding. Stock management – for better stock control you should carry out periodic physical stocktakes; know the number of times major stock items turn in a year; and consider selling off slow moving merchandise. Work-in-progress management – There needs to be a focus on job management and converting work-in-progress. Suppliers – some strategies to improve creditor management include tightly managed purchasing authorities; maximising credit terms, having alternative sources of supply; shopping around for best value for money; and passing on cost increases to your own customers quickly. Overheads - If cost cutting, make sure the cuts are from the fat and not the muscle of the business. Cost cutting is essential within any working capital strategy, but do not impose arbitrary budget cuts, have a well-structured plan. Keep overheads under constant review, have the courage to discontinue some costs, if no longer consistent with the goals of the business. Currency management - Simply allowing currency developments to take their course can seriously affect working capital and may mean, your business is selling at a loss. Hedging techniques are key and can range from matching receipts and payments to forward buying. KPI’s – setting KPI’s specifically to measure and monitor various aspects of working capital in the business. It is important to review these and address any warning signs early. Indeed, family businesses may have additional obstacles to overcome as family dynamics can sometimes lead to disagreements, especially around financial decisions. Businesses can help protect themselves from these challenges by implementing effective financial strategies. In terms of management information, you shouldn’t always be “looking back” and you need to look forward. As part of this, cash flow forecasting is a vital tool for capital management, ensuring the financial stability and growth of the business as well as the well-being of family members. Cash flow forecasting enables you to plan for: How much cash your business will need to keep trading How much cash is needed to fund succession planning When it will be needed Applying for financing if there is going to be a shortfall Managing excess funds If your business is currently unable to honour its commitments, early action is key. Some potential things that you could do is: Speak to creditors, Banks, HMRC/Revenue Commissioners Explore options re deferring/restructuring debt Regular communication with creditors Reduce, defer or even consider cancelling drawings, dividends or other payments to shareholders or proprietors Defer capital expenditure in the short term, or lease rather than buy equipment Consider insolvency procedures Depending on your business circumstances, there are also finance options that could be considered such as: Sales credit insurance Fee finance Invoice discounting Leasing Asset-backed finance Effective tax planning VAT planning If you find your business in a cash-surplus position, you still need to act. Knowing what to do with surplus cash could be vital, and you should consider: Making more regular lodgments to your overdraft/loan facility (reducing interest bill). Seeking better discount for early or cash payments to suppliers. Capital expenditure may aid further business growth. Examining short term investment opportunities. Managing working capital is important for any business but particularly with family businesses, the Management Team need to have realistic short-term and long-term plans that suits their family needs, and ensure they are managing working capital effectively to fund these plans. We at AAB regularly assist our clients, and indeed family businesses, in improving their management information, internal controls, succession planning, cash flow forecasting and applying for finance. If you think we could be of service contact them via the website here