An East Staffordshire rugby club is celebrating after digger giant JCB pitched in to provide new kit for the senior team. Uttoxeter Rugby Club, which trains at Oldfields Sports and Social Club, in Springfield Road, Uttoxeter, has provided 25 new player shirts as well as new sponsorship signage thanks to a £1,500 donation from JCB. The funds, which will go directly to supporting the club’s 55 players on the senior team, is also hoped to help raise awareness of the sport to encourage more young players. Uttoxeter Rugby Club Chairman Steve Woolley, who has been part of the team for over 20 years, said: “Our club has always had a very strong community spirit, and we are proud of how much it has grown and developed over the years." “Many of our senior team have come up from the junior ranks and we regularly see more than 200 supporters at weekend matches. This season we are keen to build on our success and are hoping to encourage more players to try their hand at the great British sport.” Uttoxeter Rugby Club was founded in 1982 at Oldfields Sports and Social Club, which is located on grounds donated by the Bamford family. Home to the club’s 55 senior adult team players, the club also has a thriving youth team which ranges in age from 4 to 16-years-old.

World-leading experts Alfredo De Massis and Emanuela Rondi have published a new book that provides a roadmap to navigate the complexities, relationships and challenges for entrepreneurial families to prosper across generations. The Family Business Book is your comprehensive guide to building a strategy for your entrepreneurial family to prosper now and thrive across generations into the future. With a practical roadmap, you’ll discover how to understand the subtle nuances, complexities and key challenges of the journey undertaken by entrepreneurial families across generations, how to disentangle complicated family dynamics, and how to build a strategic plan to ensure long-term success and a lasting legacy for future generations. Full of practical templates, worksheets, reflection questions and actionable strategies, you will be guided in the development of a roadmap that allows your family to prosper across generations and in taking action to implement the roadmap. “Expert advice on how to maintain family unity and financial prosperity across generations.” Prof. Kimberly A. Eddleston, Editor-in-Chief of FamilyBusiness.org, Senior Editor of EIX, Schulze Distinguished Professor of Entrepreneurship, D’Amore-McKim School of Business, Northeastern University, and Academic Scholar, Cornell University, US “This book is essential for families looking to manage their wealth and business with wisdom and foresight.” Prof. Nadine Kammerlander, Chair of Family Business and Director of the Institute of Family Business and Mittelstand, WHU - Otto Beisheim School of Management, Germany Why This Book Matters: Entrepreneurial families collectively own a huge proportion of the world’s wealth and have an outsized impact on society It is challenging for family business to succeed across generations. The Family Business Book draws upon 20 years of research to explore the complex relationships and dynamics that entrepreneurial families navigate and highlights these as opportunities. The authors are professors with both academic rigor and hands-on experience as mentors, advisors, and directors at top university family business centres A groundbreaking exploration of family entrepreneurship, this book is a must-read for anyone involved in the intricate dance of family business and wealth management.” Prof. Eric Clinton, Director of the Dublin City University (DCU) National Centre for Family Business Families are the most prevalent type of business owners in any global economy. They collectively control a huge proportion of the world’s wealth and play a significant role in shaping wider society. However, succeeding across generations is difficult. Family dynamics and emotions add an extra layer of complexity to leadership and decision making, and only few family businesses continue to prosper beyond the first generation. So why is it that some families are able to build a legacy that will last far into the future, while others fade away? Now a new book, written by professors and world-leading experts in entrepreneurship and family business Alfredo De Massis and Emanuela Rondi, provides a practical roadmap to help families navigate these challenges and thrive across generations. The Family Business Book blends over 20 years of research with practical, real-world experience, to provide a unique combination of academic rigor and actionable insights. Readers will discover how to understand the subtle nuances, complexities and key challenges of the journey undertaken by entrepreneurial families across generations. Through its entrepreneurial family galaxy concept, the book shows how to disentangle complicated and emotionally charged family dynamics, to build a strategic plan that will ensure long-term success and a lasting legacy for the future. The book is full of practical templates, worksheets, reflection questions and actionable strategies to guide readers in the development of a roadmap that allows their family business to prosper. The Family Business Book takes a deep dive into the complex world of family business and is an essential read for family entrepreneurs, managers, professionals, business students and anyone interested in the dynamics of entrepreneurial families. Find our more and order your copy here

One of Scotland’s most successful hospitality operators, Buzzworks, has been recently named as one of the UK’s fastest-growing businesses for 2024. With 21 venues under its belt and plans for further expansion, the group has secured its position on the prestigious UK Fast Growth Index, which celebrates the top 50 fastest-growing companies across the UK, selected from over 5.6 million businesses nationwide. The recognition follows Buzzworks' continued expansion and success in the hospitality industry, where it has developed a portfolio of 21 venues across Scotland. Its success is driven by its dedication to delivering exceptional dining experiences while providing industry-leading staff benefits and fostering an inclusive workplace culture. Kenny Blair, Managing Director of Buzzworks, said: "We are delighted to be recognised as one of the fastest-growing businesses in the UK. This achievement is a testament to the hard work, passion, and dedication of our entire team." “Our approach—investing in local communities across Scotland and bringing our signature blend of food, drink, style, and service—remains a key part of our success. We’re proud to offer unique experiences that resonate with our guests and contribute to the vibrancy of the areas we serve." “We are committed to continuing our journey of growth, both through venue expansion and by investing in the wellbeing and development of our staff.” The official rankings will be revealed at the UK Fast Growth Awards on November 28 at the Bloomsbury Big Top in London. The awards celebrate the outstanding contributions of businesses across seven UK regions, spotlighting their role in driving economic growth. Professor Dylan Jones-Evans, the founder of the UK Fast Growth Index, said: "The businesses listed in this year’s UK Fast Growth Index represent the best of British entrepreneurship. Their collective contributions are driving significant economic growth, creating jobs, and shaping the future of the UK economy. We are proud to celebrate their success and look forward to revealing their place on the lists at the awards ceremony this November." In 2023, Buzzworks also earned its place in the prestigious Best Companies to Work For list for the eighth consecutive year, further solidifying its reputation as an industry leader not only in growth but also in employee engagement. The group was ranked 66th in the UK, 15th in Scotland, and 8th in the UK Leisure and Hospitality sector for its exceptional workplace culture. With plans for further expansion in 2025, Buzzworks remains dedicated to its ethos of delivering outstanding hospitality while creating a positive, supportive environment for its team members. The award-winning company offers an aspirational dining and entertainment experience across Scotland through its other stylish brands – Scotts, Lido, House, Vic’s & The Vine, The Duke, Thirty Knots, The Bridge Inn, The Fox and Herringbone.

Global engineering steel specialist, William Hare Group, has launched a major recruiting campaign to take on 50 new welders across two sites in Wales and Somerset. The jobs have been advertised with the goal of ensuring all new staff are in place by the end of this year, with 30 MMA (construction) welders required at Hinkley Point C and a further 20 fabricators and welders needed at the site in Risca, Newport. William Hare is providing innovative steel solutions for Hinkley Point C, where EDF Energy is constructing two new nuclear reactors to supply zero-carbon electricity for around six million homes. As a result of an increase in demand for heavy and complex fabrication, the Risca factory has this year expanded its operations to add a second factory shift and is now recruiting within the local community to maximise the output capacity of the facility. Welders at Hinkley would be expected to work an average of 48 hours a week, on a 10 days on/ four days off working pattern at £27.12 per hour while fabricators and welders at Risca would operate on a 37.5-hour week from Monday to Friday at £17.37 per hour. Candidates for Hinkley must have welding certificates using the MMA welding process to BS EN ISO 9606-1 standard, covering all positions and all material thickness. The Risca jobs are being targeted at the local Newport region, with the hope that all available roles could eventually be offered to people living within a ten-mile radius of the facility. Head of HR & Training at William Hare Group, Kirsty Brennan comments: “This is a great opportunity for anyone who is looking to come and work for one of the most respected businesses in the construction industry, and indeed, on one of the most significant projects of a generation at Hinkley." “The Hinkley Point C nuclear generator is the first of its kind to be built in the UK for 30 years and we are looking for highly motivated MMA Welders, with extensive knowledge and experience, to join our construction team on what is a most prestigious project. “We are looking to recruit the Risca welders from the local community. Securing long term employment opportunities for people in Newport demonstrates our social impact commitment to the area. It also means that we can look at developing the number of mentors within the facility and continue to grow our investment in apprenticeships for people in the area too.” The fabricators and welders needed at Risca will work on structural steel of varying grades and thicknesses, with both fillet welding and butt welding a part of the role. Applicants must be either time served or at NVQ Level 3&4. William Hare Group was established in 1945 and provides value-engineered steel solutions to some of the world’s most innovative and sustainable construction projects. A family-owned and run business, it has a turnover of c£300 million and employs 2,000 people worldwide. Or send your CV to: recruitment@hare.com

Family businesses are known for their unique blend of long-term vision, community-oriented focus, and personal involvement. Often, these companies go beyond profit to deliver social benefits, be it through community development, sustainable practices, or philanthropic activities. Measuring their social impact can be complex, but it’s essential for understanding their contributions to society and guiding future decisions. Here’s how family businesses can measure their social impact: 1. Define Social Objectives Clearly Before any measurement begins, it’s crucial for family businesses to define what "social impact" means to them. This can vary widely based on the nature of the business, its values, and the community it serves. Common social impact objectives for family businesses include: Job creation and employee well-being: Offering stable employment with good wages and benefits, especially in local communities. Community development: Supporting local initiatives such as education, healthcare, and infrastructure. Sustainability and environmental stewardship: Implementing eco-friendly practices and reducing carbon footprints. Philanthropy and charitable giving: Donations or corporate social responsibility (CSR) programmes that support social causes. By establishing these goals, businesses create a framework to measure their social contributions against specific, predefined outcomes. 2. Use Social Impact Metrics Once the objectives are clear, businesses can develop key performance indicators (KPIs) to track progress. Common social impact metrics include: Job creation and retention: Track the number of jobs created, local employment rates, and employee retention rates. Employee satisfaction and welfare: Use surveys or focus groups to assess employee well-being, job satisfaction, and access to benefits such as healthcare, pensions, and training opportunities. Environmental impact: Measure energy use, waste production, and carbon emissions to assess environmental sustainability efforts. Community investment: Track the amount of money or resources donated to local causes, the number of volunteer hours contributed by employees, or the reach of educational and healthcare programs sponsored by the business. Family businesses should collect data regularly to monitor trends over time, ensuring they understand their ongoing impact. 3. Engage Stakeholders in Feedback Stakeholders—customers, employees, community members, suppliers, and shareholders—offer valuable insights into a family business’s social impact. Engaging with them through surveys, interviews, or community forums helps to understand how the business is perceived and where it can improve. For instance, family businesses can gather feedback from employees about work conditions or invite community members to share how the company’s initiatives have affected their lives. This feedback is qualitative but vital, offering stories and experiences that show the real-world outcomes of the business’s efforts. 4. Use Social Return on Investment (SROI) Social Return on Investment (SROI) is a powerful tool for quantifying the value of social impact in financial terms. SROI assesses the broader socio-economic outcomes generated by an activity compared to its investment. For family businesses, SROI can capture both tangible and intangible benefits, such as: Economic value created by employing locals or supporting small businesses in the supply chain. Non-financial benefits like improved community well-being, better environmental practices, or enhanced education outcomes. The calculation typically involves assigning a financial proxy to social outcomes, such as estimating the cost savings to public health systems from community healthcare programmes sponsored by the business. This gives businesses a ratio that compares their social impact value to their financial investment. 5. Benchmark Against Industry Standards Family businesses can compare their performance with industry benchmarks or standards to contextualize their social impact. This may involve aligning with frameworks such as: Global Reporting Initiative (GRI): A widely recognised set of standards for reporting sustainability and social impacts. B Impact Assessment: A tool used by B Corporations to measure their impact on workers, customers, community, and the environment. UN Sustainable Development Goals (SDGs): Specific targets such as "Decent Work and Economic Growth" or "Reduced Inequalities" can guide a family business in measuring its contributions towards global challenges. By benchmarking, family businesses can see how they stack up against peers and identify areas for improvement. 6. Regularly Report and Communicate Impact Transparency is key to building trust with both internal and external stakeholders. Family businesses should regularly report their social impact through annual sustainability or CSR reports. This not only highlights achievements but also shows the business’s commitment to long-term social objectives. These reports should be comprehensive, including both quantitative data (e.g., number of people employed, funds donated) and qualitative stories (e.g., case studies of employees or community members who have benefited from the company’s initiatives). Sharing these reports through various channels—company websites, newsletters, or community events—ensures the business’s impact is visible. 7. Adjust Strategies Based on Results Measuring social impact is not a one-time exercise. Family businesses should use the data gathered to refine their strategies. If a specific social initiative is not delivering the desired results, businesses can reallocate resources or redesign programs to increase effectiveness. For example, if a business’s environmental initiatives aren’t reducing waste as expected, they might invest in new technologies or partner with experts to improve efficiency. Continuous improvement helps to ensure that social impact efforts are as meaningful and effective as possible. Measuring the social impact of family businesses requires a mix of quantitative metrics and qualitative insights. By setting clear objectives, engaging stakeholders, using appropriate metrics, and regularly reporting results, family businesses can ensure their efforts go beyond profits to make a lasting difference. In doing so, they strengthen their ties to the community, foster employee loyalty, and position themselves as leaders in social responsibility.

Family businesses worldwide are frequently regarded as fundamental pillars of their localities, not only boosting the economy but also enhancing social and cultural aspects. A significant element of this involvement is their participation in charitable activities and community projects. For numerous family-run companies, philanthropy is not merely an additional task but a fundamental part of who they are. We asked our Global Family Business Think Tank Panel if they thought that philanthropy and community engagement are important to family businesses and and integral part of the essence of who they are as a family firm. Again, our panel were strongly in agreement that philanthropy and community engagement are an integral part of what makes family businesses exactly what they are today. THE THOUGHTS OF OUR ‘THINK TANK’ REPRESENTATIVES: “Demonstrating community values is just as critical as creating financial values for family businesses. Working with them, I’ve found that some achieve this by partnering with local and national organisations, while others have a more focused approach and are signatories to international bodies. It’s heartening to see how so many family businesses are committed to making a positive impact on society.” Robert Holt Partner, Audit & Assurance Services, Grant Thornton LLP “In the Moroccan context, philanthropy and community engagement are considered important to family businesses, integral to defining their identity and purpose. It’s even religious and divine in some cases.” Hamza Nidaazi Researcher, Cadi Ayyad University “Family firms are far more likely to be fully engaged with the local community than non-family firms by virtue of their heritage and history.” Thomas Hainsworth Family Council Member, A.W. Hainsworth & Sons “Many family businesses will be firmly embedded in their local communities supporting charities and not for profits that often are close to their heart and have personal connections with the family and their employees.” Christian Mancier Partner and Head of Family Business, Gorvins Solicitors “Philanthropy and community engagement help family businesses build trust and goodwill among all their stakeholders and provide tangible ways to express and perpetuate the family values, demonstrating the family commitment to making a positive impact beyond just financial success.” Salvatore Sciascia Professor, Cattaneo University - LIUC “Philanthropy and community engagement build relationships. The relationship of the family business to its associate, and the customers and communities it serves is a key element of helping the family business and family members understand their purpose and their responsibility as a firm.” Charlie Leichtweis Founder and Managing Director, Experts in How LLC “Family businesses contribute not just to a country’s economy but also to the social wellbeing of the community around them. Philanthropy is one of the ways family businesses create a sense of purpose, not just within families but also among employees, which helps build a better culture and sense of belonging in the organisation.” Abirami Duraisamy Executive Coach, Outshine Outplay “Leaving a meaningful legacy is at the heart of family business. Community engagement is also a way to bring all family business members together without the politics and it can help the younger generation to understand and appreciate their responsibility to the wealth they enjoy.” Anita Brightley-Hodges Family Business Adviser “Community service and philanthropy supports development of the family’s culture and values which will extend to the business. It also provides participation opportunities for family members who may not qualify or desire operating business leadership positions, but desire connection to the family enterprise.” George Isaac Founder & President, GAI Capital These results were part of the 2024 Global Family Business Think Tank Report  that was published in Autumn 2024. A copy of the final report is available to download below and is free to Family Business United members and digital subscribers (simply log in to access). If you are not yet a member or digital subscriber and wish to obtain access to the report, you can find out more about becoming a member  of Family Business United here  or take out a digital subscription  to access all areas and content available on the platform including this report here Download the Global Family Business Think Tank Report, Autumn 2024 here

A longstanding family business that rents out plant and machinery to many of the biggest events in the UK, as well as providing industrial air compressor solutions to manufacturers and businesses across the country, is now owned by its employees, after transferring into an Employee Ownership Trust (EOT). William G Search Limited was established in Leeds in 1946 and employs a team of more than 120 people across offices in Leeds, Liverpool, Manchester, Nottingham and Sheffield. Its clients include compressed air users, the construction industry and many major outdoor events such as Leeds and Reading Festivals and Aintree Racecourse – where it has supplied equipment for the Grand National for almost 50 years. The firm was advised on its EOT by Cathy Cook from Yorkshire based LCF Law. Richard William Search and his brother, Jamie have owned and run the successful business for the last 35 years. It was originally founded by their grandfather, Bill Search. Richard said: “When it came to succession planning, our children already have successful careers elsewhere, so we were keen to find the right way to secure the future of our firm for the people that matter the most – our team and our clients." "We had been approached several times to sell outright to competitors and other big operators in the sector, but we felt this option did not fit with our ethos. We are a family business at heart, and we wanted to do something our grandfather, who established the business 78 years ago would be proud of.” Richard and Jamie began exploring the EOT option after discussing it with a fellow member of the Business Alliance, which is a local business leaders’ group. They had recently been through the same process. Richard said: “Cathy and the team at LCF Law came highly recommended, so we decided to look into what it involved. The advice we were given was incredibly prudent and we felt it was the perfect solution for us." “There are lots of benefits to the team, including tax free profit share, but most importantly they’re now all stakeholders in the company. By setting up the EOT, our team benefits from the firm’s financial success now and in the future, whilst also leaving a real legacy." “Crucially, the EOT also safeguards the future of our people and clients for the long term. Our clients can be sure that we remain the safest and most reliable supplier to do business with – we have worked hard to build those relationships, and it was important to us that we retained our approach– so this was a big driver for us. The best people to maintain this culture are the people who have worked with us for years.” Cathy Cook from LCF Law said: “EOT owned businesses are generally successful in terms of resilience, profitability and staff retention and one of their strengths is that the company can plan for the long term." "The Search brothers needed a retirement strategy, but they didn’t want their business to be sold and split up – they didn’t feel at all comfortable with that. They wanted to leave the business in the best possible shape for the future, and as part of that process Richard will be working in the business for at least three more years to manage the transition.” Richard added: “Of course it’s been an emotional time for us – we wanted to make the right choices and Cathy and her team made it a straightforward process that was delivered on time and within budget. We were delighted that everything went to plan. Our team are now starting to see what being an EOT means, and we are looking forward to a cracking future.” Photo: Cathy Cook from LCF Law and Richard Search from William G Search Ltd.

This November, Robinsons, Stockport’s oldest brewery celebrates 125 years of Old Tom, their original craft beer. The family brewers reveal Old Tom tributes dedicated to their fans and share how to get hold of a free sample. The dark 8.5% strong ale, developed by Head Brewer, Alfred Munton, was named after the brewery’s cat, Tom. In fact, the young tom cat found himself etched into eternity as Alfred’s hand sketched drawing became the first logo for the beer. This first sketch is on display at Robinsons Brewery Visitors Centre. Since its creation in 1899, the beer has won countless awards, including World’s Best Ale and Champion Beer of Britain Gold award. Over the years the brewers have continued to innovate with Old Tom, introducing special brews such as Chocolate Tom, Blonde Tom and Ginger Tom which have appeared on bar tops and supermarket shelves across the UK. There is no doubt the rich and malty ale has touched the lips of thousands of Stopfordians as well as further afield, finding its place across many family homes and cosy pub corners. To celebrate the milestone and recognise the heritage and loyalty of Old Tom’s drinkers, the family brewers have dedicated the momentous birthday to Old Tom drinkers across their home counties. Old Tom’s fans were encouraged to share their memories, stories and feelings about the beer that has been around longer than any of its drinkers before being gifted their memories back in the form of a poem on an iconic Stockport building, a stone’s throw from the brewery. Robinsons commissioned local writing group, The Writing Squad to bring to life over 60 memories through four written poems. You’ll find the poems across a selection of pubs who are celebrating Old Tom Day on 2nd November, including a special wall tribute in Stockport city centre. The contributors of the poem were invited to Robinsons Brewery Visitors Centre to toast to 125 years of Old Tom. As well as celebrating Old Tom through the memories of its drinkers, Robinsons will be giving away samples of Old Tom at October’s Foodie Friday in Stockport. Look out for their pop-up stand where you can get try free samples of Old Tom. You can find Old Tom in Robinsons pubs across the Northwest throughout November and in selected Asda, Co Op, Booths and Sainsburys stores.

Contractor Henry Brothers Construction has been appointed on a £9m project to refurbish Wolverhampton Police Station. The project has been procured through the Pagabo Refit and Refurbishment Framework, with the contract including a wide-ranging programme of upgrades, improvements and refurbishments to be implemented via a phased programme. Midlands-based Henry Brothers Construction has been awarded the design and build contract by West Midlands Police, with work due to start on site in March 2025. MD of Henry Brothers Construction Ian Taylor said: “We are very pleased to have been appointed to refurbish Wolverhampton Police Station. This project will deliver brighter, modern and more efficient facilities for police officers working in Wolverhampton, along with improved security systems and updated heating and cooling features." “West Midlands Police had reviewed the options of demolition and new build versus repurpose, and it was felt the repurpose route was, and is, a better use of the investment, managing their impact on environment and life cycle carbon reporting. This scheme has been designed to future proof the station for another 15 to 20 years." “We have delivered a number of successful projects through Pagabo frameworks previously, and we are looking forward to starting on site with the project at Wolverhampton Police Station in due course.” The scope of work includes new doors, replacement windows, emergency lighting, new LED lighting control systems, the installation of variable refrigerant flow (VRF) heating and cooling and local mechanical heat recovery ventilation to all office spaces, including meeting and briefing rooms, and redesigned and refurbished or replaced hot and cold-water provision. It also includes new kitchenettes, showers and toilets, the upgrading of the building’s tannoy system, CCTV upgrades, the installation of photovoltaic panels and redecoration throughout. During the work, which will be completed on a phased basis to allow continual use of parts of the building, the custody suite and public counter will remain open as far as possible. The project is expected to take a year to finish, with completion due in March 2026. Henry Brothers Construction was appointed in 2023 to the Pagabo Refit and Refurbishment Framework, which is managed and delivered on behalf of contracting authority the Red Kite Learning Trust. Emma Hesbrook, head of delivery for Midlands and Wales at Pagabo, said: “Retrofit and refurbishment projects are so important for public sector buildings, such as police stations, to extend their lifecycle while also maximising the use of public funds by streamlining the use of energy and, in turn, their cost to run." “To be a success, it’s important to appoint contractors with the specialist experience required to implement the necessary moderations, and this will be unique to each project. That’s where effective procurement processes come in, connecting public sector organisations with the expertise to deliver what they need – just like this case for West Midlands Police.” Wolverhampton Police Station, which was opened by Princess Diana in 1992, and is based in Bilston Street, features a basement with access from a secure yard and three upper floors. Other members of the design team working alongside Henry Brothers on the refurbishment project, and selected in conjunction with West Midlands Police, include Birmingham-based Associated Architects and mechanical and electrical engineer Hoare Lea. Henry Brothers Construction is part of The Henry Group, which comprises a number of manufacturing and construction sector companies, ranging from external construction through to interiors fit out.

The upcoming UK Budget, scheduled for 30 October 2024, may introduce changes that could impact your financial planning — particularly around your pensions, investments and/or inheritance strategies. While nothing is confirmed, the government is reportedly exploring ways to raise revenue, and potential reforms to tax reliefs and thresholds are widely discussed. Below, we examine four key areas that may be addressed in the Budget and what these possible changes might mean for how you manage your wealth in the future. 1. Capital Gains Tax (CGT) There is widespread speculation that CGT rates could be increased to align more closely with income tax rates. Currently, CGT is taxed at lower rates than income, but this gap may narrow as the government looks for additional revenue sources. Financial planning considerations post Budget: If CGT rates rise, those with significant gains from investments, property or business disposals could face a larger tax burden when selling these assets. This could reduce the overall returns and make timing transactions more important. If you are planning to sell high-value assets, the CGT impact be a key factor in your decision making. 2. Pensions Tax Relief Changes to pensions tax relief are frequently discussed in Budgets, and this year is unlikely to break the mould. There is speculation about the introduction of a flat-rate tax relief system, which would reduce the benefits currently enjoyed by higher-rate taxpayers. A reduction in the tax-free lump sum available upon retirement is also a possibility. Financial planning considerations post-Budget: If a flat-rate system is introduced, the tax relief on pension contributions may become less advantageous for higher-rate taxpayers. This could reduce the overall tax efficiency of pension savings if you are in the higher-rate tax band. Similarly, a potential change that may apply to all taxpayers is a possible reduction in the tax-free lump sum. This would affect how much you can withdraw from your pension without incurring taxes. This may have an impact on how you structure your pension and retirement income in the future. 3. Inheritance Tax (IHT) Inheritance tax has long been a subject of debate. Many make calls for simplification, while others argue for increasing the burden on larger estates. The 2024 Budget could see changes that do both. That could be through changes designed to raise revenue through higher taxes on wealth transfers; or simplification that may close existing reliefs. Financial planning considerations post Budget: If the Chancellor tightens IHT rules, this could mean higher tax bills when passing on wealth to future generations. For those looking to protect family wealth, this would have an impact on estate planning. Reviewing your estate plan and considering options such as trusts or gifting strategies could help mitigate future IHT liabilities. 4. National Insurance Contributions on Pension Contributions There is a possibility that the Budget could reduce or eliminate the National Insurance (NI) savings on employer pension contributions. Currently, employers benefit from NI savings when contributing to employees’ pensions, but this could be removed to raise additional funds. Financial planning considerations post Budget: If NI savings are reduced, employers may lower their pension contributions to offset the increased costs. This could reduce the growth of employees’ pension pots, especially if there is a reliance on employer contributions for retirement planning. For those affected, you might need to reassess how much you personally contribute in the future to ensure your retirement savings stay on track. The 2024 UK Budget could introduce several significant changes that may directly affect how you manage your finances, particularly around pensions, investments, and estate planning. With potential reforms to CGT, pensions tax relief, and inheritance tax, it would be prudent to review your financial strategies to ensure they remain robust in light of any any new measures announced. About the Author - Jeff Simpson is a Chartered Financial Planner at Hymans Robertson Personal Wealth. Find out more by visiting their website here The content of this blog is for informational purposes only and does not constitute financial, legal, or tax advice. The potential changes discussed are speculative and based on current information available at the time of writing. Readers should not take any action based on the content of this blog without seeking professional advice tailored to their individual circumstances.

Family businesses often enjoy the unique advantage of deep-rooted trust, shared values, and long-term stability. However, when scandals strike, these businesses face a significant threat not only to their financial stability but also to their reputation and internal harmony. Scandals in family businesses can range from financial mismanagement to personal misconduct, or damage caused to the family name that are reported in the media, often involving key members of the family. Such incidents can have profound implications on the business, affecting trust among stakeholders, employee morale, and the overall sustainability of the enterprise. Erosion of Trust and Reputation One of the most immediate and visible impacts of a scandal is the erosion of trust among stakeholders—customers, employees, and investors. Family businesses often rely heavily on their reputation, which is usually built over generations. Scandals, particularly those involving unethical or illegal behaviour, can severely damage this trust. A high-profile scandal involving embezzlement, fraud, or other misconduct can taint the family name, causing customers to turn away, investors to withdraw support, and partners to sever ties. Since family businesses are closely linked to their founding families, the reputation of the individuals is often intertwined with that of the business. Unlike public companies, where the brand can be disassociated from individual misconduct, family businesses face the challenge of directly associating a scandal with the family behind the business. As a result, the scandal can linger longer, with every negative headline deepening the damage. Financial Repercussions Scandals can trigger significant financial losses, both in the short and long term. In the immediate aftermath, a company may experience a decline in sales or share prices (if publicly traded), customer boycotts, and loss of investor confidence. Legal consequences, such as fines, lawsuits, or settlements, can further strain financial resources. Moreover, financial institutions may be less willing to offer credit or financing to a business engulfed in scandal, limiting the company’s ability to recover. A family business scandal may also lead to costly management changes. If key family members are involved, their removal from the company might be necessary to restore confidence. This can create a leadership vacuum, resulting in expensive transitions, with the need to bring in external executives or consultants to stabilise operations. In extreme cases, the damage to the business may be irreparable, leading to bankruptcy or liquidation. Internal Family Strife and Dysfunction Scandals can also create internal strife within the family. Family businesses depend on strong interpersonal relationships and a shared vision, but scandals often trigger conflicts, particularly if there is disagreement on how to handle the fallout or if one family member is solely responsible. Accusations, legal disputes, and blame-shifting can cause rifts within the family, potentially leading to the dissolution of the business or the breakup of the family unit itself. The emotional toll of a scandal can be severe, especially if the family is publicly shamed. For younger generations poised to take over the business, a scandal may discourage them from wanting to assume leadership roles. The disillusionment that follows can disrupt succession plans, which are already delicate in many family businesses. In some cases, generational transfer of the business may be halted altogether, jeopardising the continuity of the enterprise. Loss of Employee Morale and Loyalty Family businesses are often characterised by strong loyalty from employees, many of whom may have worked with the company for years or even decades. However, a scandal can shatter this loyalty. Employees may lose confidence in the leadership, especially if the scandal involves unethical or illegal actions by family members. The resulting disillusionment can lead to decreased morale, reduced productivity, and higher employee turnover, all of which can further destabilize the business. The business may also face difficulty attracting new talent in the aftermath of a scandal. Potential employees might be hesitant to join a company with a tarnished reputation or uncertain future. Rebuilding employee trust is a slow process, and it often requires significant changes in leadership, corporate culture, and policies to ensure accountability and transparency. Recovery and Mitigation Strategies While scandals can have devastating effects, family businesses are not without recourse. The first and most critical step in managing a scandal is transparency. Family members involved must take responsibility for their actions, and the business should communicate openly with stakeholders. This transparency fosters trust and signals a commitment to rectifying mistakes. Implementing governance reforms is another crucial step. Scandals often expose weaknesses in governance structures, particularly in family businesses where decisions may be made informally or without proper oversight. Establishing clear policies, including codes of conduct, financial controls, and independent boards, can prevent future crises and signal to stakeholders that the company is committed to ethical behaviour. Additionally, family businesses may need to engage in reputation management, which may include rebranding, public relations campaigns, or even changing leadership to distance the business from those involved in the scandal. The introduction of external management can provide a fresh start, injecting professionalism and credibility into the business. In many cases, hiring a crisis management consultant can help the business navigate the complex process of rebuilding its reputation. Finally, families must address internal dynamics in the wake of a scandal. Therapy, mediation, or other conflict resolution strategies may be necessary to heal relationships and restore unity within the family. This is crucial for the long-term health of both the family and the business, as unresolved tensions can lead to further disputes down the line. Scandals can have far-reaching consequences for family businesses, affecting everything from their financial health to the personal relationships within the family. The unique nature of these businesses, where the personal and professional are often deeply intertwined, makes them particularly vulnerable to such crises. However, while the impact of a scandal can be devastating, it is not insurmountable. With transparency, strong governance, and a commitment to rebuilding trust, family businesses can recover and, in some cases, emerge even stronger. Ultimately, the handling of a scandal can define the legacy of a family business, making it a pivotal moment in the history of the enterprise and set it on a course for ongoing success going forward.

Leading glass packaging company, Croxsons, has recently teamed up with the Society of Independent Brewers (SIBA) to support their Indie Beer campaign, an initiative designed to promote and protect the UK’s independent brewing community. As part of this collaboration, Croxsons, a SIBA Gold Member, will supply bespoke Indie Beer-branded crowns (crown corks) that help breweries show their support for the campaign and highlight their status as independent producers of high-quality, handcrafted beer. To make the campaign accessible to as many breweries as possible, SIBA is providing a 50% subsidy on the first 500,000 crowns, encouraging breweries to proudly display their support for the movement. The Indie Beer campaign seeks to make the Indie Beer mark a trusted symbol for consumers seeking quality craft and cask beer, brewed passionately by independent brewers. With support from key industry groups the Campaign for Real Ale (CAMRA), the Independent Family Brewers of Britain (IFBB) and the British Institute of Innkeeping (BII), the campaign advocates for independent brewers and encourages a deeper connection between brewers and beer lovers.  Neil Walker, head of Comms & Marketing said: “SIBA is delighted to be working with Croxsons to provide new Indie Beer crowns for breweries to signify themselves as a part of the campaign and a genuine independent brewer. By working together, independent brewers and suppliers can help consumers make a more informed choice, ensuring they’re buying beer handmade by real people who truly care about the quality and flavour of the beer they produce.” Commenting on the campaign, Croxsons’ CEO, Tim Croxson, added: “By using Croxsons’ Indie Beer crowns, breweries can proudly showcase their commitment to quality and their independent status, helping consumers make conscious choices that support local businesses, protect pubs and contribute to a more sustainable beer industry.”