For four generations in California, they have grown, dried, processed and packaged only the finest and freshest dried fruit snacks and ingredient product. Every Mariani product represents the family heritage of premium quality dried fruit. The quest for perfection began in 1906 when Paul Mariani, the immigrant son of a European farmer, arrived in the lush Santa Clara Valley. He planted fruit trees on four acres and within a few years, after working hard and surviving set backs, began to prosper. Over the years he expanded his acreage, opened new markets, and developed a keen understanding for prime fruit growing areas both locally and around the world. In 2021, Mariani are celebrating 105 as a family business and five years ago created a fantastic film to showcase their business in their centenary.

In the foreword to The Sustainable Development Goals Report 2020 António Guterres, Secretary-General of the United Nations, outlines the vision for the world to work together to help protect the planet and provide opportunities for all. As he explains, “The 2030 Agenda for Sustainable Development was launched in 2015 to end poverty and set the world on a path of peace, prosperity and opportunity for all on a healthy planet. The 17 Sustainable Development Goals (SDGs) demand nothing short of a transformation of the financial, economic and political systems that govern our societies today to guarantee the human rights of all. They require immense political will and ambitious action by all stakeholders. But, as Member States recognized at the SDG Summit held last September, global efforts to date have been insufficient to deliver the change we need, jeopardizing the Agenda’s promise to current and future generations.” “The Sustainable Development Goals Report 2020 brings together the latest data to show us that, before the COVID-19 pandemic, progress remained uneven and we were not on track to meet the Goals by 2030. Some gains were visible: the share of children and youth out of school had fallen; the incidence of many communicable diseases was in decline; access to safely managed drinking water had improved; and women’s representation in leadership roles was increasing. At the same time, the number of people suffering from food insecurity was on the rise, the natural environment continued to deteriorate at an alarming rate, and dramatic levels of inequality persisted in all regions.” “Change was still not happening at the speed or scale required.” “Now, due to COVID-19, an unprecedented health, economic and social crisis is threatening lives and livelihoods, making the achievement of Goals even more challenging. As of the beginning of June, the death toll had surpassed 400,000 and was continuing to climb, with almost no country spared. Health systems in many countries have been driven to the brink of collapse. The livelihood of half the global workforce has been severely affected. More than 1.6 billion students are out of school, and tens of millions of people are being pushed back into extreme poverty and hunger, erasing the modest progress made in recent years.” “Although the novel coronavirus affects every person and community, it does not do so equally. Instead, it has exposed and exacerbated existing inequalities and injustices. In advanced economies, fatality rates have been highest among marginalized groups. In developing countries, the most vulnerable – including those employed in the informal economy, older people, children, persons with disabilities, indigenous people, migrants and refugees – risk being hit even harder.” “Across the globe, young people are being disproportionately affected, particularly in the world of work. Women and girls are facing new barriers and new threats, ranging from a shadow pandemic of violence to additional burdens of unpaid care work.” “Far from undermining the case for the SDGs, the root causes and uneven impacts of COVID-19 demonstrate precisely why we need the 2030 Agenda, the Paris Agreement on climate change and the Addis Ababa Action Agenda, and underscore the urgency of their implementation. I have therefore consistently called for a coordinated and comprehensive international response and recovery effort, based on sound data and science and guided by the Sustainable Development Goals.” “Health systems must be urgently strengthened in countries that are at greatest risk, with increased capacity for testing, tracing and treatment. Universal access to treatments and vaccines, when they become available, is essential. A large-scale multilateral response is needed to ensure that developing countries have the resources they need to protect households and businesses. Recovery packages must facilitate the shift to a low-carbon, climate-resilient economy and support universal access to quality public services. And leadership and support are needed to ensure statistical organizations have the tools and resources to facilitate timely and smart decision-making.” “To guide and support these actions, the United Nations system has mobilized at all levels, leveraging the recent reforms of the United Nations development system. At the start of this Decade of Action to deliver the SDGs, I call for renewed ambition, mobilization, leadership and collective action, not just to beat COVID-19 but to recover better, together – winning the race against climate change, decisively tackling poverty and inequality, truly empowering all women and girls and creating more inclusive and equitable societies everywhere,” he concludes. Read the full 2020 report on progress and activities to date below:

The 2030 Agenda for Sustainable Development was launched in 2015 to end poverty and set the world on a path of peace, prosperity and opportunity for all on a healthy planet. The 17 Sustainable Development Goals (SDGs) demand nothing short of a transformation of the financial, economic and political systems that govern our societies today to guarantee the human rights of all. They require immense political will and ambitious action by all stakeholders. But, as Member States recognized at the SDG Summit held last September, global efforts to date have been insufficient to deliver the change we need, jeopardizing the Agenda’s promise to current and future generations. The Sustainable Development Goals Report 2020 brings together the latest data to show us that, before the COVID-19 pandemic, progress remained uneven and we were not on track to meet the Goals by 2030. Some gains were visible: the share of children and youth out of school had fallen; the incidence of many communicable diseases was in decline; access to safely managed drinking water had improved; and women’s representation in leadership roles was increasing. At the same time, the number of people suffering from food insecurity was on the rise, the natural environment continued to deteriorate at an alarming rate, and dramatic levels of inequality persisted in all regions. Change was still not happening at the speed or scale required. Now, due to COVID-19, an unprecedented health, economic and social crisis is threatening lives and livelihoods, making the achievement of Goals even more challenging. Read the full report below:

James Donaldson & Sons (JDS) is a family of businesses specialising in the processing, manufacturing, merchanting and distribution of timber and associated building products. The business was founded in 1860 and celebrated its 160th Anniversary in 2020. The JDS Group comprises a range of companies including timber importer and distributor James Donaldson Timber Ltd, engineered wood product manufacturer Donaldson Timber Engineering Ltd, timber merchant MGM Timber (Scotland) Ltd, insulation specialist James Donaldson Insulation Ltd, and Nu-Style Products Ltd, a fabrication specialist. In 2020, the Group also acquired Rowan Manufacturing Ltd, and Smith & Frater Ltd. Paul Andrews spoke to Michael Donaldson, Executive Chairman and the sixth generation of the family firm to find out more. JDS has grown to become one of the UK’s leading independent processors, manufacturers, merchant and distributor of timber and related products. From one small branch originally in Fife, today JDS has over 1000 employees across 33 sites. Since 1860 JDS has grown and strengthened through acquisition, diversification and an unfaltering focus on quality and service. At present we have a portfolio of eight specialist businesses within the group which are operated by the best people in the industry. Like many who grew up in an already established multi-generational family firm, Michael has fond memories of the business. As he explains, “My first memories of the family business are driving to one of our sites with my grandfather on a Saturday morning. He would always go in to make sure everybody was OK and that operations were running smoothly." "This ethos has continued too as I think there is something to be said for the senior leaders in the business to be seen on site during the tougher shifts, and to be known throughout the business, something that really came to the fore for many family firms during the past year or so too.” He is joined in the business by his brother, Andrew Donaldson who is currently CEO and their father, Neil Donaldson retired in July 2020. As Michael explains, “I am sure that like most family business owners the business formed a huge part of our lives. There were always conversations on business topics when Andrew and I were younger, and I remember my father and grandfather having their scheduled weekly catch up meetings.” “My first job was even working in the business, on the back of a saw, when I was probably too young to have been there in the first place.” When it comes to joining JDS, Michael joined the family business in 2002 straight after qualifying with his honour’s degree from University. As he continues, “I took on a variety of roles across the group whilst gradually learning and developing my skills and knowledge in the areas which were most likely to be advantageous to me going forward.“ “In 2007, I had the honour of being the first ever student to graduate with a Timber Industry Management degree from Edinburgh Napier University. Shortly after graduating, I joined Donaldson Timber Engineering as General Manager of our Scottish Division, a role which I did until 2011. I then moved internally within the Group to join the leadership team at James Donaldson Timber from 2011 to 2015. I moved again in 2015 and joined MGM Timber as Commercial Manager, and shortly after Commercial Director in 2017,” continues Michael. “Since 2018, I have been working for JDS at Group level, firstly as Deputy Chairman, and most recently Executive Chairman, after my father retired in July last year and handed over the reins. My role as Executive Chairman involves leading our board of directors and acting as the main point of contact for all of our shareholders, both family and colleagues.” JDS dates back to 1860 and has stood the test of time when other businesses have not so what has helped them survive and thrive? “JDS has benefitted over the years from strong leadership, being guided by our values and being prepared to invest in the future by recruiting the most talented people in the industry,” explains Michael. “This has clearly helped, together with our core values that are integrated into the culture of who we are as a business. Our core values are People, Family, Customer, Integrity & Sustainability and every person working for the JDS group, no matter which business they are part of, understands the importance of our values. We test and measure ourselves against them regularly, to ensure they guide our approach and behaviour,” he adds. As Michael continues, “Family is one of our core values. Our core values genuinely are at the heart of the way we operate and guide our decision making daily. The fact that our business is still within the Donaldson family six generations later proves that family ownership is part of our brand narrative to this day. Furthermore, as a family business, we pride ourselves on using these values to behave ethically, morally and responsibly at all times. Our people, customers and suppliers recognise this and see that this adds value to their business and differentiates us from competitors.” Family business are unique in so many ways and the contribution of family firms continues to be celebrated as Scottish family firms like JDS are the engine room of the Scottish economy. In fact, the Top 100 Scottish family firms collectively generate more than £22 billion annually and employ over 111,000 people. As Michael adds, “Family firms are unique and even if you aren’t part of the Donaldson family, we try to make every employee across our businesses feel like they are part of something bigger than themselves, as one big family. We don’t just set our goals for the next quarter or year, we think in years, and even decades ahead. This gives our employees a sense of stability and they tend to stay working with us for many years.” Running a family business is a balance and for some, as well as the positives there may be downsides too. As Michael continues, “Anybody can find negatives in any business they work for, so our role as leaders of this business is to make sure that there are far more positives than there are negatives. If I had to pick one potential frustration, rather than disadvantage, of working in a family business it would be, it could be argued, that family businesses tend to err on the side of caution and as a result sometimes grow at a slower rate than other businesses might. It is debatable however whether slower more sustainable growth is better or worse than quick expansion.” Family businesses that have evolved over longer periods of time tend to add more structures and governance frameworks to help prepare and protect the business for the future. JDS is now exception and in many ways leads the way in their long term view. As Michael explains, “For many years now we have used the phrase ‘a family business, held to PLC standards’ and this has helped with the governance of the business for the last 20+ years. We have 4 non-executive and three executive directors who sit on our main board and three subcommittee’s (remuneration, audit, nominations) below the main board which all have terms of reference to work too.” “I believe that the governance structures we have in place are suitable and appropriate for a business of our scale to ensure the long-term sustainability of the group,” he adds. For long standing family firms like JDS the succession planning process is always on the mind. As Michael explains, “For us the future depends on the next generation and on their career aspirations. Andrew and I are custodians of this family business for the next 20 years or so, and of course it would be great to see our children come into the business when they are of age, but it will be up to them. G7 are all still at school, or even too young to be at school yet, so there is plenty of time before any decisions need to be made on their future aspirations.” As the sixth generation leader of the business Michael has obviously been through a journey with the family business, moving from the next generation to the now generation and leading from the front. He is a great advocate for next generation members to follow their dreams, adding that “For next gens thinking about joining their family businesses, they should not be afraid to challenge the norm and be curious. Just because things have been done a certain way in the past, does not mean it’s the best way. If you have an idea, share it. Always be learning and always be curious as there is a lot to learn outside of your family business bubble.” For Michael, it is clear that family business is all about continual learning and improvement but when looking back to the start of the journey, what advice would he give to his younger self before embarking on the journey? “Don’t be so hard on yourself, trust your instincts more and just be yourself,” he concludes. Clearly, this is a family business that has come a long way since it was founded way back in 1860. Clearly this business has a solid past and it is clear to see that a promising future lies ahead.

Tom Young MBE and daughter Karen produce beautiful glassware, creating the very best in innovative and creative concepts. Together they have supplied some of the world’s leading distillers with products used for the distilling process. The idea for the business was born out of the Legend of The Angels’ Share After watching a Film in 2012 of the same name by Ken Loach Karen & Tom designed the Whisky Angel. This is now the signature product. Paul Andrews spoke to Karen Somerville to find out more. What is your position in the business? Director & Co-Founder When was the business founded? 2013 What does it do? We are a specialist glass manufacture and producer of giftware Tell me a little about the history of the business? Formed by Dad and daughter, we used skills of glassblowing to match creativity and created an icon for scotch whisky along with innovative designs for barware and glass gifting. What generation are you and what are your first memories of the family business? First but second really – my dad has an MBE for his services to the glass industry and he has been glassblowing for over 65 years. Are there any other family members working in the business? Yes my husband is also part of our small team. How important was the business in your life as you grew up? I was immersed in my dads craft. As a young girl I watched him his every move and although I don’t glassblow myself I feel like I know exactly what needs to be done to achieve certain finishes and techniques. What was your journey into the family business and what do you do now? I set off wanting to travel and do languages and I ended up in travel retail before I helped my parents in their business when I was in my late twenties. Dad always wanted me to go and do my own thing and if that gravitated back to his business then fine. So I joined the company in 1999 and it was retired and sold on in 2005 – so I went back into retail management and operations for a local university. Then in 2013 Angels’ Share became a thing and dad was pulled from retirement. What values are important to the family and the business? Authenticity and transparency. Do you build the family ownership into the marketing and brand narrative and if so, how? Yes very much so , all our marketing is around family tradition , heritage and longevity of a craft. What do you think makes working in a family business special? TRUST Are there any disadvantages associated with working in a family business? Yes, you never stop talking about business! Is there a next generation in the wings? Possibly I have two sons and one is already very keen to get involved but he is young and like my father I will probably set him out on his own path and if he levitates back then so be it. What advice would you give to anyone in the next generation considering joining their family firm? Be aware of what has been built before. If you could talk to your younger self before you joined the business, what would you say? You should have had this idea years ago! If you could sum up the family business in three words, what would they be? Good honest work Find out more about Karen and the business here

Chris Kelly is the Managing Director of The UPAC Group in Scotland. He spoke to Paul Andrews to share his insight into this second generation family business. What does your family business do? We are the fastest growing packaging supplier in Scotland. As a collective, The UPAC Group offers the best solution for any packaging needs, with access to specialist machinery in the manufacture of corrugated boxes, solid board cartons, lithographic laminate boxes, polythene products, labels and a distribution arm to ensure unrivalled packaging services. In addition, we have a full in-house design team, specialising in the design of bespoke boxes and packaging. Our innovative ‘U-Chill Box’ has become a staple for food retailers and restaurants alike, as their businesses move online and over to a home delivery service as a result of the pandemic. When was it founded? 1970 How did you get involved? I was on gardening leave having accepted a new job in Dubai and had a 3 month window. Dad asked for help restructuring the business and the job started to grow arms and legs. I had no intention to stay but it was such a pleasure working with dad and shaping a company, as opposed to working for someone else that, to be honest, it felt like the most natural thing in the world. What did you want to be when you grew up? I wanted to work for Dad. Honest truth was, as a child, I had really bad bronchitis and was constantly at the doctors. I have fond memories of my dad taking me into the office in the mornings before my doctors appointments and I loved it. Dad seemed have a great life, he worked with his cousin Gerry and watching the two best friends working together always seemed like such great fun. What is your role in the business today? I take on all roles as the Managing Director. I sit in the middle of the open office, overseeing every aspect of the business, without micromanaging. I want to have enough of an understanding that I can offer advice and instruction without having to carry out tasks. It’s more of a guidance role. What are your first memories of the family business? Walking into the warehouse and thinking it was the greatest place in the world… 5000 sq ft, pallets everywhere, the greatest den any kid could ever have! Forklifts were buzzing about, everyone was really busy and there was my Dad, bossing everyone about in the worlds greatest den. What values are important in your family/family business? I have a responsibility to everyone that works for me, peoples livelihoods are reliant on me doing the right thing- so I have little tolerance for anyone that doesn’t respect the job because the job looks after everyone. What is the best thing about being a family business? I guess it’s the sense of family it creates. Look. You laugh, cry, but more than anything else, I know there are people in the organisation that support and understand the pressures and needs of the business. There is implicit trust. Not always agreeing, but trust on certain aspects. At UPAC, we treat everyone like family, that doesn’t just extend to direct family, but that’s what underpins this business… everyone should feel part of the greater family. My staff would walk into battle for me. The sense of community that a family business creates- familiarity breeds contentment and a closeness, and can dissolve some of the office politics that may be problematic in a more structured business. I guess I am fortunate that I’ve primarily worked in environments where collaboration was key- no idea bad. And the worst? You feel additional pressure to look after everyone. My problems are not my problems, I feel responsible for other people that goes way beyond a working obligation. What is the best thing about your working day? I really love whizzing about the office on my new electric scooter and having a laugh with my team. What is your proudest family business achievement? When the other family members came onboard. Employing my two sisters. Bottom line is I don’t require a lot, the money in this business is used to help other people and assist my own family members achieve. I’m not reckless with money but at the same time when running this family business I’m not answering to external shareholders- we are not a lifestyle business. We don’t issue dividends, money goes back into business. Is there a next generation waiting in the wings to take over? That’s dependant on the next generation. I have no ambition to hand the company over but at the same time, I don’t preclude the possibility. I always wanted to run the business and work for Dad, if other family members want to come in, the door is wide open but there’s no pressure to join. What do you see as the biggest challenge facing family businesses? Family politics. What words do you associate with family businesses? Loyalty, sacrifice, reward and transparency.

UK family businesses risk falling behind other countries in their commitment to prioritising sustainability in their strategies, according to findings from PwC’s latest Global Family Business Survey. While more than half (53%) of UK family businesses surveyed believe they have a responsibility to fight climate change and its related consequences, only a third (33%) have developed and communicated a sustainability strategy compared to the global average of 37%. The survey reveals 79% of respondents in mainland China, 78% in Japan and 49% globally report ‘putting sustainability at the heart of everything we do’ compared to 39% in the UK. Hannah Harris, PwC UK Family Business leader, said: “A commitment to a wider social purpose has always gone hand in hand with family business in the UK, but there is growing societal pressure from employees and business stakeholders to demonstrate more meaningful action around sustainability and wider ESG issues.” “Listed companies have started to respond, but our survey shows that UK family businesses have a more traditional approach to social contribution such as contributing to the local community or philanthropy. It is on family business to adapt to these expectations or they risk creating a potential business risk.” Growth With business still feeling the effects of the COVID-19 pandemic, expectations for growth within family businesses is split right down the middle. Out of the UK respondents, only 53% expect to see growth in 2021. However, the outlook for next year is much more positive with 86% expecting to see growth. Priorities Family businesses are known to be agile and embrace change, which is reflected in their key priorities for the next two years. Top of the list is improving digital capabilities (60%), followed by introducing new products and services (53%) and increasing use of new technologies (47%). Covid Impact And Succession Over the past year, UK family businesses went further in comparison to the global average when it came to providing support for staff during the Covid-19 pandemic and the sacrifices family shareholders made. Eighty-six per cent of respondents retained as many staff as possible and 72% provided emotional/mental health support for staff compared to the global average of 76% (retained staff) and 45% (provided emotional/mental health support) respectively. More than half (54%) of family shareholders took a reduction of dividends, 44% reduced their bonus and 40% reduced their salary. The majority of first generation UK family businesses expect that the next generation will become the majority shareholders within five years time. Just over a quarter (26%) say they have a robust, documented and communicated succession plan in place. Hannah Harris added: “The COVID-19 pandemic has shown UK family businesses remain resilient in the face of a crisis, underlined by the efforts they have made to retain staff, provide extra help for employees and make financial sacrifices.” “With society slowly moving towards some kind of normality, family businesses will look to build on their digital capabilities, while managing family dynamics and looking to invest in more sustainable business practices.” Download and read the full outlook report below:

Planning to stay one step ahead. A compass for family business succession. Artificial intelligence, the ESG avalanche, increased global mobility and a virus that has turned lives upside down and shifted behaviour and one thing is clear: the world is not the same as it was some years ago and trying to plan for a transition in today’s environment is challenging at best. Despite all that, somehow, the world carries on and business families, entrepreneurs and landed estates everywhere are having to press on and go about their lives, whilst encouraging next generations to add their own brushstroke to the family’s canvas; The aim? Success(ion). “Everything is constantly shifting, changing, and becoming something other to what it was before.” Heraclitus. Suffice to say that the world is rather different to what it was some years ago and trying to plan for a complex transition in 2021 and beyond is not an easy task. However, certain things remain unchanged and for those long-established family businesses the show must go on and ensuring the survival and prosperity of their legacies through next generations remains vital. A quick internet search will show that there is much guidance and so-called golden rules around how to tackle family business succession and yet, despite a plethora of academic and real-world research, the practicalities remain shrouded in mystery, often leading to unanticipated realities, mishaps and even family feuds. And whilst change may well be the only constant in nature, as the wise Heraclitus once said, it can be constructively planned for and managed; you only need to look at some of Japan’s 1st millennium-established businesses for proof (think Ryokan and Onsen families) or Europe’s famed wine-making pioneers like the Antinori or Codorniu dynasties. The Family Business Succession Maze Before diving into the practicalities of family business succession, it is important to understand what drives certain reactions from those involved in the process. Studies suggest that when a family member is faced with a decision, the impact is rarely limited to either themselves or business. For example, a mother who is a director and shareholder in the family business is faced with a dilemma if her youngest asks to take over the business, having less experience than their siblings. If she agrees, how might her other children respond? If she doesn’t, how will her child feel? And how will this impact the business? Wearing multiple “hats” is a muddled affair, however one thing is clear – in an environment of finite resources such as time, love and money, deciding on the optimal allocation split is no easy matter; Enter Success(ion). The Duality Of Family Business Succession Succession planning in family businesses can sometimes take a back seat. This is mostly due to the sensitive nature of the topic as well as its intrinsic finality. This is also why perhaps a better word for it should be “continuity” rather than “succession”; after all, without inviting an etymological debate, the next generations are continuing the family’s legacy rather than purely succeeding the current owner or leader. Postponing the conversations around who should take over invites a twofold dynamic. Most of the times continuity is considered from both an ownership and a management lens. That is to say that a family need to decide a) who will succeed in leading the business and b) who will own it – not always the same candidates and indeed often not. Whilst for some families there is a clear answer (i.e. families following a primogeniture model), for others it is a complex decision that requires thought, time, planning and careful consideration (remember the resource allocation dilemma?). Taking The First Step How best to approach the topic will vary from family to family. For some, the subject may be broached either at a family meeting or as an agenda item with the Family Council. For others, a more informal approach may be more appropriate, for example over the weekly Sunday dinner. As for the right age to have such conversations, again, some families chose to do it when their offspring are in their 20s (or earlier as observers at meetings), whilst others prefer to wait until the next generation are more experienced and may be well into their 30’s or 40’s (likely coinciding with them taking up a significant role in the business) and perhaps are parents themselves. It is therefore important to consider carefully what will work for you and no one method is wrong. There is however wide consensus that the earlier, the better and having your children getting used to the language of the business can help – just like learning a foreign language! The secret appears to be open communication. Once you have decided on the most appropriate format and time for the discussion for your family, you should also consider the following: Who will be involved in the process and how will communication and decision-making work – Current generation and next generation only? Spouses? Any non-family members? What is your intended outcome for the process and how does this align with your family’s shared purpose – What type of ownership do you want? Do you want to keep it in the family? Transition to non-family management? Create a philanthropic legacy? How are you going to achieve that outcome – What roles and responsibilities are needed from those involved? What is your talent pool and what should you start doing now? What is the timing? Seek Support For families where communication is challenging or where there are numerous parties to consider, typically an external adviser will be introduced to help facilitate discussions. For some, this may be a long-standing trusted adviser who is familiar with the family background, whilst for others, having a new and independent voice can be more conducive to constructive discussions. The ultimate decisions remain in the hands of the family; however, an advisor can guide the individual members through the process, whilst sharing experience, de-personalising scenarios and keeping discussions and progress on track. Food For Thought There is no magic answer. Continuity is an emotional transition whose complexity can be alleviated by the stakeholders’ commitment to the process. To get them there, you can try these: Together as a family endeavour to normalise the topic at an early stage and encourage views from all generations When faced with a disagreement try reversing roles and consider why the other party might react in a certain manner Remain flexible and open-minded; the process will evolve as those involved do and documenting a set of rules can help provide clarity and set expectations In our experience families are nervous about starting these conversations but are also pleasantly surprised with the outcome, which is usually different than what they expected. Be brave and get started! Andra works closely with families and family offices, supporting them in managing their businesses, their wealth and understanding their aspirations. Andra takes a holistic approach when advising clients, focusing on family longer term succession planning and family governance.

Maison Bernard has been a family-run business since 1868. Currently managed by father and son Jan and Matthijs Strick, it has been based in Brussels since 1986 and claims to be the oldest violin workshop in Europe. Recently they triumphed in the global PFV Prize for Family Business. Watch this short video to gain an appreciation of their craft.

A nuptial agreement can be a useful tool for wealthy individuals and families who seek to preserve wealth for future generations. Here, Joanne Edwards, Head of Family Law at Forsters shares her insights. The Risks Wealth protection strategies are devised to reduce the risk of wealth being dissipated or lost, and to mitigate any risks that can be identified. For example, the risk of currency fluctuation can be mitigated by hedging, the risk of losing key personnel can be mitigated by life insurance, and the risk of incurring unnecessary tax can be reduced by careful structuring. Divorce can pose a significant risk to a family or individual’s wealth. Recent publicity suggests that Amazon founder Jeff Bezos will pay his wife MacKenzie Bezos in the region of $35 billion, following the breakdown of their 25-year marriage. Multi-million pound divorce settlements are far from uncommon in England: not for nothing is London referred to as the “divorce capital of the world”. For a family seeking to ensure that wealth is preserved for future generations, a divorce can be hugely expensive and disruptive. The emotional toll on all concerned is well-known. Legal fees can be significant. The cost of the settlement can significantly deplete the family finances. But there are other, hidden, costs: a protracted divorce can lead to business paralysis. Injunctions may be granted, severely curtailing business operations. Trusts, family businesses and trusted advisers may be required to disclose documents or even joined as parties to the proceedings. The most hard-fought divorce cases may last for two or three years, causing significant disruption. The Role Of Nuptial Agreements A nuptial agreement can reduce or mitigate these risks. A common perception of nuptial agreements is that they are designed to limit the extent of one party’s financial claims. Whilst they can be used in that way, their greater utility in this context is their ability to reduce uncertainty, and therefore risk. Jurisdiction Wealthy families are increasingly mobile, and many will have connections with several countries. A great deal of thought may have been given to where individual family members reside, where they are domiciled, and where assets and structures are located. The rules regarding jurisdiction for divorce are complex, and vary from country to country. It is highly likely, however, that a party seeking a divorce will have a choice of jurisdictions, and that choice can hugely affect the size of the likely award, as well as the likelihood that payment of any sums due under the award can be enforced. The practice of “shopping” for the most favourable jurisdiction is well established, and can lead to protracted litigation in multiple jurisdictions. A nuptial agreement can fix jurisdiction in one state. Alternatively, it can be drafted so as to be effective in each state that may have jurisdiction. A well-drafted nuptial agreement can significantly reduce the risk of jurisdiction shopping. Asset Definition A nuptial agreement will typically define which assets form part of each party’s separate property, and which constitute joint property. The agreement will then establish rules for how the different classes of assets are to be divided in the event of divorce. The rules may be very broad, or very detailed. A well-drafted nuptial agreement can provide certainty about the extent of the parties’ assets, and how they are to be divided in the event of divorce. Wealth Preservation A nuptial agreement can ensure that fair provision is made for the economically weaker party on divorce, whilst nonetheless preserving family wealth for future generations. For instance, a home can be settled subject to a life interest, rather than by outright transfer, or a separate structure can be established from which maintenance is paid during the recipient’s lifetime, with the structure later reverting to family ownership. Predictable Outcome A nuptial agreement should provide a couple, and their wider families, with certainty about the financial consequences of divorce. A nuptial agreement is likely to be upheld by the English court, provided both parties had disclosure of the other’s wealth, and had independent legal advice about the consequences of entering into the agreement. The agreement must also make fair provision for the economically weaker party, and neither party must feel unduly pressurised to sign the agreement. Provided those criteria are met, the parties can be reasonably certain that the agreement will be upheld. This greatly reduces the likelihood of costly and time-consuming and expensive litigation, if the marriage does break down. Existing Structures A nuptial agreement should be drafted with existing asset structures in mind. For instance, the agreement should set out the mechanism whereby trustees are to be requested to assist in the event of divorce. Equally important is that existing structures are “stress-tested” to ensure they are sufficiently robust if they are challenged in the event of divorce. As specialist family lawyers, we have extensive experience of the way in which the family courts approach complex structures, and will be able to advise what steps should be taken to reduce or mitigate risk. Nuptial Agreements And Family Culture Family dynamics can be complex. It is rarely easy for one family member to suggest to another that they should obtain a nuptial agreement. Trusted advisers have a key role in ensuring that nuptial agreements are discussed, and the advantages are understood. Older generations can encourage future generations to enter into nuptial agreements by making it clear in letters of wishes that trustees are to look more favourably on those who have done so. Similarly, family constitutions can be drafted so as to confirm an expectation that family members wishing to share in the family wealth are expected to enter into nuptial agreements. Nuptial agreements are an essential tool for wealth planning. About the Author - Jo is the Head of Family Law at Forsters and specialises in dealing with issues which arise on relationship breakdown, including the financial consequences of divorce or separation; and resolving arrangements for children, including cases involving relocation with children. She also has expertise in advising on pre-nuptial agreements and acting in cases involving unmarried couples. Although Jo has extensive experience of taking cases to court where required, she is known for her conciliatory, pragmatic approach and desire to settle cases where possible.

Just over a year ago in February 2020, family business Bradfords Bakers and sister companies Send Them Cupcakes and Send Them Balloons operated from one location near Glasgow, in Scotland. There were six full time staff members, who baked and hand-decorated cupcakes, inflated and boxed balloons, and arranged a selection of gift hampers. They prepared between seventy and eighty gifts for delivery every day, which were collected by a courier in the evening, set to arrive to their recipients the next day. Bradfords Bakers was first founded in 1924 by Hugh Bradford and his sons. For years, the business had just one premises that would move around every few years to different Glasgow locations. Small staff teams kept the bakery going, serving bread and gateaux to the locale. Later in the 20th century, the business saw massive expansion as multiple locations were opened. In the new millennium, focus was placed on innovation such as in 2006 when the online branch of the bakery was founded, enabling the bakery to service consumers nationwide. In 2012, Bradfords Bakers created the Bakery ATM, which was a vending machine that provided freshly baked and decorated cupcakes to anyone who crossed its path in Glasgow’s St Enoch’s Centre. Unfortunately, the company was hit hard by 2008’s banking crisis which led to its stores starting to close. Bradfords Bakers, then 88 years old as a company, proved resilient and manoeuvred to fall back on its online branch. In 2013, the last Bradfords Bakers bricks-and-mortar store closed on a Friday, and it was fully active in its new and current form the following Tuesday. Now, it is managed by fourth generation Bradford, Claire, along with her husband James McGoldrick. In 2014 they founded Send Them Balloons and Send Them Cupcakes, aiming simply to reach new customers by telling them they deliver balloons and cupcakes. This came from evolution; as an e-commerce company, Bradfords Bakers was no longer the bakery it once was. It shifted to a gift company that was recognised for its hampers. So, James and Claire decided to spotlight their other offerings with their own small businesses. Less than a hundred orders fulfilled by six people feels like a distant memory now, even though it was only a year ago: everything has changed dramatically since lockdowns and travel restrictions rolled out across the UK. When non-essential shops as well as pubs, cafés and restaurants closed, the demand for Bradfords Bakers services skyrocketed, as did the need for its sister companies. Consumers were unable to visit the high street shops where they would buy gifts for the likes of birthdays, graduations, engagements, and other occasions; additionally, they couldn’t travel to give the gift either. So, Bradfords Bakers fitted well as a replacement as it delivered gifts directly to their recipients. As boredom set in while restrictions persisted, people became hungry for the experiences they were missing out on from the outside world. Afternoon teas catapulted straight to the top of the list of most popular offerings for the bakery, as customers could allow their own imaginations to set the limits for their days in: with an afternoon tea, they could create a fun and unique day in for the family, or a midday date. As such, Bradfords Bakers, Send Them Cupcakes, and Send Them Balloons saw massive growth. The family-owned business is currently operating at 350% and has seen incredible increases in conversion across different groups of customers. In 55–64-year-olds, there has been an increase in conversion of 180%, and 20% in those aged 64 and older. James recognises that this change has taken place as consumers have had to adjust to online shopping, where they may have been reticent to do so before lockdowns. This increase in growth and orders has allowed James and Claire to double their full-time staff size from six to 12; this manpower was needed to meet the demand they were facing. Now, even on quiet days, everyone onsite is kept busy as the average number of orders received on a given day has more than doubled; now they prepare up to 200 gifts for delivery each day. Fast forward to March 2021 and 200 orders per day is merely the calm before the storm; as national holidays like Valentine’s Day and Mother’s Day approach, the business goes into overdrive to meet the massively increased level of demand they receive. In the three days before Mother’s Day 2021, Bradfords Bakers, Send Them Balloons, and Send Them Cupcakes prepared nearly 2,000 gifts for nationwide delivery. Today Bradfords Bakers employs 12 staff members, but not all are there to bake and decorate cakes or blow-up balloons – James oversees the upstairs office where he manages any corporate orders, their customer helpdesk and anything else that keeps the company afloat. With him is the Bradfords Bakers customer services manager, Megan, and public relations executive, Holly. When the company is as busy as it was before Mother’s Day, it’s all hands-on deck: James and Holly will put aside their regular work to head downstairs and help with the orders that need to go out. Megan will also lend her time but prioritises her communications with their customers to make sure their needs are met, and queries are answered. The staff, who are one team, will work together, staying on late to make sure all the gifts are sent for delivery in a timely manner, and to prepare whatever they can for the next day, as to get a head start. It ends up being a great opportunity to unite the staff members who usually don’t get to see each other often; as they prepare hampers and box cupcakes, they get to catch up and share a laugh. Through this pandemic, while so many of us have been kept separate from our families and friends, this human connection has been vital and endlessly valuable. Busy times like these are ultimately difficult; it means a whole day of rushing about, being on your feet, working hard to make sure no one is disappointed. James places importance the birthdays and other occasions they help their customers celebrate – so many gifts now are being ordered by the likes of grandparents to grandchildren and vice versa. He and his staff are happy to know that they are doing something to ease the stress and tension everyone is going through while lockdowns are still in place. Ahead of these holidays, when the business is as busy as it gets, James and Claire must turn the online store off at a certain point as they reach capacity for orders – so many come in, and at a certain point, they have to start turning customers away. Ordering in advance is vital when pursuing a Bradfords Bakers, Send Them Cupcakes, or Send Them Balloons gift as they regularly experience a massive increase in volume ahead of holidays. This level of chaos isn’t reserved purely for holidays: Bradfords Bakers welcome large corporate orders and did so ahead of Christmas from different employers who wanted to send their employees festive hampers. They wanted to do this to say thank you for a years’ hard work during lockdown. Although the bakery was already extremely busy before the holiday, James and Claire noted that Christmas 2020 was probably the most wildly different Christmas most people had ever experienced. So, they and their staff accepted that they would be working hard through the season to ensure that their customers all over the UK were cheered by gifts. The pandemic has brought challenges for the businesses as they’ve had to drastically change the way they operate to meet the new volume of orders being received, but James and Claire are grateful for the security that comes with such high demand. As restrictions begin to ease and lockdowns are lifted, staff are looking forward to experiencing some normality in their personal lives. Still, James and Claire implore consumers nationwide not to forget the e-commerce businesses that got them through the stresses and boredoms of lockdowns; the ones who provided some fun and excitement when nothing else was available. With the continued support of their customers, Bradfords Bakers, Send Them Balloons, and Send Them Cupcakes hopes to see continued growth, and hope to use any downtime for new product development and further innovation.

Mark Boddington is the founder and chairman of Silverlining Furniture – one of furniture making’s leading names recognised for its progressive design ethos and focus on combining time-honoured craftsmanship techniques with the latest technologies. Boddington is also the great-great-grandson of the famous founder of Boddingtons English Beer – Henry Boddington, but it’s his love for furniture-making that’s guided his career choices. Boddington quotes his moher as one of his mentors – she had a natural flair for the arts and crafts, which also ran in the family through generations. Her grandfather, George Rae, was well-known for his patronage of the Pre- Raphaelite Brotherhood and his commissioning and acquisition of works, including Rosetti’s The Beloved, commissioned in 1863 for £300. It was Boddington’s mother who, when he decided against a career in brewery management, encouraged him to follow his heart as the craftsperson. It led Boddington to undertake training with the celebrated furniture-maker, John Makepeace and under his mentorship, tirelessly hone his skills. A successful graduate show at which Boddington took £38,000 worth of orders, enabled him to set up his first workshop at the age of 21. Boddington quotes two lucky breaks that helped him in the early stages of his career. His first workshop was on the Grosvenor Estate in Cheshire, home to the Duchess and the late Duke of Westminster, where he met the couple’s interior designer John Stefanidis. The relationship resulted in a steady flow of commissions from Eaton Hall and international aristocratic families. The second lucky break came in 1993 onboard a plane from Miami to LA when Boddington encountered Kevin Costner’s architect. This relationship led to a stream of commissions from Hollywood from clients such as David Bowie, Madonna, and Tom Ford. Now that Silverlining has a 62-strong team and loyal clientele across the globe, Boddington has turned his passion to developing the company and investing in his team. He also has on his mind the legacy he’ll leave behind. He envisions growing the business to feature a furniture-making academy and a new workshop facility. His other dream is to have an on-site restaurant, a nod to his mother’s passion for cooking and his love for growing organic produce, especially rare vegetables. Find out more here