Selling a family business is a profound undertaking requiring meticulous planning and strategic thinking. Beyond the financial aspects, it involves passing on a legacy built through years of dedication and hard work. This complex journey demands a strategic mindset and a deep understanding of the unique elements that define your business. Step 1: Acknowledge The Challenge – Navigating Complex Terrain Selling your business presents a unique set of challenges and opportunities. Emotional ties to the business can cloud judgment, while operational intricacies can complicate the process. By acknowledging these challenges upfront, you can better prepare to navigate them effectively. Step 2: Align Motivations – Delve Deep Into Your Goals The decision to sell a family business takes time. A complex interplay of financial goals, market dynamics, and personal aspirations influences it. To ensure a successful sale, you must delve deep into your motivations and align your actions with your strategic goals. Furthermore, you must provide existing Management and employees remain incentivised to come on the journey with you. Step 3: Confronting Challenges – Turning Hurdles Into Opportunities Each family business sale brings its own set of challenges. These obstacles can range from family conflicts affecting decision-making to operational inefficiencies that impact the business’s value. However, confronting these challenges head-on and at the earliest opportunity can generate significant improvement. Step 4: Prepare Thoroughly – Building A Solid Foundation Preparation is critical to a successful family business sale. Thoroughly organised financial records, transparent legal documentation, and well-documented assets instil confidence in potential buyers, expedite the due diligence process and minimise any exposure to trading or market fluctuations. Step 5: Master Valuation – Pricing With Precision Valuing a business is a blend of art and science. It involves understanding the intricacies of your industry, analysing market trends, and projecting future earnings. By understanding the drivers of your valuation, you can confidently run a sale process that reflects your business’s worth. Step 6: Balance Sentiment And Strategy – Navigating Emotional Waters Emotions run deep in a family business, making it vital to balance sentiment and strategy. Acknowledging the emotional history of your business while maintaining a strategic focus is essential for a successful sale. Step 7: Crafting Your Legacy – Think Beyond The Transaction As you stand on the threshold of selling your family business, remember that your journey is about more than just the transaction. It’s about shaping a legacy that extends beyond the business itself. Step 8: Seek Professional Guidance – Experts In Your Corner Selling a business is complex, and professional advice is crucial. Engage financial advisors, lawyers, and business brokers specialising in private business transitions at the earliest opportunity. Their expertise can help you make informed decisions, navigate the intricate process successfully and provide dispassionate advice to all shareholders. Step 9: Timing Matters – Strategic Planning The timing of your sale can significantly impact its success. Monitor market conditions, industry trends, and the overall economic climate to determine the optimal time to sell. Flexibility with your timeline can also improve your chances of securing a favourable deal. Step 10: Open Communication – Transparency Is Key Effective communication with family members and key stakeholders is essential. Address potential conflicts or disagreements early to prevent them from derailing the sale. Maintain transparency and involve all relevant parties in discussions. Be honest with yourselves about the strengths and weaknesses of your business. Step 11: Due Diligence On Buyers – Aligning Goals As potential buyers will conduct due diligence, you should also thoroughly vet prospective purchasers. Ensure that their goals align with your family’s values and vision for the business. This alignment can lead to a smoother transition and a better outcome for all involved. In addition to these 11 steps, consider developing contingency plans for unexpected challenges and planning for life after the sale. Selling a family business is a transformative experience, and the process can be emotional and challenging. About the Author - Nicholas Horrocks is an experienced corporate financier across both M&A and fundraising for Logros Advisory Partners. Nicholas has worked a lot in the technology sector, most recently both in the UK and overseas and is also Chairman of a family manufacturing business, Leigh Spinners Limited. Clients have included private companies, private equity firms and large corporates. Find out more by visiting their website here

As a family business owner, you’ve dedicated years of hard work and commitment to building a legacy. Now, you’re facing a pivotal moment: the decision to sell your family business. Navigating this complex process can be daunting, but you can confidently move forward with the right corporate finance advisor. Understanding The Role Of A Corporate Finance Advisor Corporate finance advisors are experts who specialise in providing financial consulting solutions tailored to businesses of all sizes. They excel in handling various financial transactions, including fundraising, mergers, acquisitions, and divestitures. When it comes to selling your family business, their expertise becomes invaluable. Experience in Selling Family Businesses : Choosing a corporate finance advisor with a track record of successfully selling family businesses is a significant advantage. Such advisors understand family businesses’ emotional complexities, legacy considerations, and unique dynamics. Crucially they offer dispassionate advice to the whole shareholder base about the options and best outcomes available to you. This experience ensures a smoother, more empathetic sale process. Personal Involvement in Family Businesses : Advisors who have been part of their own family businesses bring an additional layer of empathy. They grasp the attachment and pride of running family enterprises and can provide personalised guidance that resonates with your family’s values and goals. Overcoming Common Concerns It’s natural to have concerns when considering external support for selling your family business. Common worries include: Loss of Control : You may fear losing control over the sale process or the direction of the business. Financial Strain : Concerns about the cost of hiring an advisor might worry you, particularly if it affects your family’s financial stability. Choosing the Right Advisor : Identifying the right corporate finance advisor, especially one with experience in selling family businesses, can be challenging. Trust Issues : Past experiences with advisors may lead to trust issues, making you hesitant to seek external support again. Navigating Beyond the Concerns Overcoming these concerns involves strategic steps: Selecting the Ideal Advisor : Thoroughly research advisors with a specific focus on experience in selling family businesses. Seek referrals, case studies, and testimonials to make an informed choice. Building Trust : Establish a strong relationship with your chosen advisor. Ensure their approach aligns with your family’s values and goals. Transparent Communication : Clearly communicate expectations, timelines, and budget to avoid misunderstandings during the process. Open Dialogue : Don’t hesitate to ask questions or express concerns. A reputable advisor welcomes your input and addresses issues promptly. Collaboration : Foster collaboration between your family and the advisor. Sharing information and resources enhances the outcome of the sale. Empowering Your Family Business’s Financial Future In summary, selecting the right corporate finance advisor for your family business sale is crucial. Experience in selling family businesses and personal involvement in family enterprises can make a significant difference. You can secure your family’s financial legacy by overcoming common challenges through careful selection, building trust, transparent communication, open dialogue, and collaboration. Seizing The Future Every family business sale presents an opportunity for a new chapter in your family’s financial story. Success is more attainable when you have a trusted corporate finance advisor who understands the unique dynamics of selling a family-owned enterprise. The time to act is now – the future holds endless possibilities, and with our expertise, you can confidently seize them. Contact us today to schedule a consultation and embark on a transformative journey toward securing your family’s financial legacy. Remember, the sale of your family business reflects the legacy you’ve built. Choose to empower your family with the guidance of our expert corporate finance advisors, some of whom have experience in selling family businesses. Together, let’s embark on a journey of financial confidence and secure your family’s future. Unlock The Full Financial Potential Of Your Family Business The world of corporate finance is waiting for you to explore its potential for your family business. Corporate finance advisors, including those with a background in selling family businesses, are eager to join you on this journey. About the Author - Nicholas Horrocks is an experienced corporate financier across both M&A and fundraising for Logros Advisory Partners. Nicholas has worked a lot in the technology sector, most recently both in the UK and overseas and is also Chairman of a family manufacturing business, Leigh Spinners Limited. Clients have included private companies, private equity firms and large corporates. Find out more by visiting their website here

Reputational risk is a key concern for many family firms. Alistair Morgan explains some of the considerations as to how families can manage their reputations. Setting The Scene Many wealthy families “trade” on their reputation, which has often taken years, decades or even centuries to develop. However, thanks to social media and mobile technology, we now live in a world where reputations can be won or lost in a matter of seconds or minutes. Taking the middle ground – maintaining a reputation – is far from straightforward, and is an ever-evolving task. The reputation of a person or entity is, quite simply, an opinion which is often formed as a result of social evaluation by one part of a community or the public generally. A positive reputation can present opportunities; negative reputation on the other hand can be extremely damaging, and in the worst cases, highly disturbing. Managing reputation is a complex business on a number of different levels. The purpose of this article is to explore how wealthy families can manage their reputation, including the role of philanthropy. Central to these matters is the role of a wealthy family’s private office. Social Media, Mobile Technology And The Internet We have witnessed a cultural shift in recent years whereby the public demands more intrusive and intimate information about those in positions of power or celebrity. The private and financial affairs of wealthy individuals and families, entrepreneurs and well-known companies are ripe for public discussion and criticism, particularly if they touch on the controversy of the day. The structuring of wealthy families’ tax affairs is a notable example – more on this below. Malicious and intrusive publications, notably online, can cause significant and lasting reputational damage. Negative publications can be devastating and wreak havoc on personal and business relationships, profitability and investment opportunities. Once images and information have been publicised across different platforms, the task of completely removing it can be almost impossible to achieve. The old adage that “prevention is better than the cure” is particularly apt when advising wealthy families on how to manage their reputation. Challenges Faced By A Family And The Role Of The Family Office The structures that hold and administer a family’s wealth are often far from straightforward. Such families often have an array of trusts (both on and off-shore), companies (private and public), partnerships, charities and foundations. Each of these vehicles will inevitably have an ongoing, typically annual, compliance obligation which can take the form of tax returns, annual accounts and annual returns, to name but a few. It is common for families whose affairs involve such a degree of complexity to have their own private family office. A popular misconception about private family offices is that they are simply a private investment office with an administrative function attached to it. While these services often form a part of the overall service function for a wealthy family with complex wealth arrangements, a private family office should also seek to provide families with strategic advice about many different aspects of their private wealth arrangements, and ensure that such advice is implemented appropriately. Set out below is a number of issues that the private office of a wealthy family need to address in order to manage their reputation: Compliance (fiscal, regulatory, accounting) The work can either be undertaken in-house, in which case it will need to employ the appropriately qualified and experienced staff to do this, such as an in-house director of tax, head of compliance or chief financial officer. Alternatively, the work can be outsourced to a third party, but the family office should coordinate and drive the process. The “Smell Test” Some, or even all of the activities of a family’s wealth structure may not fall under the supervision of a regulatory body such as the Financial Conduct Authority, or have a statutory need to be audited. However, in the absence of statutory or regulatory obligations, a family may want to ensure that all of its private wealth arrangements are governed and operated in accordance with “best professional practice”. As a result, a private family office must aim to operate such that its policies and procedures conform to the standards required if it were under the supervision of a professional or regulatory body. One way to achieve this is for a private family office to establish an Audit and Risk Committee (ARC), which can also be used to monitor a family office’s obligations when it does fall under the supervision of a professional or regulatory body. Ideally the ARC should be chaired by an independent individual who is neither a family member, nor an employee, either within the family office itself or in a business owned by the family. Furthermore, families can elect to have their entities audited by a professional auditing firm in the event that there is no statutory audit requirement. For example, an offshore family trust structure may have greater complexity, quantum of wealth, and number of financial transactions each year than a company listed on the London Stock Exchange, and the latter would need to have a full statutory audit. The audit of a private trust structure can help to provide family members with an additional level of comfort that their affairs are being administered in a way which is unlikely to have an adverse impact on their reputation, with the full support of a professional firm’s report. Security Having a robust security plan is integral to maintaining a wealthy family’s privacy and reputation. Intrusion, for example through a breach of an IT system or as a result of an employment matter, can have a detrimental impact on a family’s reputation. A private family office can develop a coordinated strategy for them in order to help prevent, detect and respond to a breach of security. Public Profile For some wealthy families, having a public profile is inevitable and simply unavoidable. This may range from a family member being the CEO of a public company, to being the family of a well-known sporting celebrity. A private family office may need to engage a consultant who can advise them on how to manage their public profile, and by implication their reputation. Such a consultant will also be an integral part of any exercise that is required to manage an attack on that reputation, irrespective of whether there is any truth behind allegations made by an unscrupulous third party. Crisis Preparation How to react when disclosure is threatened or a breach of confidentiality occurs. The previous points all confirm the need for a family office to have a clear strategy and plan to deal with a “Crisis” before one actually occurs. This then needs to be integrated with a disaster recovery plan for the private family office in order to deal with events such as, inter-alia, the death of a key (and probably publicly well-known) member of the family, the broadcast of a story or event in the public press, or a transaction involving one of their business interests. The plan should also include a set of procedures to deal with a third party seeking to tarnish the reputation of a family. In advance of such an event taking place, the private family office will need to consult with them about their views on the extent to which they would want to trace and bring to account a perpetrator of an attack against their reputation. Attitudes To Tax Much has been discussed and written about attitudes to tax in recent times, both nationally and internationally. Popular themes and their respective drivers include: The national deficit – political pressure to generate sufficient revenue from taxation in order to pay for the cost of providing public services. The on-going search for someone to bear the responsibility for the 2007/08 financial crisis. Bankers have taken much of the pain, coupled with the perception that they were the main promoters and users of aggressive tax avoidance schemes that have cost the Treasury access to many billions of pounds of taxation revenue. The moral argument about tax avoidance and the blurring of the lines with tax evasion. A wealthy family’s approach to taxation is therefore a critical aspect of how they manage their reputation. As has been recently seen by the string of celebrities embroiled in suspected tax avoidance schemes, it is not possible (not least from a legal perspective) for wealthy families to simply leave it to their tax accountant “to get on with it”. Each family member has to take responsibility for the management of their tax affairs – to do so otherwise could have a serious detrimental impact on their reputation even if they were simply following the advice of their professional adviser. Failure to comply with these obligations could result in a public trial and prosecution, bringing with it the inevitable impact on the family’s reputation (irrespective of the eventual outcome). A private family office can assist with this by dealing with the following issues: Tax Compliance A private family office may be mandated to maintain all of the personal financial records of the members of the family. The office may also maintain the accounting records of the entities (corporations, trusts, partnerships, charities etc.) that exist within the family’s private wealth structure. Typically the data produced and maintained by the family office will be presented to their tax accountant to enable them to prepare and submit tax returns. The late or incorrect submission of a tax return can result in negative connotations for a family. While such a submission may not become public knowledge, a wealthy family’s relationships with taxation and regulatory bodies are critically important to the successful administration of their wealth. It is therefore imperative that a family’s private office is structured and managed in a way that will enable the tax compliance obligations to be met accurately and in a timely manner, working alongside the professional tax community where necessary and appropriate. Transactions A private family office is likely to be involved with the planning and implementation of transactions on behalf of the family and their wealth structures. It is highly likely that any such transaction will have a fiscal implication, and so the manner in which the process is driven and organised by the family office will potentially have an impact on its outcome. The senior family office executives need to work closely with the family and its professional advisers to identify the key tax issues and risks, to give them clear and definitive advice on the potential implications of the transaction. The Role Of Philanthropy Wealthy families engage in philanthropy for a variety of reasons, including a moral desire – people who may feel that they would like to contribute more may make philanthropic donations of their own choosing rather than contribute to the public purse. Or they may simply wish to continue their family’s history of philanthropy. One of the many advantages of being involved in philanthropy is the positive effect that it can have on a family’s reputation (whether such attention is desired or not). Executed well, philanthropy can present them with a favourable public image. However, get it wrong and the negative impact can be disastrous. It is therefore imperative that a wealthy family’s involvement with philanthropy is properly managed and administered, and their private family office should play an integral role in this by establishing the appropriate governance structure for their philanthropic interests. The private family office can also help to bring cohesion to this matter by delivering a consistent set of policies and procedures to the governance of the family’s interests generally. Typically, a wealthy family’s involvement in philanthropy will take the form of a charity that is specifically incorporated to pursue their philanthropic interests, which I will refer to as a “Family’s Private Charity” (as opposed to a “public” charity, such as the Charities Aid Foundation. The issues that a wealthy family need to be mindful of when involving themselves in philanthropy include: The public perception as being an ineffective funder if a grant made by the Family’s Private Charity is misused or the charity folds. Grantees could perceive the Family’s Private Charity as being an inefficient funder if it rejects requests for subsequent grants, or withdraws a commitment before full payment is made (for whatever reason). Conflicts of interest need to be handled appropriately, particularly where a family has many diverse interests aside from their philanthropic pursuits. For example, difficulties can arise if a business that is owned and operated by one family member appears to pursue activities that are contrary to a Family’s Private Charity which is run by another member or branch of the same family. Compliance with charitable legislation and regulations appropriate to the charity’s activities, such as those issued by the Charity Commission. Internal financial controls – if a Family’s Private Charity is managed ineffectively, it will reflect badly upon the family, particularly if one or more of the family members are involved in a commercial enterprise (“they should know better” syndrome). Conclusions Managing the reputation for a wealthy family is far from straightforward. There are many pitfalls, but there also a number of proactive steps that can be taken to mitigate these risks. A well-organised private family office, which operates with clear policies and procedures, is a good method of enabling them to be strategically advised on these issues. Philanthropy is an integral part of managing a wealthy family’s reputation. However, a family’s interest in philanthropy should be led by their philanthropic interests and objectives, rather than a means of managing their reputation. About the Author - Alistair Morgan is CEO of Mayfair Private. This article was first published by Familia, the official magazine of the Family Office Council and has been reproduced with their permission.

Marketing has always been important to any business, regardless of sector and size, but can also be one of the most challenging endeavours to undertake. As recently as a decade ago, a family business may have relied on legacy media like newspaper and radio ads to grow their brand. But marketing platforms have evolved immensely in the world we live in today, meaning family businesses will have to adapt in order to stay competitive and ensure their success. Given how businesses across all sectors are developing new marketing strategies in response to COVID-19, there is perhaps no better time than now to give your family business a marketing makeover. Here we share several easy ways to immediately boost your visibility and capture a larger audience, which, ideally, in return will generate more revenue. Why Market? Marketing is used to reinforce your brand, capture an audience of loyal customers and create a following of people who support your business vision. But before you can begin marketing, your family business needs to make sure that your purpose, goals, and brand are clearly identified. Family businesses have an advantage when marketing because have a story that is unique, built on trust and familial relationships, and oftentimes rich in history. In fact, research has shown that consumers connect strongly to “family-owned and operated” companies and your family’s story will automatically set you apart from your competitors and provide ways to market that can well serve your family’s business. While marketing your family business can sound intimidating, do not let that deter you. The following are a few easy, low-cost but high-reward, marketing strategies that any family business can implement today. Social Media The first and easiest marketing platform to get up and running is social media, which includes options such as Facebook, Instagram, Snapchat, or Twitter. While the mid to older generations lean to Facebook, younger generations lean towards Instagram and Snapchat. Discuss with your family who your target customers are and which platforms may work best for your family business. Many businesses choose to utilise all of these marketing platforms, and as you get yourself acquainted with each, you will realise that each platform can serve as a strength to your business’s marketing needs. For example, if your family owns a restaurant that specialises in Italian cuisine, you can post pictures of your Italian specials, provide your location and share the story of what inspired your family business on each of these social media platforms. You can even share videos of cooking your specialty Italian dishes or with a short cooking lesson, or reach out via direct messaging to communicate with potential customers. If funding allows, your family business may choose to hire a social media manager who, as an expert in this marketing strategy, can likely provide more useful advice. Create A Video Another marketing strategy for your family business is to create and post video content. While this can be done on many social media platforms, YouTube leads the pack as the number two search engine in the world, estimated to generate billions of users in over 100 countries every day. Bringing your family together and being innovative about the types of videos to create and post can, in and of itself, be a team-building event for your family business and offer an opportunity to reflect on your business goals. For example, videos may be about your products or services, may be educational in content in an area related to your family business, or about your family’s business philosophy, which may even include how your family business helps a specific community or conducts its philanthropy. Start A Blog Or Website Another marketing platform which can be an effective way to spread the word about your family business is to start a blog or website. Often the two are used interchangeably because essentially a blog is a type of website. The difference is that blogs tend to be updated more frequently whereas a website is oftentimes more static. If your family business already has a website, it may be time to consider updating it, and, among other updates, include a blog. Blogging can include all types of content: posting pictures, written pieces about your family business, links to purchase your products. A blog or website can include a “contact us,” “reservation,” “set up an appointment,” or “ask for a quote” page depending on what your business offers, allowing your clientele to reach you more directly. If your family business does not already have a website, investing in one may make sense depending on your business goals and products and/or services. It doesn’t matter if your family business is small or large, a website and/or blog is a top marketing asset in the digital age. A quick internet search will go to show that consumers rely on websites to engage with businesses. Some reports have even shown that consumers will dismiss a business if that business doesn’t have a website, instead turning to one that does. Gather And Share Testimonials An added marketing technique that serves well on a blog or website, but that can be utilised on any marketing platform, is to include testimonials from your business’s current customers. A testimonial is simply a recommendation from someone who can affirm the performance, quality or value of your business’s products and/or services and/or its commitment to community it serves. You will want to consider how best to solicit such feedback – is it through allowing anyone to comment on your website or other platform or is it requesting customer or client feedback and the consent to use it on your platforms? It is common nature to turn to reviews and recommendations when determining if one should purchase a product, check out a new restaurant, or commit to a new service provider. Consumers rely on other consumers to share their feedback. Simply having testimonials can earn the trust of your future customers. Testimonials can also create a more personal connection; they can show your family business cares what your customers think and that your customers appreciate and support your brand. Moving Forward Many marketing strategies contain one or more of the above ideas. Your family business may wish to engage a marketing consultant or adviser to assist with the best plan for your business. And, there may be some legal issues you may wish to discuss with your company’s legal counsel, such as those relating to testimonials, intellectual property, product and/or service disclaimers, and the like. This article was first published by Davis Wright Tremaine LLP. It has been reproduced with their permission. Find out more by visiting their website here

Internationalising can be difficult for businesses, especially if their products are grounded in domestic cultural traditions and require the possession of some degree of cultural knowledge to be understood, used, and valued by foreign customers. But new research from the UCL School of the Management reveals three different “cultural strategies” available to these companies if they wish to succeed on an international scale. Success may require managers to explore opportunities to adapt the way products are designed, produced and sold, to bridge domestic and foreign values, traditions and preferences. Professor Davide Ravasi – together with Innan Sasaki, Warwick Business School, and Niina Nummela, University of Turku, Finland – looked at how businesses can navigate tensions between adjusting traditional products to foreign taste, while at the same time respecting their integrity and authenticity. They studied how a group of Japanese producers of heritage craft located in Kyoto expanded internationally over a number of years. The findings point to three strategies that can be used, alternatively or in conjunction, to make traditional products more appealing to foreign customers. “The first, selective targeting, focuses on segments of foreign customers that are sufficiently knowledgeable to appreciate the products in the original, unaltered forms. Managers we studied, for instance, initially targeted connoisseurs, collectors, migrant communities, and fans of Japanese culture more generally. They also actively tried to educate their customers about the cultural traditions that give meaning and value to the products." “The second, cultural adaptation, is characterised by the willingness to partially adapt products – or the way they are packaged or communicated – to foreign preferences and consumption patterns. Local distributors, here, can play an essential role by helping educate customers through cultural storytelling and other initiatives, or, conversely, by suggesting alternative uses of traditional products or adjustments consistent with local customs and preferences." “The third one, cultural transposition, uses collaborations with foreign designers to apply traditional aesthetic or technical elements to entirely different products – that is, using gilding techniques for temple furniture to decorate bathroom tiles – to be marketed to national and international customer segments attracted by the combination of tradition and modernity." “Both local distributors and foreign designers support these strategies by serving as cultural intermediaries – individuals who support development and sales of products of symbolic value by helping make them meaningful for consumers.” says Ravasi. The research found that the first strategy – selective targeting – rarely leads to substantial international sales, being dependent on the relative size of the culturally-savvy segments it addresses. Yet they found that 9 firms out of 10 first adopted this strategy as they internationalised. They introduced adapted products only after acquiring better knowledge and understanding of local tastes and preferences. Selective targeting, them, appears to be an important first step to acquire better knowledge and understanding of local tastes and preferences to support cultural adaptation – a more promising strategy that enables access to broader segments of foreign markets. In the one occasion where alterations were introduced directly in the absence of prior learning, failure occurred. By highlighting alternative strategies to support growth through internationalisation in traditional sectors, findings from this study have important implications for both managers and policy-makers interested in safeguarding cultural heritage and traditions, and using them as a source for competitive advantage in international trade.

Stories are a great way of connecting with people as good storytelling is emotive. That’s what makes great books and great movies: they tell engaging and emotive stories. Have you ever had feedback that you need to be more motivating or inspiring? If so, storytelling could be the answer. Anne Taylor is an Executive Coach and author of the new book, Soft Skills Hard Results and shares some of the secrets associated with telling a good story. So, what’s the secret of storytelling? It’s about thinking of your stories before you might even need or want to share them. That’s right, plan them in advance. The process is the same for your professional or personal stories, depending on your audience; however, here the focus is on professional. It’s not as complicated as the following nine steps imply. I’ve just broken it down in detail to walk you through the process step-by-step: 1. Peak Moments Think about your professional journey, what have been the highlights, low points, key lessons learned and crossroads. Also, think about what matters to you as a leader and where that purpose or motivation came from. If you’re struggling, think of some things you’d like a graduate to know about leadership and try and remember where you learned that lesson in your career personally. 2. Your Situation From the specific events and moments in time identified above, think about your situation – your thoughts, feelings, motivations and relationships with those involved in each of those peak moments. 3. Lessons Identify the lessons you learned from each of those peak moments. In other words, what is the moral of each of your peak moments? This will become the ‘so what’ of your story and be useful in identifying which story to share and when to share it, so stay tuned. 4. Choose Which topics or morals might be the most applicable to your current leadership situation? Which might be helpful to the challenges your team members are facing now? 5. Create Take the topic or moral from above and create the story, including the situation, the learning moment, the feelings and the ‘so what’ or moral. 6. Elaborate Put in more emotion (you probably have skimped on feelings as so many people do), share the angst and the light bulb feeling, include specific details to add flavour and paint a picture, and lastly, reveal how that transformed or impacted you from that moment on. 7. Refine Delete some of the factual filler or extra words. The length of your story should be about 3 to 5 minutes. You could have a slightly longer version depending on the application. 8. Practise – By Yourself First read it over and feel it. Then read it out loud to hear yourself say it (you don’t want the first time you hear it to be when another hears it). Then read it in front of a mirror, occasionally looking at your face in the mirror. This increases your comfort level further. Hone the message and wording, if necessary. 9. Deliver This isn’t about memorising a story, it’s about knowing the structure and flow of what you want to convey. Try it out with a low-risk person and judge the impact. Or you could ask for feedback! Also, watch how others tell stories – what works and what doesn’t for them. Family businesses obviously have an advantage over their non-family owned and run counterparts in that they have their own personal story to tell which when used in the right way adds real authenticity to who they are and what they do. Extract taken from new book Soft Skills Hard Results by Anne Taylor. She is an Executive Coach & Author, helping successful, results-driven leaders improve their people skills to be more effective and satisfied. Her website www.directions-coaching.com offers a range of materials, a sign-up for a complimentary session and a download of the first chapter of her book.

Saxton Bampfylde have recently published their latest thought piece entitled Humanity at the Heart of Digital Prosperity. For this report they have spoken with over 30 executive leaders, in both executive and non-executive roles in some of the UK’s leading businesses, across a range of sectors. They were keen to explore the prominence of digital innovation in organisational priorities. Clearly they couldn’t have foreseen at the end of last year when commissioning this research, just how pertinent elements of the discussion would be in light of Covid-19. However, they have sought to explore this topic beyond the short-term acceleration of digital strategies for ways of working, considering the bigger questions relating to talent and skillsets, leadership, organisational structure and culture. Download and read the full report here:

2020 highlighted the need for digital transformation around the world and in every sector with family businesses that had invested in IT infrastructure being able to keep working when their countries went into lockdown. Companies that hadn’t were left scrambling. Mandatory remote work has proven that digital transformation has very real business benefits. It isn’t a load of buzzwords and IT fads. Companies that hadn’t invested in it in the past are almost certainly doing so right now. However, the latest research from Vistage found that despite seeing the need for digital transformation, leaders aren’t always confident they can make it happen: 32% said they don’t feel confident about their ability to lead digital transformation projects, compared to 21% that said they do 38% said their business wasn’t ready to embrace it, compared to 26% that said it was 35% said their business model wasn’t ready, compared to 28% that felt it was So how can non-technical leaders take ownership of digital transformation and drive it forward? In this guide, the team at Vistage share tips and advice that will help any leader make digital transformation happen in their organisation. How to lead digital transformation projects with total confidence – even if you don’t have a technical background. Read the guide below to find out more and visit the Vistage website to see how they work with business leaders ON their business too. Download and read the guide below:

After a tumultuous past two years for businesses, even the smallest increase in supplier or software cost or change in strategy can impact a company’s profitability; every penny counts. Although business owners are familiar with ‘being online’ and tend to dabble with a mix of marketing tactics, experts say businesses should be using digital marketing strategically in order to save costs and raise revenue. Following a 1400% increase in interest for the search term ‘business cost savings’ between March to June 2022, digital marketing and website development specialist, Fishtank Agency, highlights five ways you can save costs as a business online: 1. Create a 12-month strategic marketing plan with a set budget/limited expenses Developing a marketing strategy that aligns with your overall business plan and objectives is essential to building resilience. Understanding your target audience, their wants and needs, and your own goals and key performance indicators (KPIs) as a business will not only give you clarity and results but also save you money. Planning 12 months ahead helps avoid future uncertainties and reduces the risk of failure. It allows time to coordinate tasks and distribute responsibilities, such as thorough research and visual graphic creation. You can utilise a number of organic marketing tactics to build brand awareness, an audience and ultimately new customers. An essential organic component of this strategy is content marketing. Creating and posting valuable, relevant and meaningful content is a great free way to increase your brand awareness, trust and authority, leading to increased lead/sales generation. Using a mix of the below techniques is recommended to achieve the best results: A consistent flow of social media content (organic) Monthly email newsletters Advice-led blog posting Search Engine Optimisation (SEO) Building backlinks from high authority websites 2. Choose a hosting and maintenance partner that offers flexibility Choosing a provider that regularly monitors and suggests suitable plans based on usage not only protects you from inflation but gives you the flexibility to adjust your package depending on your needs. You want a contractual agreement with a price promise for 12 months minimum to protect you and your business as the cost of living rises and other expenses increase. For example, in manufacturing, you will often find at least one period of the year where traffic is expected to ramp up significantly. This can be driven by classic product-related seasonality (e.g. sun cream in Summer) or marketing offers to inflate demand, and your website will need to be able to handle any spikes in traffic. By partnering with an agency that regularly reviews your package and suggests ways to improve the service provided, you could look to save or reallocate funds elsewhere. This relates to hosting and any monthly or annual agreement your business may be contributing to, such as website maintenance, CRM software, etc. 3. Take advantage of organic social media and email marketing Despite social media platforms bringing in 29.37 billion pounds in revenue – the marketing tools themselves are free, unlike many traditional marketing methods (print marketing, tv and radio advertisements etc.). Using organic social media content that can be packed with clickable links is also a cost-effective alternative to increasing website traffic and goal conversions, which can save on any extensive pay-per-click (PPC) budgets. Social media marketing is quick, easy and time-efficient. You can build a community of followers and gain consumer trust by providing bucket loads of resources all in one place within minutes. The platforms also allow you to humanise your brand and partner with influencers and key stakeholders. Key things to remember when managing social media for a business: Create a social media strategy based on your target audience Put together a content plan looking at key awareness days, products and services, User Generated Content (UGC), testimonials, FAQs, behind the scenes and more Schedule your posts to save time using tools like Hootsuite, Tweetdeck or Buffer Measure results using Google Analytics as well as internal social media analytics Keep an eye out for industry trends using social listening tools and Google Trends Create engaging social graphics using Canva or if your budget allows, reach out to a graphic designer for some creative direction 4. Strengthen relationships with suppliers and customers with case studies and connecting on social media By building a bank of case studies and sharing this insight across social media (tagging relevant stakeholders), you can reduce the cost of marketing efforts as it is a free and organic way to build trust and brand awareness with your audience. It not only makes your customers feel appreciated and special, but it also allows your brand to reach businesses it may not otherwise have. By engaging with your customers and suppliers on social media, you are building credibility with potential new customers that are not following your content yet; essentially, you can reach a wider audience at no expense. When writing case studies, link back to customer and supplier websites and focus on target search terms. This will support the improvement of website authority and visibility online, and Google keyword positioning will improve, increasing website traffic. To do this, use tools such as Google Search Console, Google Analytics, Moz and Google Trends to carry out your keyword research and ensure you are targeting the most relevant keywords or phrases. 5. Increase digital reach and rank higher in organic search results with traditional SEO Traditional SEO practices are one of the top ways to increase keyword rankings and reach while simultaneously trying to maximise the marketing budget. Spending money on PPC advertising and Google Ads can quickly become expensive, especially in competitive industries. Building a solid organic search presence with relevant content and strong website optimisation can be a great way to still appear at the top of the first page of Google. Users often ask Google very specific questions – and if your website gives them direct answers to those questions, the search algorithm will reward that. Support that with in-depth on-page optimisation, perfecting your meta descriptions and alt tags, and you could find yourself with a featured snippet (highlighted excerpts of text that appear at the top of a Google search results page in what is known as ‘Position 0’) or top position. Whether you use an agency to help with your SEO or invest in an internal resource to manage search presence, this strategy, in the long run, works out much cheaper than a search ads campaign that you have to fuel with money every single month. Jacy Yates, Account Manager at Fishtank Agency, summarised: “Digital marketing helps businesses of all sizes become more visible online. Whether it’s through social media, a website, or other means, digital marketing tactics can make a significant difference to a business’s marketability and profitability.” “The above tips on how you can save costs as a business online show the cost benefits of digital marketing; the key to using them is to have the right talent in-house or to find a compatible business partner in a digital agency you can trust.”

Not all family businesses are alike, and there are multiple ways to highlight their strengths through the brand. Here are four ways to build a brand strategy around a family business. There are recognised benefits to being a family business: a sense of personal connection, trust and responsibility. Many firms have discovered the value of the family at the heart of what they do, and use it successfully in their branding. Here are four common approaches for incorporating family ownership in a brand strategy. Could you shape your messaging along one of these lines, and tap into some of the advantages? Michael Gough shares his thoughts on how to build the family narrative into the brand. Building Trust Trust is the most significant association people have with family businesses. They’re built from the ground up, which takes personal investment, commitment and hard graft. They are run with care, pride, and a long-term mindset, so that they can be passed on to the next generation. That’s a valuable story to be able to tell, especially in sectors where trust has been damaged in the past. Take C Hoare & Co, one of Britain’s oldest banks. It has been successfully passed on through 11 generations of a single family, which suggests good stewardship and wise investment. You don’t have to have a history going back that far to be able to amplify the trustworthiness of your firm through its family ownership. Even as a brand new venture, you can highlight how you are putting your name to it and have a personal reputation to uphold. Anyone can talk about trust, but one advantage of a family business is that you can express exactly what makes you trustworthy, such as strong family bonds, pride or tradition. The Value Of Heritage Firms with a long family legacy are able to draw on tradition as part of their branding strategy, and it immediately sets them above the competition. It’s distinctive, unique, and speaks of continuity and craftsmanship. Emphasising a family history can be particularly useful to brands that trade on a particular skill or craft that is passed on from one generation to another. William Grant & Sons describe themselves as ‘independent family distillers since 1887’. They are very deliberate in specifying that their Glenfiddich distillery is ‘family run’, not just ‘family owned’ – a nuance identified through careful market research in their export countries. This is something we always recommend as an agency: asking your customers what they think about a company can reveal all kinds of useful insights, both positive and negative. Heritage is built over time, and is never part of a brand at the start. It’s possible for a company to have a heritage to draw on without realising it, as it is taken for granted. Or they might recognise it but not know how to make it part of their brand. Company anniversaries can be a good opportunity to assess the value of a family heritage and incorporate it into their messaging. Ongoing Relevance History and heritage matter more in some sectors than others. In some businesses it might even be a hindrance. It’s hard to imagine a tech company trading on being a family business – it might suggest inertia or a failure to move with the times. For those reasons, some will choose not to bring their ownership to the foreground. This is not inevitable, and some brands have successfully used family business messaging to talk about innovation. The German stationer Staedtler is still run by the descendants of their founder, Johan Sebastien Staedtler, who started the company in 1835. For them, this legacy is one of constant advance and invention. They can innovate with confidence because they have done it so many times before, and have deep expertise in bringing new ideas to market. It’s a brand that looks to its past and finds a “pioneering spirit” that inspires the future. Character And Values A fourth approach is to talk about the values that the family hold and how they are expressed through the business. This can be especially powerful when talking about corporate social responsibility, charity initiatives or sustainability. Linking these activities to the family gives them authenticity. The outdoor brand Patagonia was founded by Yvon Chouinard and his wife Malinda, and is jointly owned by the couple and their two children. Patagonia has world-leading sustainability goals, and it can ground these ambitions in Chouinard’s roots as a surfer, adventurer and nature enthusiast. Family character doesn’t need to be radical. Warburton’s bakery uses its founding family very publicly to talk about an obsession with quality. Clarks shoes reference their founders’ Quaker values of modesty and integrity and prefer not to draw too much attention to any single individual. Which Approach Works For You? In summary, there is more than one way to create a brand strategy around a family business. You can use it to build trust or tap into your history. It can balance heritage and innovation, or express company values. It’s important to consider these approaches, and review your brand to see if it is performing the way you would like. After all, one disadvantage of longstanding family businesses is that it’s possible to coast on a reputation, and not notice if it isn’t resonating with audiences the way it used to. About the Author - Michael Gough is the Strategy Director and co-founder of the brand and design agency Sparks Studio. He helps established businesses with rich histories and complexity to re-establish their relevance, to connect with changing audiences and express what matters now. He also hosts the podcast Why It Matters, a series of conversations with leaders who are passionate about something that is at risk of being overlooked.

Trillions of texts are sent every day (we’re going to define text messaging as a wide catch-all for SMS and chat apps such as WhatsApp, Viber etc.) and it is a technology we are very comfortable with. However, it took a long time before it found regular use in getting content from businesses and organisations (of all types, shapes and sizes) to clients, members, prospects, team members etc. These days, it is commonplace for people to receive SMS from businesses, with the content fulfilling a variety of uses. However, there are many messaging channels available to organisations today, and it never takes long for industry experts to jump up to say that one channel is better than another for this, but not that etc. Confusion is understandable. With conflicting judgements/views and without the assistance of somebody from the business messaging space to offer guidance, it is little wonder so many businesses ignore all hype and noise around messaging and just stick to what they always have. Using email. Spending a truckload of cash on digital ads. This needs to change. James Williams, Director of Programmes, Mobile Ecosystem Forum (MEF) explains more. Dump Digital Advertising For Messaging Literally hundreds of billions of dollars a year are spent on digital ads but if you have a look into the conversion rate statistics for them, they tend to be on the ‘sub-optimal’ side in general. SMS is far more effective. And then move up to richer messaging channels such as WhatsApp and RCS (or more accurately RCS Business Messaging, RBM) and the effectiveness increases yet further. So how come digital ads, in all their flavours combined, are doing a far better job than business text messaging in attracting (in particular) marketing spend? No matter how small, any company can sign up for very fast and easy to send digital ads. The leading providers are quite literally household names but the same can most definitely not be said of the top business messaging companies – the likes of Twilio, Infobip, Sinch. All from the world of mobile messaging will know of those names but very few civilians will. Combined, just those three carry billions of messages each month for enterprises around the world yet the average person does not recognise them. So, knowing who to actually go to is an issue. Hard To Know Where To Go In theory, the providers of mobile services (mobile handsets, internet connectivity etc.) to billions of people and enterprises globally would be the first port of call for any business looking to communicate more effectively with their own clients. But pick a mobile operator and go to their website and search for business messaging solutions. You won’t find many offering a clear path to sign up and easily take advantage of the powers of business text messaging. Mobile network operators the world over, are primarily there to offer great service to their subscribers. To ensure the likes of you and I can make and receive mobile calls, send and receive SMS text messages to friends, colleagues and loved ones, receive mobile internet service and roam with partner operators abroad when on holiday or on business. They are not set up with an army of specialist salespeople well versed in dealing with marketing experts. In fact, it’s not uncommon for messaging sales teams of even the largest operators with millions of subscribers to number way less than a dozen. It’s not their area of expertise or focus but operators have something most companies can only dream of – stellar brand presence and recognition. Partnerships Are The Future Most people will be able to name a mobile phone operator in their home country. Brand strength is absolutely there in spades. Meanwhile, companies like Twilio, Infobip and Sinch have spent years developing and refining not just the messaging technology but the knowledge of how to truly interact with all types of enterprise stakeholders. The dedicated business text messaging companies (often alternatively called aggregators or CPaaS providers) have built up huge libraries of data about how best to communicate in the most effective manner at any given time with practically any person on the planet (who has a mobile phone). That is experience that cannot be gained overnight, even if you are a Vodafone or Orange or China Mobile of this world. The key therefore to unlocking the full potential of business messaging surely has to be partnerships. Every single mobile network operator on the planet should seek an amazing partnership with a company expert in the area of business messaging. No need to reinvent the wheel or waste any time. White label a great omnichannel solution offering from a business messaging player, leverage their sales expertise. That experience they’ve gained in front of people from every industrial sector you can think of, is the key to unlocking real value.

How can you keep up with the ever-changing requirements of digital marketing? We spoke to Cristina Plamadeala from Toastmasters International who shares her thoughts below. “I have found that the The Golden Circle concept outlined in Simon Sinek’s book, Start with Why is a huge help. By applying the three Gold Circle principles to digital marketing, businesses can create a more impactful message that connects with their audience.” Principle 1 The first principle is why refers to the purpose or the reason behind a business’s existence. This could be the business’s values, mission statement, or the problem they are trying to solve. Businesses that communicate their why effectively can create an emotional connection and build brand loyalty. Principle 2 The second principle refers to a business’s approach to achieving its goals. How can the strategies, tactics, and tools be used to reach the target audience? Businesses that communicate how effectively can demonstrate their expertise and develop trust with their target audience. Principle 3 The third principle is what refers to the products or services that are offered. Communicating their features, benefits, and unique selling points effectively can differentiate a business from its competitors and persuade potential customers to take action. Let me share approaches can you take to fire up your online presence. Social Media Marketing Whichever Social Media platform(s) you choose, the aim is to showcase your brand’s personality and connect with people on a personal level. For example, your WHY is a new product launch, the HOW is to use LinkedIn and design engaging content. The WHAT is focusing on how your product solves a particular problem potential customers have. Using hashtags can increase the visibility of your social media posts. To help you reach the right people research the most effective hashtags – and deploy them consistently across e.g. Instagram and Facebook. Targeting the right audience. Instagram, for example, has robust targeting options that allow you to narrow down your audience based on demographics, interests, and behaviour. By targeting the right audience, your ads will be seen by the people most likely to be interested in your product/service. Email Marketing Email marketing involves sending helpful emails to your subscriber base in order to build relationships and promote your products or services. Email marketing is a cost-effective way to reach your target audience and build customer loyalty. One of the key tactics for email marketing, is to create compelling subject lines. The subject line is the first thing the subscribers will see in their inbox, and it can determine whether or not they open your email. A good subject line should be attention-grabbing and give subscribers a reason to open your email. Generally, a ‘does what it says on the tin’ subject line is much better than something obscure and unclear. Again, by referring back to the WHY and WHAT of the Golden Circle, you’ll be able to create subject lines will resonate with your audience (and work for your business). Personalising your emails is another effective tactic for email marketing. By addressing the subscribers by name and tailoring the content to their interests, you can make them feel valued and increase the likelihood that they will engage with your emails. Search Engine Optimisation (SEO) Search Engine Optimisation (SEO) involves optimising your website or landing pages to rank higher in search engine results pages. One of the key strategies for SEO is thorough keyword research. By identifying the keywords and phrases that your target audience is searching for, you can create content that is appropriately optimised. This increases the visibility of the landing pages in search results, drives organic traffic, and maximises conversions. Creating high-quality content is also important for SEO. Also, by creating content that answers the audience’s questions and provides value, it can increase the credibility of your website. Your content should be inspired by the WHY and WHAT of your ‘Golden Circle’. Pay-Per-Click (PPC) Advertising With Pay-Per-Click advertising you pay for ads appearing on search engine results pages or social media platforms. It’s important to target the right keywords. I’ve found that the ‘Answer the Public’ tool is a good way to identify the keywords. And by using them you can ensure that your ads are seen by people who are most likely to be interested in your products or services. Compelling ad copy is also important for PPC success. The ad copy should be attention-grabbing, informative, and persuasive. Tailor your ad for each platform as they all have slightly different requirements. Ads, in particular, should address the WHAT, specifically WHAT you can do to help solve your customers’ problems/challenges. Always focus on what is in it for the customer. "By regularly analysing your ad performance and making adjustments to your targeting, ad copy, and bidding strategy, you’ll improve the ROI of your campaigns and drive more conversions. Good luck as you fire up the next phase of your digital marketing campaign."