The rugged landscapes of Northern England are the focal point of a new art exhibition in the latest gallery display at Low Wood Bay Resort & Spa.   The Spring 2026 ‘Art in the Atrium’ exhibition at the spa resort near Windermere is celebrating the work of two renowned artists with close connections to the Craven district of North Yorkshire.   The gallery is featuring Katharine Holmes, who currently works from her studio at the Malham cottage where her mother and grandmother lived and painted before her, and Anna Adams, whose watercolour paintings of Ribblesdale, as well as her ceramics and poetry, won widespread acclaim.   Working with Lancaster based Gavagan Art, English Lakes Hotels Resorts & Venues has developed the ‘Art in the Atrium’ gallery at Low Wood Bay into a quarterly exhibition which is introducing an array of contemporary and historic fine art to new audiences.   Katharine, who paints outside in all weathers, is best known for her paintings and drawings of her native Yorkshire landscape. One of her most prominent exhibitions was ‘A Malham Family of Painters’ in conjunction with Leeds University and her work is found in many private and corporate collections too.   The distinctive limestone environment around Malham Cove and Gordale Scar feature in many of Katharine’s paintings. Her large oil painting, ‘Limestone and Rain’ forms the centrepiece of the latest exhibition.   As part of the gallery’s ceramics showcase section, a host of ceramics, small scale paintings and a selection of Anna Adam’s poetry books will also be on display. Anna and her husband, the painter Norman Adams RA, made a farmhouse close to Pen-y-ghent in the Yorkshire Dales their main base from the mid-1950s.   Executive chairman at English Lakes Hotels Resorts & Venues Simon Berry says: “This is already the eighth independent, free and open art exhibition that we have put on here in the atrium at Low Wood Bay in the last two years. They continue to prove highly popular with both guests and visitors." “Just like the spectacular landscapes of the Lake District, the dales have their own distinctive limestone formations, rolling hills and valleys which have inspired and attracted artists such as Katharine and Anna for hundreds of years. It’s a pleasure to be able to put their works on display here for more people to see and to learn about the artists and their careers.”   Mary Gavagan from Gavagan Art adds: “There is much to see and marvel at with Katharine and Anna’s work exhibited in the latest gallery at Low Wood Bay." “It is a pleasure to present Katharine’s work to a new audience. She is fascinated by the effects of light and her paintings are as much about atmosphere as they are about the physical features of the landscape.   “She works in a range of media from ink, watercolour and gouache on paper to oil or acrylic on canvas. And alongside her Yorkshire works, the exhibition includes drawings and paintings of other locations around Britain." “Anna’s sensitive figurative works in clay, especially her ceramic birds, are a striking example of her ability to capture the essence of the world around her. The display includes birds, animals and examples of her watercolour paintings and prints.“ Having graduated from the University of Newcastle upon Tyne, Katharine returned to live and work in the Yorkshire Dales in 1990. Beyond home and the familiar landscapes of the Yorkshire Dales, she loves to paint and portray the wilder fringes of Britain and Ireland, especially the Scottish highlands and isles and South West Cornwall.   Anna Adams (1926-2011) was educated at Harrow Art School and Hornsey College of Art. She worked as a designer, a freelance artist and an art teacher before devoting her creative energies to writing prose and verse in the 1960s.   Anna’s first poem was printed in 1969 and Peterloo Press published her first book, A Reply to Intercepted Mail, in 1979 as part of its Peterloo Poets series. Anna was poetry editor of The Green Book from 1989 to 1992, and also a member of the Poetry Society and the Piccadilly Poets Committee.   Anna published a number of books with her husband Norman, including ‘Life on Limestone: A year in the Yorkshire Dales’, featuring her writing along with his watercolours. An earlier publication was Island Chapters, documenting their visits to the island of Scarp in the Outer Hebrides.   The latest exhibition in the ‘Art in the Atrium’ gallery at Low Wood Bay runs until late May. For further information, visit here .

Leadership misalignment and a culture of risk aversion are holding back responsiveness of UK businesses, according to research from leading advisory and accountancy firm Menzies LLP . Four in ten firms (41%) say that ‘faster internal decision-making processes’ and ‘stronger leadership alignment on key priorities’ would significantly improve their business responsiveness - raising concerns that boardroom fragmentation is preventing ambitious businesses from seizing opportunities in a volatile economic environment. In a study of more than 500 senior business decision makers in mid-large sized businesses, Menzies’ Agile Advantage Report finds that a quarter (25%) of firms cite a ‘culture of risk aversion’ as a key factor holding back their organisation’s agility, while 28% point to ‘conflicting leadership views’ and 27% say it is down to ‘poor communication and collaboration’. Over one in five (21%) feel their business is too focused on responding to threats rather than spotting new opportunities - and 20% percentage believe their competitors are more agile than they are. Structural Issues When looking at who is responsible for taking advantage of new opportunities, Menzies finds that the majority of organisations (54%) see this as the CEO or Managing Director’s responsibility. However, this ownership is far less embedded across the wider C-suite, as just 29% say that identifying new opportunities is part of the CFO/Head of Finance’s role, and only 24% see it as the responsibility of the Chief Technology Officer (CTO). And surprisingly, 15% of businesses feel that there is no clear responsibility for decision making internally at all. Fatigue And Decision Overload It’s therefore not surprising that there is a sense of decision overload, as nearly a fifth (18%) of businesses say that the state of permacrisis has drained energy from the team and negatively impacted business agility. Concerningly, a quarter of executives (25%) say they have less time than ever to make the right decisions because of how quickly situations are changing. While many firms are looking to technology for solutions, with 44% placing their faith in AI-driven insights and 38% in predictive analytics and data visualisation tools, Menzies cautions that technology alone will not fix the issue. Instead, embedding accountability for business agility across senior leadership teams and throughout the wider organisation is likely to deliver a faster and more sustainable solution. Ed Hussey, Director, HR Services at Menzies, said: “If growth feels hard right now, it’s not just the economy - it’s how businesses are wired internally. Too many leadership teams aren’t fully aligned on what really matters, and they end up pulling in different directions." "Decisions take too long, accountability sits with too few people, and by the time the business is ready to act, the opportunity has already passed.” “It’s easy to look to technology and AI to speed things up, but you can’t bolt agility onto a business with software alone. If leaders aren’t aligned on priorities and clear about ownership, the best dashboards in the world won’t change outcomes. Embedding a culture of agility has to start at the top - but it can’t stay there. For founders and CEOs who’ve been hands-on in building their businesses, stepping back and breaking entrenched habits isn’t easy. But everyone has a role to play." "The firms that succeed in this environment won’t be the ones waiting for stability or sticking to old ways of working - they’ll be the ones set up to move decisively, even when conditions are uncertain.” About the Menzies Agile Advantage Report In today’s fast-changing business landscape, Menzies launched The Agile Advantage Report to help ambitious mid-sized businesses embed agility as a core growth strategy rather than a short-term fix. The report explores the key challenges holding businesses back and sets out practical ways to overcome barriers in financial management, systems and processes, leadership alignment and other blockers, ensuring organisations are better equipped to adapt and seize opportunities that change can bring. Download the full report here:

As a business owner, have you ever asked yourself how much your business would be worth today? Even if you are not looking to sell imminently, or even at all, taking steps to ensure your business is in good shape maximises the value of your company, whether for a future buyer or eventual successor. Below are just some legal considerations to bolster your business and refine its backstage operations. 1. Corporate Structure And Governance Having a clear and compliant governance structure that underpins your business is critical. Roles and responsibilities naturally evolve and, if left undocumented, can lead to disagreements and instability. Company policies and practices that promote accountability support an organisation’s long-term sustainability. A good constitutional framework can provide a clear set of guidelines for effective operation of a company. The company’s articles of association and/or shareholders’ agreement are the foundational documents which outline the governance structure of a business. They deal with how a board governs the company’s decision making, define shareholder rights, establish powers of directors, contain meeting procedures and govern the relationship between company, board and its shareholders. 2. Employment Law Falling foul of ever-changing employment laws can prove litigious and costly. The government have promised sweeping reforms to UK employment law and now is an opportune time to ensure that your contracts and policies are updated and compliant. Moreover, having robust and clear policies minimises the risk of claims from disgruntled employees, and sets out the procedures for dealing with employee queries and concerns. 3. Property And Planning Most businesses operate from commercial premises, including offices, retail, industrial, or healthcare. Whether leasehold or freehold, identifying any potential issues sooner rather than later can give you increased flexibility. Commercial Property solicitors can assist with negotiating favourable lease terms preserving location-based value or consider whether the ownership structure of key properties is right for the business. If you plan to expand or rearrange the floorplan of your premises, you should check whether landlords’ consent or planning permission is required, similarly you should check there are no restrictive covenants within any title document that could block your plans. Ensuring there are no legal obstacles to your plans can save you from expensive rectification works or unnecessary litigation. 4. Commercial Contracts And IP All healthy businesses should have a comprehensive suite of commercial contracts that establish the basis on which any goods or services are provided. Clearly defined contractual obligations provide clarity, trust and manage parties’ expectations. If you do have contracts in place, ensure that they are reviewed regularly to reflect any changes in law and in how you conduct your business. Check that your liability is limited and any onerous obligations are removed. Use non-disclosure agreements where necessary as they can help to protect your business’ trade secrets from a potential buyer or any other third party you are doing business with. Your intellectual property (IP) can be one of your most valuable assets, moreover, your entire business can depend on it. Failing to protect your brand through trademarks, your products through registered designs or patents, can drastically reduce the value of your business. Many registrable IP rights have time limits and require you to proactively renew them. Failure to do so could expose your business and your brand to the competition. 5. Litigation Risk And Regulatory Compliance Litigation is unpredictable, stressful and costly. Minimising exposure through the integration of robust and effective risk management processes, debt collection procedures and clear contractual dispute provisions should be a key consideration for all business owners. Failure to comply with wide-ranging environmental regulations, industry-specific rules and health and safety legislation can not only significantly devalue your business but can also lead to fines, licence suspensions and even prison time. It is therefore vital to review your business’ operations to ensure that they comply with any applicable legislation. The Economic Crime and Corporate Transparency Act (ECCTA) continues to be implemented in phases. To ensure that the information that Companies House is provided with is accurate and is not being used to hide criminal activity, ECCTA focuses on three areas: 1. ID Verification; 2. Information sharing; and 3. New offences. Failure to comply with ECCTA can lead to fines for both the company and its officers. How Can Expert Solicitors Help Your Business? Expert solicitors can assist you to ensure compliance in all areas and, ultimately, guide you through the process of ensuring your business is as robust as it should be from a legal perspective. There are also other important factors to consider with specialists, including analysing financial performance, developing and implementing a clear strategy and business plan. Forming a collaborative team of legal and financial advisers will provide you with rounded guidance to give your business a clean bill of health.

The businesses shutting down or leaving the UK are bigger, employ more people and generate more turnover than ever before, according to Cynergy Bank’s latest Business Births and Deaths Index, leaving start-ups unable to replace the jobs and economic value being lost. Drawing on the latest ONS data for October to December 2025, the Index shows that while 285,245 businesses closed over the year (3.5% fewer than in 2024) the firms failing were larger than at any point since records began. In 2025, the average turnover of companies that closed reached a record £315,000, rising sharply to £345,000 in the final quarter of the year. As recently as 2021, the equivalent figure stood at £205,000, underlining how far the scale of business failures has grown. These firms also employ more people. Businesses that closed in 2025 had an average of 2.95 employees, the second-highest annual figure on record, exceeded only marginally in 2019 at 2.98, highlighting that on overage closures are increasingly affecting more substantial employers. The impact intensified towards year-end. In Q4 2025, business closures wiped out 11,139 more jobs than were created by new start-ups, making it one of the most damaging quarters for net employment in recent years. Start-Ups Too Small To Compensate While new businesses continue to form, they are hiring fewer people. Across 2025, start-ups created just 846,665 jobs, the lowest annual total since the start of the ONS data set in 2017. The average start-up employed only 2.7 people, again the lowest annual average and down from 3.5 in 2017, limiting their ability to offset rising job losses elsewhere in the economy. In Q4 2025, the total turnover generated by new firms (£20.74 bn) was almost £2bn lower than the turnover of businesses that shut down (£22.66bn), marking a clear deterioration in the UK’s business dynamism. Sector Winners And Losers Despite the challenging backdrop, Cynergy Bank’s Business Health Score, which measures the ratio of new businesses created to those lost reveals sharp divergences between sectors. Health and Social Care was among the strongest performers of 2025, posting an annual score of 1.29. The private health and social care sector has expanded every year since 2019, consistently recording scores above 1 and delivering a net gain of 18,380 businesses over the past six years. Real Estate emerged as the strongest-performing sector overall, recording the highest annual Business Health Score of 1.46 and a net increase of 4,400 businesses in 2025, reflecting resilient demand and continued policy focus on housing supply. Agriculture recorded the weakest performance of any sector, with a score of just 0.52, meaning only half of the farms closing are being replaced by new agricultural businesses. The sector saw 6,390 farms close during 2025 - the highest annual number since the dataset began in 2017 - underlining the mounting pressures facing UK agriculture. Nick Fahy, Chief Executive of Cynergy Bank, said: “What this data shows is that pressure in the UK economy is moving up the size curve. Earlier in the cycle, it was smaller and more fragile businesses that fell away. Now, we’re seeing larger, more established firms coming under strain as they refinance debt at rates well above those they expanded under, while continuing to absorb higher employment and operating costs." “At the other end of the market, start-ups are continuing to form, but many are being forced to stay smaller for longer as the cost and risk of hiring has increased. Founders are more cautious about taking on permanent staff, with higher National Insurance contributions, increases in the minimum wage, and changes to employment rights making each hire a more significant long-term commitment at a time when demand remains uncertain." "As a result, many new businesses are prioritising flexibility - relying more on technology, AI and contract labour rather than building headcount in the early stages." “All this is contributing to the higher unemployment rates we’ve seen recently." "The Government needs to ease the cost of hiring, improve access to growth capital, and provide greater stability and clarity in the policy environment so firms have the confidence to invest and take on staff.”

Manufacturing output volumes fell in the three months to February, though at a slower pace than in January – according to the CBI’s latest Industrial Trends Survey (ITS). Manufacturers expect volumes to decline at a similar pace in the three months to May. Total and export order books remained historically weak in February. Stock adequacy strengthened, while selling price inflation expectations continued to be elevated. The survey, based on the responses of 305 manufacturers, found: Output volumes fell in the three months to February, but at a slower pace than in the three months to January (weighted balance of -14%, from -25% in January). Manufacturers expect output volumes to decline at a broadly similar pace in the three months to May (-12%). Output decreased in 13 out of 17 sub-sectors in the three months to February, with the fall being driven by the metal products, food, drink & tobacco, and mechanical engineering sub-sectors. Total order books were reported as below “normal” in February (-28%, from -30% in January), remaining considerably weaker than the long-run average (-14%). Export order books were also reported as below “normal”, to a slightly lesser extent than in January (-26%, from -30% in January). The balance was also below the long-run average (-19%). Expectations for average selling price inflation were elevated in February (+26%, from +29% in January), standing well above the long-run average (+8%). Stocks of finished goods were reported as “more than adequate” in February (+14%, from +3% in January), with the balance being broadly in line with the long-run average (+12%). Cameron Martin, CBI Senior Economist, said: “The downturn in manufacturing output eased in February, after a downbeat period around the turn of the year. However, many firms continue to report customers holding back amid low confidence and elevated cost pressures." “The Spring Forecast is an opportunity for the government to build momentum behind its growth mission and restore confidence. Manufacturers want to see the government focused on accelerating Industrial Strategy delivery, addressing skills shortages, and lowering the cost of doing business by bringing forward energy costs support. Tackling punitive energy costs will strengthen competitiveness, ease cost of living pressures, and help boost demand across the economy.”

South Korea’s economic story in the latter half of the twentieth century and into the twenty-first is often told in terms of its chaebols — large family-controlled conglomerates such as Samsung, Hyundai, LG, SK, and Lotte. Yet family businesses in South Korea are much more than the chaebol giants; they permeate the entire spectrum of the economy, from small and medium enterprises (SMEs) in provincial towns to globally competitive exporters, and their influence extends far beyond revenues and jobs. So let's take a look at the importance of family businesses in South Korea: how they shaped the nation, the distinctive features they bring, the problems they face, and what their future may hold. Origins and Economic Role After the devastation of the Korean War, South Korea began a process of rapid industrialisation and export-led growth. In that period, the Korean government adopted policies that channelled capital, protection, and incentives (tax breaks, preferential financing, import restrictions) in part to large industrial conglomerates, often family controlled, to accelerate growth in heavy industries, steel, shipbuilding, electronics and automobiles. The chaebols emerged during this period, becoming engines of scale, innovation, and global competition. Their owners, often family dynasties, saw industrialisation as a mission as much as a business opportunity, collaborating with government in building infrastructure, managing foreign debt, securing access to export markets, and investing in R&D. The historical influence of Confucian values — loyalty, hierarchy, respect for elders, family duty — also played into the way family firms were accepted and regarded in society. Today, family firms — both the very large (chaebols) and the many smaller ones — continue to be vital pillars of the Korean economy. SMEs account for 99.9 per cent of all businesses in the country. They employ over 80 per cent of the workforce and generate almost half of total corporate revenue. The chaebol giants account for a large proportion of GDP through their scale of output, exports, investment and influence. According to various scholarly estimates, a handful of leading chaebol groups control assets or revenues equivalent to a large fraction of South Korea’s GDP. Distinctive Features of South Korean Family Business There are several features that make family-businesses in South Korea both powerful and peculiar. First, the dual nature of the ecosystem. On one hand, the chaebols are extremely large, often diversified into many industries, and with huge influence domestically and internationally. On the other hand, there is a vast landscape of small and medium family-owned firms — SMEs in manufacturing, services, trades, retail, agriculture — which provide livelihoods, local employment, and contribute to regional economies in ways that often go unnoticed. Second, long-term orientation and loyalty. Family businesses tend to take a multigenerational view. Successive generations usually see themselves not just as owners but as stewards of reputation and tradition. This often brings with it conservative financial practices, attention to maintaining relationships (with employees, suppliers, government), investment in brand and infrastructure that may pay off over decades rather than instantly, and sometimes slower but steadier growth. Confucian heritage plays a role in reinforcing expectations of duty, honour, and continuity. Third, governance structures and family control. Many chaebols remain under tight family control even where professional managers are involved. The ownership, managerial, and board control often remain within the founding families. This carries strengths of cohesive decision-making, ability to pursue bold, long-term investments, to respond rapidly to opportunities or crises. But it can also carry risks of nepotism, lack of transparency, resistance to external oversight, and potential agency problems. Some research suggests that when family members occupy CEO roles, corporate social performance or governance sometimes suffers; when non-family professionals are appointed, performance (in certain metrics) improves. Fourth, social legitimacy and trust. Because many of these businesses have existed for generations, people often view them not merely as commercial entities but as institutions that contribute to national pride, export reputation, technology, job creation, training, philanthropy. This legitimacy gives family businesses certain leverage with government policy, in access to finance, in ability to plan long-term projects, and in sustaining large infrastructure or R&D investments. South Korea's Oldest Family Firms Here are several of the oldest family or long-standing firms in South Korea that still operate or have strong 'old family' roots. Doosan Corporation (founded in 1896) - Often cited as South Korea’s oldest business; it began as a small linen or cotton shop in Seoul. Dongwha Pharmaceutical (founded in 1897) - A pharmaceutical company known for its long-established brand Whal Myung Su. Shinhan Bank (founded in 1897) - One of the oldest banks still operating in Korea. Woori Bank (founded in 1899) - Another bank. Monggo Foods (founded around 1905) - A company producing soy-based sauces and other food products. Sung Chang (founded in 1916) - Manufacturers of veneer. Contribution to Social and Regional Cohesion Family businesses contribute to social cohesion in a number of ways. They anchor local economies: smaller family-owned firms in provincial cities and rural areas provide jobs, maintain local services, keep supply chains alive, and help prevent depopulation. They are often sources of skill, craftsmanship, traditional trades, as well as providers of livelihoods in sectors that may not be attractive to multinational firms. They also play a role in employment stability. Because of their longer-term view, family businesses may avoid sudden layoffs in difficult years; they may retain institutional knowledge, care more about employee loyalty, include family or intergenerational members in management or advisory roles, which fosters continuity. In addition, family businesses can act as bridges between modernisation and tradition. Many small family firms preserve cultural or artisan skills, local practices, or craft traditions, while adapting to modern consumer demands, tourism, digital marketing, etc. This blend sustains cultural heritage and adds a layer of depth to the economy beyond raw metrics. Challenges and Tensions The dominance of family businesses, particularly chaebols, brings considerable challenges and tensions for South Korea. Succession is a recurring issue. Although many founding families plan to transfer control across generations, finding heirs who are both willing and capable is not always straightforward. Younger generations may prefer different styles of management, may wish to pursue education or careers elsewhere, may resist the weight of tradition, or may have values more aligned with sustainability, transparency or social impact. Research indicates that in SMEs especially, many owners are reluctant to burden children with company responsibilities, or children do not wish to take over. Taxation, particularly inheritance or gift taxes, is another source of friction. High taxes on transferring leadership or ownership can discourage or complicate succession, lead to conflicts, or prompt avoidance strategies. Recently, there have been proposals to revise inheritance taxation in South Korea, including lowering the highest rates, in an effort to ease corporate succession and reduce perceived burdens. Governance and transparency challenges are frequently raised in relation to the chaebol structure. Because ownership and control often remain in tight family hands, minority shareholders or outside observers may perceive or experience opaque decision-making, conflicts of interest, cross-shareholding, nepotism, or lack of external accountability. These issues have in the past contributed to public criticism, regulatory scrutiny, and sometimes scandals. Balancing family control with professional management, with independent oversight, is a difficult but important task. Then there is tension between scale and agility. Big family firms, especially conglomerates, have power, resources, global reach; but they sometimes become slow, bureaucratic, resistant to change. SMEs, though flexible, may be vulnerable to competition from large firms, to regulatory burdens, to rising wages, labour costs, and to global competition. There is also the risk that capital, talent and policy support become overly focused on the large family firms, leaving smaller ones underserved. Finally, demographic challenges, labour, regulation. South Korea has one of the lowest birth-rates in the world, an ageing population, rising expectations for work-life balance, and people increasingly caring about ethical business, sustainability, corporate social responsibility. Family businesses must adapt to changing norms, both internally (in leadership, policies, hiring) and externally (market expectations, environmental regulation, global supply chains). Policy, Innovation, and Evolving Landscapes Recognising both the strengths and challenges of family business, Korean government, civil society and private sector have taken steps or are under pressure to adjust. One significant policy area is the proposed reform of inheritance tax. In 2024, the government proposed lowering the highest inheritance tax rate from 50 per cent (on estates over a large threshold) to 40 per cent, and raising the lowest threshold for the lowest bracket, in order to ease burdens on successors. This is part of a broader package of reforms tied to corporate value, investment and demographic issues. Another area is regarding succession support, particularly for SMEs. There is increasing recognition that many of the small and medium enterprises which are family-owned may not survive the retirement or exit of their founder unless better legal, financial, advisory mechanisms are in place. Roundtables have been convened, business associations are pushing for simplified regulations, support for leadership training, tax clarity, inheritance planning etc. Corporate governance reforms are also under pressure. Greater transparency, accountability, outside board members or professional CEOs are areas many scholars and regulators argue need strengthening, especially in large family-controlled companies where family control is strong. The challenge is to balance preserving the beneficial aspects of family control (long term thinking, swift decision making in some respects, loyalty, stability) with mitigating risks of over-concentration of power, lack of oversight, insider dealing or nepotism. Increasingly, societal expectations around sustainability, labour practices, environmental impact, gender equity, and work-life balance are pushing family businesses to adopt “corporate social responsibility” practices more deeply. Some family firms do perform well in CSR indices; but among the chaebol, this is uneven. Technology and global competition also shape the change: family firms must innovate, digitalise, invest in automation, expand overseas, diversify risk. For smaller firms particularly, collaboration with universities, clusters, export promotion, government support for R&D or digital transformation can determine whether they thrive or fall behind. Why Family Businesses Remain Crucial Despite the tensions, family businesses are more than relics of old economic models in South Korea; they are central to the country’s ability to compete, to sustain social stability, to preserve culture and identity, to provide employment broadly across regions, and to adapt in a volatile world. They lend stability in turbulent times: economies are subject to shocks—financial, international competition, supply chain disruptions, fluctuating demand. Large family firms with long histories often have reserves, networks, experience, and relationships that help them weather downturns. Smaller family firms, embedded locally, may lack those buffers but often have flexibility and loyalty ties that help them endure. They also transmit non-economic values: heritage, leadership, entrepreneurial discipline, craftsmanship, trust, reputation. These are soft assets that are hard to quantify but matter for social capital, for legitimacy, for attracting talent, for maintaining community relations. Moreover, as South Korea confronts demographic decline, rising labour costs, shifting international political and trade dynamics, and environmental pressures, it is family businesses — both large and small — that will be at the forefront of responses: transforming business models, investing in green industry, reshaping labour practices, pivoting to new markets, fostering innovation. If these firms are resilient and well governed, they can be agents of adaptation; if not, their failures or stagnation could exacerbate regional inequalities, unemployment, social discontent. Outlook: Risks and Opportunities Looking forward, South Korean family businesses face a crossroads. On the one hand, the status quo is under pressure: citizen expectations are changing; regulatory and tax reforms are in the pipeline; competition is intensifying; global supply chains demand transparency, sustainability, digitalisation. On the other hand, there are opportunities: for export, for “green tech” and for high-value manufacturing, for services and creative industries; for leveraging domestic capital into global ventures; for tapping into younger generations’ inclinations toward purpose, ethics, sustainability. Succession is perhaps the single most critical issue. How will founding families transfer ownership and leadership? Will they invest in education for their heirs, introduce more professional management, embrace external board oversight? Will tax and inheritance laws adapt to make this easier, fairer, less burdensome and more transparent? Also, opportunities lie in strengthening smaller family firms—SMEs—through access to capital, advisory services, digital transformation, export promotion. Ensuring that policy support is not overly biased toward the large chaebol is vital for balanced regional development, to prevent excessive concentration of economic activity, to maintain innovation, and to prevent social and political backlash. Finally, the cultural dimension matters. As younger South Koreans place increasing value on work-life balance, sustainability, corporate responsibility, fairness, and employee welfare, family businesses that adapt to these shifts without losing their core identity may find themselves with competitive advantage—not just in Korea, but in global markets that increasingly care about ethics, transparency and environmental impact. Family businesses in South Korea are more than economic actors: they are national institutions, social anchors, engines of innovation and growth, carriers of culture and identity. The chaebols embody power, scale and international reach; small and medium family firms provide resilience, diversity, employment and rootedness. The interactions of policy, culture, economics, leadership and values make the story complex: the strengths are many, the risks real. For South Korea to sustain its economic dynamism and social stability, the health of its family businesses must be a priority. That means fostering environments for fair succession, equitable regulation, governance reforms, innovation, and sustainability; ensuring that both large and small family businesses are supported; and finding ways to balance tradition and modernity. If that balance can be struck, family businesses will continue to matter not only in preserving what is, but in shaping what comes next for South Korea.

Digger manufacturer JCB has donated £1,000 to help a community group stage a life-saving heart screening programme in memory of a mechanical engineer who died suddenly aged just 26. Formula One mechanical engineer, Anthony Lane, who grew up in Stubwood, near Denstone, close to the company’s World HQ in Rocester, died from an undiagnosed heart condition after collapsing while exercising at his home in Rugby in October 2022. Now special free screening days in Anthony’s memory are being organised by Uttoxeter Rotary Club in conjunction with the charity Cardiac Risk in the Young (CRY) at Oldfields Hall Middle School, in Stone Road, Uttoxeter, on 6th and 7th June. Anthony’s parents Penny and Paul Lane, of Lichfield, have praised the initiative. Paul said: “Anthony was always such a fit and healthy young man, and his death came as a shock to all of us. We are delighted that Uttoxeter Rotary are arranging screening days in Anthony’s memory that could go on to help hundreds of young people in the area.” JCB has donated the £1,000 to Uttoxeter Rotary Club to support a campaign delivering two specialist screening days aimed at identifying young people aged 14 to 35 who may be at risk of undiagnosed heart conditions, including heart muscle disorders and electrical faults of the heart. Statistics show that every week in the UK, 12 apparently fit and healthy people under the age of 35 die from an undiagnosed heart condition, around 80% of whom show no prior symptoms. Jerry Gear, Past President of Uttoxeter Rotary Club, who is leading the campaign said: “These events can literally be life saving for young people as they have the potential to identify those young people who are walking around unaware of underlying health conditions." "Last year 15 young people were identified as needing further medical investigation. This is why we couldn’t be more grateful to businesses like JCB who continue to show their support each year. The whole process is very simple and takes just 15 minutes but really it is vital. I would encourage young people who haven’t been before to take advantage of the opportunity and book their free place.” Each screening session relies on £6,800 of funding per day and involves using a medical history questionnaire and electrocardiogram (ECG) to identify risks. Up to 100 young people a day will get free access to the scan with further tests and medical referrals provided if needed. Uttoxeter Rotary Club is working with local businesses like JCB to raise the funds to cover the costs of the two June screening days. They are looking for a further £6,000 to meet the target for the sessions and then hope to raise additional funds for further dates later in the year.

Your family business is your best vehicle for generating income, preserving wealth and serving the needs of your stakeholders. Yet, sustaining family enterprises for the next generation is a continuous challenge, with the majority not surviving. It should not come as a surprise — yet it does for many family businesses — to learn that the most significant challenge standing in the way of enterprise longevity is family dissonance. Unhealthy family relationships are potential roadblocks to success that can perpetuate across multiple generations. Need proof? Consider just one well-documented statistic: two-thirds of family businesses do not survive beyond the founding generation; only ten to fifteen per cent last into the third generation. To Sell or Not to Sell In planning the future of your family business, you are presented with two attractive yet incompatible alternatives: either maximise the company’s value and sell it or retain ownership and grow the business to benefit future generations. In reality, however, selling your company, even at maximised value, is typically a poor financial option. First, taxes will reduce the sales proceeds, often by about one-third. Second, the future returns from reinvesting the remaining proceeds of the sale in fixed income and equity securities will be paltry in comparison to the profits generated from the successful operation of your family company. The bottom line is unless you receive an opportunity too good to turn down, you must take steps now to ensure that your family business will survive and thrive. Roadmap to Success In studying why most family businesses fail, I have identified two principal causes: poor business practices, and problematic family/ownership issues. Poor business practices include acceptance of excessive risk, outdated strategies, poor management, lack of good business discipline and absent or inadequate succession planning. Family/ownership reasons include unaligned shareholder objectives, problematic family dynamics, poor governance, unfair reward systems, and inadequate family liquidity. When the combination of problematic family dynamics and ineffective governance leads to poor business decisions, family business sustainability becomes fatally endangered. To achieve multigenerational longevity in business, family leadership should consider adopting these ten critical initiatives: 1. Align the Ownership Group Understand and align your family owners’ goals (and desires). Individual and overall family needs as owners change over time, as do a company’s business needs — often dramatically. Continue to adjust your goals to keep your family business on target, your ownership aligned and your business meeting its stakeholder objectives. Define how family members can enter or exit the family business. Creating a road map for family members to exit the family business is not a failure; it provides an equitable way to meet individual family member needs and assists in developing ownership alignment. 2. Develop Strong Governance and Oversight Family businesses need oversight and independent governance to provide an appropriate balance between business management and family ownership. Family councils represent the family and address family matters associated with a family business. A board of directors represent the ownership and provides oversight of the business. Including non-family independent board members as directors or advisors is an important best practice. Agreeing and documenting key governance, policy, and decision-making issues in an owners’ operating agreement often known as a shareholders’ or partnership agreement is also important. 3. Manage Family Dynamics Managing the family side of business is a critical task for the ownership group — often even more so than the business side. Several conditions are necessary to keep family stakeholders engaged and thinking effectively and harmoniously: assurance that their ideas are honestly considered; feeling connected to and well informed about the business; being fairly treated financially; and reassured by knowing that if conflict arises, a resolution will be achieved in a timely, respectful and professional manner. 4. Focus on Business Strategy The business environment changes constantly for every business. A sure way to become irrelevant (and eventually non-existent) is to assume that your existing strategies are always right. Regularly review and challenge your strategies. Conducting annual SWOT analysis (Strengths, Weaknesses, Opportunities and Threats) by product and market segment is an easy way to get started. 5. Invest in the Best Organisation Your goal is simple: hire the best people you can afford, put them in the right positions, evaluate them fairly and reward them well for performance. Investing in people will make all the difference in the performance of your business. Of course, determining family member roles and authorities in the organisation can be sticky. Those decisions must be based on capabilities and work ethic, not birthright. It’s essential to separate and clarify the differences in family member roles as owners, board members and employees. 6. Manage Those Metrics What you measure and what you reward will determine your results. Develop quantifiable performance metrics using input from people at all levels of your company. Align those metrics to support the business plan. Think of monitoring your business metrics as a compass or GPS system that will guide your team to business success and provide measurable data to recognise and reward positive results. 7. Commit to a Culture of Growth Growth is necessary for survival. We all know that operating costs rise, business markets change and product life cycles get shorter. Plus, as a family grows, there are more mouths to feed. A culture of growth forces a business to be competitive and entrepreneurial. It fosters a strong management team and new products and services. It contributes to the delivery of solid value to customers, an expansion of the customer base, and viability of the business – in addition to increasing financial results. 8. Cultivate an Investor Perspective Many family business leaders fail to look at their family owners as investors — a discipline they must adopt. Otherwise, they will fail to perceive and meet the changing financial needs of individual family owners. In turn, they might confuse the value of business returns on equity with those of realised shareholder returns. Remember, until shareholders receive cash, their returns are zero. Low levels of cash distributions mean lower shareholder-realised returns and liquidity, which can increase exposure to business “tail risks” and fuel problematic family dynamics. 9. Manage Liquidity Family businesses have the same liquidity issues as non-family businesses. However, family ownership complicates the situation. For example, the death of an owner could create a significant cash drain on the business if it has to provide funds for estate taxes. Owner distributions to fund pass-through owner tax obligations or to provide financial benefits to owners can drain significant cash from the business. Both short- and long-term cash planning are critical for family harmony, enterprise longevity and growth. 10. Develop a “Living” Succession Plan One way or another, a generational transition will eventually happen. Family enterprises without a succession plan often find their “best option” is the sale of the business, much to the disappointment of the family. Succession plans need to be agreed upon early, with both family and business issues fully addressed. Critical family issues include next-generation ownership participation and goals alignment, current generation retirement and estate planning and governance. Business issues include strategic planning, risk management and contingency planning, organisational development and stakeholder communications. Succession plans need to be periodically updated as conditions change within the family, the business and its competitive environment. These core initiatives form a survival plan for your business — one that will generate tangible results. When implemented, they will improve your business decision-making and produce an informed and engaged ownership group. Together, you will foster a culture today that supports an enduring long-term and highly successful multigenerational family business for tomorrow.

The NFU has written to Chancellor Rachel Reeves ahead of the upcoming Spring Forecast calling for measures which deliver a shared ambition of growth and long-term investment in the British farming industry. The letter outlines several practical measures required to increase investment and productivity in the farming sector, including an effective use of tax reliefs, a push for greater energy resilience and a stable policy framework to encourage investor confidence and boost economic growth. The NFU is also calling on government to maintain the current reduced rates of fuel duty for red diesel. NFU President Tom Bradshaw said: "While we have seen some common sense prevail on inheritance tax, the wider industry is still operating on razor-thin margins and with a lack of certainty which is stopping investment." “British farming underpins the nation’s largest manufacturing sector, food and drink, which is worth £153 billion to the UK economy." "To build on this and to continue to drive economic growth, we have set out our priorities clearly to the Chancellor." “An effective use of tax reliefs, a push for greater energy resilience and a solid policy environment will help mark a shift towards a more resilient, thriving and profitable farming industry and importantly, encourage the investment required to feed the nation’s 70 million people.” Photo Credit: National Farmers Union

Land-owning and farming families often face unique financial and estate planning challenges. Significant wealth may be tied up in land, property and business assets, while income can be irregular and highly dependent on market conditions, weather and government policy. At the same time, careful long-term planning is essential to ensure that land and farming businesses can be passed on to the next generation without triggering unnecessary tax liabilities or forcing asset sales. Effective independent financial advice can play a vital role in helping farming and land-owning clients protect their wealth, plan for the future and navigate an increasingly complex tax and regulatory environment. David Blackman, Senior Wealth Planner at Tees Law shares his thoughts. Understanding The Challenges Faced By Land Owners And Farming Families Unlike many other businesses, landed estates and farms are often: Asset-rich but cash-poor, with most value tied up in land and buildings Multi-generational, with succession planning closely linked to family dynamics Exposed to inheritance tax (IHT) due to rising land values Operationally complex, combining trading businesses, let property and diversified income streams Without careful planning, inheritance tax liabilities can place significant pressure on the land owner or farm, sometimes requiring land or assets to be sold simply to meet the tax bill. The Role Of An IFA In Farm And Estate Planning Tees are independent financial advisers which means that we work alongside land owners and farming families to provide joined-up financial planning, bringing together investment advice, tax planning, retirement planning and estate planning. This often involves close collaboration with solicitors and accountants to ensure that strategies are implemented correctly and remain robust over time. Key areas of advice typically include: Succession and inheritance tax planning Structuring ownership of land and business assets Retirement and income planning for older generations Investment planning for surplus capital Risk management and protection planning Agricultural Property Relief (APR) Explained Agricultural Property Relief (APR) has long been a crucial relief for farming families, allowing qualifying agricultural land and buildings to be passed on free of inheritance tax when certain conditions are met. Typically, assets must be used for agricultural purposes and owned and occupied for a minimum period (usually two years if owner-occupied or seven years if let). Historically, APR has provided 100% relief with no financial cap, making it one of the most valuable tools available for preserving family farms across generations. Introduction Of The APR Cap And Increase To £2.5m In response to the rising cost of inheritance tax reliefs and increasing land values, the government introduced a cap on the amount of APR that can be claimed at 100% relief. Initially, the cap was set at £1m per individual, meaning that agricultural assets above this threshold would no longer qualify for full relief. More recently, this cap has been increased to £2.5m per individual, reflecting the scale of modern farming operations and helping to preserve the effectiveness of APR for farming families. What Happens Above The APR Cap? Up to £2.5m of qualifying agricultural property continues to benefit from 100% APR The value of qualifying assets above £2.5m receives 50% relief This means the excess is effectively subject to inheritance tax at 20%, rather than the standard 40% rate While this still represents a significant tax saving, it highlights the importance of wider estate planning for larger estates. Spousal Transfer And Family Planning Considerations The APR cap is applied per individual, and any unused portion can typically be transferred to a surviving spouse or civil partner. This allows a farming couple to potentially benefit from up to £5m of APR at 100% relief on second death, assuming the rules remain unchanged. At Tees we can help structure ownership and succession plans to ensure that APR and other reliefs are maximised across generations, while also balancing fairness between farming and non-farming family members. Beyond APR: Wider Inheritance Tax Solutions APR is rarely used in isolation, and there are a broader range of strategies to reduce IHT exposure that could be considered, such as: Business Property Relief (BPR) on qualifying farming and diversified business assets Lifetime gifting strategies, including potentially exempt transfers Use of trusts to manage succession and protect assets Inheritance tax estate planning solutions, which can be highly effective for passing on wealth outside the estate Life assurance written in trust to provide liquidity to meet any IHT liability These solutions can be tailored to ensure the estate or farm remains viable while providing financial security for all family members. Retirement And Income Planning For Farming Families Many farmers delay retirement because wealth is tied up in the business. As independent financial advisers, Tees can help: Create sustainable retirement income without destabilising the farm Explore options such as partial succession, land diversification or investment portfolios Ensure pensions and investments complement farm income This helps older generations step back with confidence while allowing successors to take control. Why Specialist Advice Matters Tax and reliefs affecting land owning and farming families continue to evolve, and mistakes can be costly. Working with an IFA such as Tees, who understands the farming sector ensures that: Reliefs such as APR and BPR are not inadvertently lost Planning remains flexible as legislation changes Financial decisions align with both family and business objectives Supporting land owning and farming families for the long term Effective financial and estate planning is essential to protect land-owning and farming families from unnecessary tax burdens and to safeguard the future of the estate and the farm for generations to come. About the Author - David Blackman is a Senior Wealth Planner at Tees Law . Working with the right IFA is about more than managing money, it’s about building a trusted partnership that supports you and your family’s financial journey. With a qualified, independent, Chartered Financial Planning firm, such as Tees Financial Ltd, by your side, you gain clarity, confidence, and a strategic plan tailored to your future. This material is intended to be for information purposes only and is not intended as an offer or solicitation for the purchase or sale of any financial instrument. It is not intended to provide and should not be relied on for accounting, legal or tax advice, or investment recommendations. Some information quoted was obtained from external sources we consider to be reliable. Tees is a trading name of Tees Financial Limited which is authorised and regulated by the Financial Conduct Authority. Registered number 211314. Tees Financial Limited is registered in England and Wales. Registered number 4342506.

Planning your business exit might not appear as exciting as building it, but it is just as important. A clear and well-prepared exit strategy ensures you maximise the value of what you’ve built. Natasha Bhandari, an Associate at Tees explores the options. Your Goals Before you even think about “how” you want to exit, you will need to be clear on your objectives. We always advise our clients to ‘start with the end in mind’. Why are you building this business in the first place? What’s the bigger picture? What are you seeking to achieve and what does a good outcome look like for you? To create generational wealth? To cash out and retire comfortably? To fund your next venture? To pass the business on to your children or key employees? Whatever your “why” the next question should be “is it realistic/achievable?” This is where an expert wealth adviser can be invaluable. They can help forecast how much you will need to reach your goals, and how long it might realistically take to get there. Their financial modelling can help map out a timeline for when selling or stepping back becomes viable, not just based on what you want, but based on the figures. This level of insight can be a game-changer for your strategy and exit planning, and we’d recommend you engage with the Financial Planner at an early stage so you can get a better understanding of what is/is not possible. Your Exit Options It is not always just about selling to the highest bidder! There are a wide array of options depending on your goals, business structure and importantly tax advice. Here are the most common exit routes for private limited companies: Share acquisition or disposal This is one of the most straightforward exit methods. A buyer purchases your company’s shares directly taking over the entire legal entity including assets, liabilities, employees, contracts, IP and tax obligations. The business often continues under its existing structure. Asset acquisition or disposal Here, the buyer only acquires specific business assets like stock, equipment, IP or customer contracts and leaves the company shell and its liabilities behind. This is often more attractive to buyers who want to avoid historical debts or legal risks. Merger A merger involves combining your company with another to create a new entity or allow one to absorb the other. This can be beneficial for scaling up, increasing market share or entering new markets. Private equity investment/buyout A private equity firm acquires a stake (often a majority) or the entire business, with the goal of growing and scaling it, improving performance and eventually reselling it to another investor. Management Buyout (MBO)/Buy In (MBI) An MBO or an MBI allows your existing leadership team or a new (external) leadership team to purchase the business. These options can offer continuity and stability, particularly in an MBO, where the team already knows the business and is committed to its success. Family succession Passing the business on to family members ensures your legacy continues. It requires early planning to address ownership structures, tax planning and leadership of the next generation. Employee Ownership Trust (EOT) An EOT enables employees to collectively own the business. It is increasingly popular in the UK due to tax incentives and the opportunity to preserve company culture while exiting gradually. Your Due Diligence By the time you are contemplating a sale, it may be too late to start getting your business in order and fixing issues that you have worked with for so many years. Buyers and their advisers will scrutinise your business through a process called due diligence. If red flags arise such as missing contracts, IP issues or tax risks, it can reduce the sale price or derail the deal entirely. Conducting a seller-side due diligence exercise on your own business can be an invaluable task. It involves going deep into the operations, financial and legals of your business to identify and fix issues so your business is in tip top condition at the point of sale. Some key areas to address include: Ensuring all contracts are current, signed and dated, and easily accessible in a digital filing system Employment contracts, policies, procedures, workplace issues are all in hand and up to date Confirming IP ownership is clear and protected Resolving outstanding litigation or tax liabilities Ensuring your corporate governance is up to standard We recommend starting 2 – 3 years before exit. That window gives you time to strengthen your business, resolve potential issues and enter negotiations in the strongest position. Your Business Value Get a valuation! There are excellent business advisers and accountants that can assist in valuing your business. You will need a professional valuation that considers EBITDA, growth trajectory, customer concentration, market value and industry trends. Understanding your current value will help you set realistic goals and benchmarks for your exit plan. Your Dream Team No business deal is fruitful without a trusted team of advisers around you. Planning and selling a business can be high-pressured and emotionally demanding, so it’s important to have advisers around you that can provide commercial and pragmatic advice. At a minimum, your advisory team should include: A commercial lawyer: to review and update key contracts, employment contracts and policies. A corporate lawyer: to manage legal structure, contracts and negotiations. A corporate finance adviser: to guide valuation, structuring and deal strategy. A tax adviser: to help you minimise tax liabilities and maximise post sale value. Ideally, you will work with advisers who have experience in your industry and a solid track record in business exits, as this insight can make a big difference. Tees: Giving You The Full Picture Planning your exit is not something to leave until “someday”. The earlier you start, the more options and leverage you will have. Whether you want to exit in two or ten years, laying the groundwork today ensures that when the time comes, you are ready with a business that is prepared and attractive to the right buyer. If you would like to discuss preparing your business exit, please do get in touch . Tees’ expert financial and wealth advisory team work hand in hand with our legal advisers to ensure a joined-up approach to achieving your desired outcomes.

A new report from Livingston James in association with EY - Investigating the Future CEO, exposes an important leadership and technology adoption challenge for organisations across Scotland, with significant implications for family-owned enterprises preparing for generational transition. Now in its second year, Investigating the Future CEO blends robust survey data and interviews with more than 200 CEOs, non-executive directors and senior functional leaders across finance, HR, technology and operations. The study spans organisations of all sizes across the private, public and third sectors in Scotland, with the majority of respondents (71%) drawn from the business community. AI Strategy Lags Behind Ambition - A Risk For Future Leadership While 71% of organisations report that AI is regularly discussed at board level, only 36% have a formal AI strategy in place, a finding echoed in recent coverage highlighting that the public sector is outpacing private firms in establishing AI strategy frameworks. This disconnect between AI ambition and structured strategy carries real consequences for the business landscape, especially for family businesses where strategic continuity and competitive advantage are central to long-term success. A number of additional trends from the Future CEO report underline this readiness gap: Only 36% of organisations currently have an AI strategy in place, despite widespread board-level discussion Public bodies are more likely to have implemented AI strategies than private firms, highlighting that many commercial enterprises, including family businesses, are trailing in readiness Succession Planning Remains A Priority Alongside AI readiness, the report highlights that internal succession planning continues to be a major challenge. Although 75% of respondents now believe their CEO successor sits within the senior leadership team, a significant increase from 47% last year, one in four executives still feels that no one in their team is ready to step into the chief executive role. For family-owned businesses where leadership transition is often intertwined with family dynamics, cultural legacy and long-term vision, the intersection of succession readiness and digital capability is especially critical. Leaders must not only identify future CEOs internally but also ensure they have the skills to lead organisations through rapid technological change. Implications For Family Enterprises Family businesses are the backbone of the UK economy, and many are approaching key generational leadership transitions. The Future CEO findings suggest these organisations will need to: Embed AI strategy and capability into broader leadership development plans Prioritise board-level conversations that connect digital strategy with succession frameworks Invest in structured leadership pathways that balance family continuity with evolving commercial demands As technological shifts reshape markets and organisational models, Scottish family enterprises that proactively align leadership succession with AI readiness will be better positioned to sustain growth and intergenerational success. You can read the full Future CEO Report here: