it simple”. Stephen Walters & Sons (1720), the Suffolk-based silk weaver which made the silk for Princess Diana’s wedding dress, talks about developing its business, rather than simply growing it. “It’s renewal, rather than just adding more and more and more,” says Julius Walters. Innovate and adapt. Successful, long- lasting family businesses are often far more innovative than they are given credit for. The Kent brewer Shepherd Neame is constantly launching new beers, such as funky IPAs, to compete with the vibrant craft beer scene. Berry Bros has completely redeveloped its London premises, recently bought one company and taken a major stake in another. As family director Geordie Willis puts it:
“To continue. The rest will flow from that. Make your decisions based on where you think you will be in 20 to 30 years’ time.” Walker’s Shortbread also took the long view when pursuing international expansion. Having started selling abroad in the 1970s, the business built its overseas operations patiently. Walker’s now exports to over 80 markets, and international sales account for half of turnover.
We want to have the mindset of a 300-year-old start-up.
Avoid debt. This often comes down to control. If your business borrows money, the lender will have some degree of control over you. This seems to be anathema to many family firms. Take Wilkin & Sons, the jam maker in rural Essex. Chairman Walter Scott says: “We don’t like debt. We don’t have it unless we absolutely have to.” Own freehold property. This also comes down to control. Almost all the companies featured in The Great Survivors own the freehold of their main sites and have done so for some time. The butcher RJ Balson bought the freehold of its Bridport shop in 1890 for £275, which, as Richard Balson says, “was a lot of money in those days”. Berry Bros & Rudd, the London wine merchant, paid rent for more than 250 years, but now has property assets worth £90 million.
In summary, family businesses, old and new, are well placed to deliver economic growth, underpinned by a strong sense of purpose and values. It’s time they get the credit they deserve. The Great Survivors: Can Britain’s oldest family businesses show us a new way forward? by Nigel Cope is out on 3 September (Eye Books, £20).
Stay small. The family businesses featured in The Great Survivors prefer gradual, manageable growth rather than rapid expansion, which could put the business at risk. The motto of Hoare’s Bank is “Stay small, keep
Images reproduced here by kind permission of the companies featured.
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