The Family Business UK Magazine. Featuring an interview with Sir John Timpson CBE, inheritance tax insights from Europe and Sweden and a look ahead to the Autumn Budget 2025.
FBUK The Family Business UK Magazine - September 2025
ALSO IN THIS ISSUE
Europe eyeing IHT reform
What’s in the Chancellor’s red box Creating tomorrow’s family business leaders
SIR JOHN TIMPSON CBE THE KEYS TO SUCCESS
Member news // Advocacy // Melton Mowbray pork pies
Welcome from FBUK CEO
Neil Davy CEO, Family Business UK
with Alembic Strategy, to both prepare and protect the next generation of family business leaders. And of course, don’t forget we have an increasing number of events across the UK for you to attend, a range of FBUK Communities for you to be part of, and Family Business Week just around the corner in November, which we hope you’ll get behind and take part in. Enjoy this edition of our magazine – which from this month goes quarterly – and we look forward to seeing you soon.
Worryingly, our colleagues in Europe are concerned that Member States may be about to follow the lead of the UK. Yet, Sweden, with its high tax, socially democratic system that boasts one of the best economic and welfare systems in the world, has achieved this whilst abolishing inheritance tax completely. There are lessons here for UK policymakers and you can read more from our European colleagues in this edition of our magazine. “It’s important we learn from friends and colleagues in Europe and those closer to home.” Equally important is investing in the skills of future leaders. The next generation will be the ones protecting the legacy you’re building today. FBUK is proud to play a role in supporting that development and we’re delighted to announce the launch of a new FBUK Future Leaders Programme, delivered in partnership
The last 12 months have been something of a roller coaster for us and all family businesses. Despite this, I hope that you’ve had time to relax and refresh over the summer. While the past year has been full of challenge it has also presented opportunities for us all to broaden our horizons, to think creatively and understand from whom, what and where we can learn lessons that will make us stronger for the future. On BPR, which has been central to our work over the last 12 months, our campaign continues. As we enter the autumn, we’re preparing to challenge the legislation that will enact the changes to BPR and APR. Despite the Government publishing the draft Finance Bill just before the summer break, it has yet to publish an impact assessment on the changes to BPR. Our research, and our Taxing Futures report remains the only credible assessment of the damage this single policy change will do to family businesses and the wider UK economy.
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Contents
Steve Rigby Chairman of Family Business UK
As Britain navigates an uncertain economic landscape, one sector continues to demonstrate remarkable resilience: family businesses. I recently came across some research by the global leadership consulting firm Egon Zehnder that underscores a critical truth – the secret to sustainable economic growth in a world of shifting and potentially radical change lies not in quarterly profit maximisation, but in building leading global businesses that have long-term vision. As family business owners, we know what makes us special is our unique ethos: a combination of strong values, long-term vision, entrepreneurial spirit, genuine care for communities and unwavering loyalty that embraces family members, employees and customers alike. However, as the Egon Zehnder research also observes, the culture of our businesses must adapt as times change. The challenge facing family businesses today is striking a balance between preserving time-honoured legacy and traditions whilst ensuring dynamic future readiness. This is particularly acute during leadership succession, where generational misalignment can cause pressure for current family leaders and those waiting in the wings.
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Welcome from FBUK CEO
Secret to resilience from FBUK Chair
FBUK Corporate Partners
FBUK Member news
New FBUK Members
Advocacy update
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Budget look ahead 14 Future Leaders Programme 16 FBUK events & communities 17 FBUK Conference 18 Sir John Timpson CBE 21 Family Councils 22 Inheritance tax reform 24 Why Sweden scrapped IHT 26 FBUK Member anniversaries 28 Saving Melton Mowbray pies 30 Best Managed Companies
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The secret to Britain’s economic resilience lies in our family businesses
What’s needed are policies that encourage family businesses to invest in professional development, governance structures, and succession planning, and these must be supported by a fiscal policy landscape that recognises the unique challenges of generational transition and supports the preservation of multi-generational family businesses. The Egon Zehnder research provides a powerful framework for conscious culture change, but it requires commitment from family business leaders to engage in difficult conversations about succession and culture. It requires advisers who understand family business dynamics and a policy landscape that supports, rather than penalises, long-term thinking. Britain’s family businesses have been building legacies and Britain’s prosperity for generations, creating not just profit but purpose. As we face an uncertain future, our sector’s model of sustainable, responsible business offers a path forward that others can learn from and adopt. The question is whether (collectively) we will have the wisdom to nurture and protect this vital sector for generations to come.
markets, evolving customer expectations, and new regulatory environments. “The answer lies in embracing what makes us unique whilst being bold enough to evolve.” Family businesses have always put people first, seeing values as assets to be protected and nurtured. They have greater freedom to experiment and innovate precisely because they take a long-term view and put next- generation interests at the heart of decision-making. The government would do well to recognise this reality and create policies that support, rather than hinder, family business succession. Changes to Business Property Relief, announced in last year’s Budget, threaten to undermine the mechanism that enables family businesses to transfer ownership between generations. Recent speculation about wealth taxes (which Chris Romans addresses elsewhere in this publication) further exacerbate this. Such policies risk destroying the patient capital and long-term thinking that enable family businesses to make such a valuable contribution to our economy.
The research identifies a sobering reality: how succession is managed makes all the difference to business wellbeing. Too often, crucial conversations are avoided or approached without the frank, detailed planning they deserve. This reluctance to address succession openly is not just a family business problem; it’s a national economic risk. When a family business fails to navigate generational transition successfully, it’s not just one company that suffers: it’s the employees and their families who depend on that business, alongside the suppliers and customers in its value chain and the communities that have grown alongside it. At Family Business UK, we hear about this challenge right across our membership. From century-old manufacturers in the Midlands, to innovative tech startups in Scotland, family businesses grapple with maintaining their distinctive culture while adapting to rapidly changing economies and erode the social fabric that family businesses have spent generations weaving.” “At worst, failed succession can devastate local
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FBUK Corporate Partners
Family Business UK has established partnerships with carefully selected and highly respected organisations providing professional services to family businesses. They are critical allies and supporters of our work with family businesses. If you are interested in becoming a FBUK Corporate Partner, please get in touch: info@familybusinessuk.org
Gold Partners
NatWest – a leading UK bank and provider of retail and commercial banking, growth capital and advice on equity investment and support on finding new markets
Silver Partners
PWC – the UK arm of the firm with more than 160 years of experience and 5,000 people serving family businesses with advice on topics including business growth, governance, succession planning and wealth management
S&W – a leading accountancy and advisory business that serves the mid-market. S&W is one of the UK’s fastest growing accountancy firms with around 1,800 employees and more than 120 partners operating from 15 towns and cities in the UK and Republic of Ireland
Bronze Partners
Boodle Hatfield – a law firm which has partnered with individuals, families, property owners and businesses for 300 years, providing advice on property, business and private wealth issues Clarion Solicitors – a Leeds-based law firm offering family businesses a range of services from finance and dispute resolution to data, family and private wealth advice KPMG – to support the unique needs of family businesses, KPMG Enterprise manages a global network dedicated to offering relevant information and advice to family-owned businesses Lockton – the world’s largest privately owned insurance broker and risk advisory firm whose personal approach delivers boundary-pushing solutions for individuals, families and businesses all over the world Saxton Bampfylde – the UK’s first employee- owned search firm that understands the nuances and importance of ownership regarding talent, leadership and transitioning between generations
Boyden – a premier global leadership and talent advisory firm that can serve client needs anywhere it conducts business
LGT – a UK-based wealth management firm that is part of LGT, the world’s largest private bank and asset manager owned by a single family, the Princely House of Liechtenstein, for over 80 years Redgrave – a leading executive search firm offering search and interim support, board- level recruitment, talent assessment and development, transition planning and advisory Western Pension Solutions – a specialist pensions consultancy owned by the Vestey family, providing strategic advice to family businesses on how to manage their legacy defined benefit pension schemes Farrer & Co – a specialist family business whose lawyers take pride in protecting, supporting and nurturing the clients it represents. Farrer & Co has been working with business families for generations
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FBUK Member news
King’s Awards for Enterprise
supply chain specialist, it focuses on the design, development and implementation of end-to-end supply chain solutions. The company’s international presence has grown enormously. Over the last six years, overseas sales are up by more than 2,000% – and is why the firm received the King’s Award for International Trade for outstanding continuous growth in overseas sales. The Config Team’s Managing Director, Andrew Moses , said, “As an independent, family-owned company, our continued success in overseas markets is testament to the hard work and passion of the whole team. Building a successful business can be its own reward, but an award of this magnitude really is the ultimate recognition.” Made in the UK, Sold to the World Awards FBUK member Gerald McDonald Group was one of 12 businesses to pick up a Gold award in the Government’s export and international trade awards – Made in the UK, Sold to the World. Gerald McDonald Group is a fourth generation family business and one of the UK’s longest-standing suppliers to the food and drink industry. The award recognised the company’s sustained export growth and global reach – delivering ingredients to customers in over 30 countries across North America, Europe, Africa and Asia. Maxim McDonald, Managing Director of the Gerald McDonald Group, said, “Exporting has always been a vital part of our growth – it’s how we share our ingredients, values, and expertise with the world. This recognition not only celebrates our international success, but also the incredible partnerships and people that make it all possible.”
FBUK members have been honoured in this year’s King’s Award for Enterprise, the UK’s most prestigious business accolades. The awards, which are now in their 59th year, recognise outstanding achievement in areas of innovation, international trade, sustainable development and social mobility. Since their inception in 1965, more than 8,000 businesses have received a King’s Award. generation family business founded in 1926 in Sherburn-in-Elmet in North Yorkshire. The business manufactures and supplies chains, conveyors and other products to materials handling companies in more than 70 countries. International sales have risen by 83% in three years and exports now make up 49% of the firm’s trade. Having previously achieved the Queen’s Award for International Trade in 2020, this year the company scooped the King’s Award for International Trade for its outstanding growth in overseas sales. John King Chains John King Chains is a fifth Managing Director, William Wadsworth , said, “Receiving the King’s Award is a truly proud moment for everyone at John King Chains, particularly as the company approaches its 100-year anniversary of British manufacturing. It reflects the incredible effort the team puts in every day to deliver world-class products and services to customers across the globe.” The Config Team The Config Team was founded in 1994 in Milnthorpe in Cumbria. An SAP
Carolyn Moses receives King’s Award at Windsor Castle
The team at John King Chains
Maxim McDonald receives award from Small Business Minister Gareth Thomas
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Dormole Group The group of companies that makes up Dormole dates to February 1972 and the opening of CA Clemson and Sons Ltd in the West Midlands. Founded by Arthur Clemson and John Twallin, this was the first branch of the tool wholesale distribution group now known as Toolbank. Fixings and fastenings businesses were acquired and tool brands were purchased and organically grown including Roughneck, Scan and Faithfull, which has a heritage back to 1875.
Over 50 years later, the ethos of the group is still to work very closely with its customers to provide a service “par excellence”. Arthur’s sons Steve and Richard have now retired and John’s nephews, Andrew and Tim Strong, are board directors, son-in-law Chris Ledson manages IT and the next generation of Dave, Louise, George and Sam work within the business.
Ellis Wines A respected independent family wine merchant based just west of London, Ellis Wines has been sourcing exceptional wines since 1822. Founded by Joseph Ellis, the company is now led by James, Robert, and William, with the next generation, - Holly, Stefan, and Angus, continuing the legacy. Representing award-winning producers worldwide, Ellis Wines offers a diverse portfolio of over 1,000 wines, blending tradition with innovation.
With a strong focus on sustainability and authentic storytelling, the company operates from its own bonded warehouse and expanded in 2024 with a second site in Exeter. Committed to outstanding service, Ellis Wines provides expert selection guidance, bespoke wine lists, in-house training, and seamless delivery, supporting businesses every step of the way.
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Future Designs Founded in 1991, Future Designs is an international lighting manufacturer
David Clements, Founder of Future Designs has recently taken over the role of Chairman to focus on strategic growth in key global markets across Europe and the Middle East, whilst pushing forward with the expansion of the carbon careful™ initiative into other market sectors. Oliver Clements has taken on the role of Managing Director with responsibility for the overall business operations. Future Designs understands that its responsibility to the planet starts long before the lights are switched on. Its carbon careful™ initiative pioneers the reuse (rather than recycling) and upgrade of existing luminaires and carcasses, designed to transform redundant light fittings with latest LED technology into highly efficient and carbon-saving solutions.
delivering world-class luminaires across the UK, Europe and the Middle East for clients such as WPP, PwC, Barclays, JP Morgan, Imperial College London, Brookfield Properties, Kirkland & Ellis and Canary Wharf Group. Future Designs now sits amongst the top UK privately owned lighting manufacturers within the fit-out marketplace. The success of Future Designs is in no small part due to its dynamic ability to innovate and adapt to the latest technology, ensuring its products and solutions are the most advanced and efficient available in the market.
RW Armstrong A third-generation family-owned business founded in 1957 by Roy W Armstrong. This award-winning company specialises in the refurbishment and new build of high-end residential properties across London and the South of England. In recent years, it has invested in a new state-of-the-art workshop to enhance its long-standing reputation for bespoke joinery and cabinetry.
Quality and craftsmanship are central to its success; the company has been training apprentices for over 50 years, many of whom have gone on to senior management. Having worked for the likes of the National Trust and the Royal Household via its conservation division, RW Armstrong has recently experienced rapid growth into the super-prime market. The fourth generation is now engaged within the business.
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Nicholas
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Accountancy, Assurance, Tax and Advisory services.
FBUK Issue 4 10 Issued by S&W Partners Group Limited. Registered in England at 45 Gresham Street, London EC2V 7BG. No. 04533948
Advocacy update
Tom Ridgway Public Affairs Manager FBUK
Strategy, followed by the publication of the Small Business Plan in July.
the final week before recess – often the moment for releasing politically sensitive material. The policy change, laid out in the Bill was virtually unchanged from the announcement’s made in last year’s Budget, confirming the Government’s intention to cap BPR and APR at £1 million for the combined value of business and agricultural assets. Furthermore, it failed to produce any insights or impact assessment of the effects of the change. FBUK remains firmly opposed to these changes. Since the draft Bill’s publication, FBUK and our Tax Committee have been scrutinising the proposed legislation and will be submitting detailed comments and proposals in the coming weeks. We continue to press the case with Ministers and officials in No. 10, HM Treasury and the Department for Business and Trade. With Parliament having returned after the summer, we continue to brief MPs ahead of crucial debates and votes on the proposed changes to inheritance tax. Looking ahead This renewed political activity comes as the Government sets out a range of strategies aimed at driving economic growth. Despite recess, the summer
The summer recess has offered little relief for the Government.
These announcements were informed by extensive dialogue between FBUK, our members and senior figures within the Department for Business and Trade. Our engagement with government has helped shape these strategies and we are continuing to As pressure builds on multiple fronts, the Government will be looking to reset its agenda and restore confidence. The Budget (which we preview on the following pages) is ministers the chance to again offer a plan for economic renewal. But it will also come with enormous political risk for a government wedded to its manifesto pledges and fiscal rules. Our ability to represent the interests of family businesses depends on you. Your stories, insights, and experiences make our voice stronger. To share your views or find out more about how you can support our policy efforts, please contact the team at info@familybusinessuk.org work closely with officials in the lead-up to the Autumn Budget. shaping up to be a defining moment and one that offers
Internal dissent over Labour’s flagship welfare reforms, a reshuffle of the Conservative front bench and the emergence of a new left-wing party led by Jeremy Corbyn have added fresh complexity to the electoral landscape. Against this and the challenging economic backdrop, the Prime Minister held a high-profile meeting with President Trump in Scotland. In an unexpected turn, the President emerged as an unlikely advocate for our campaign to reverse the policy changes to BPR and APR. In a joint press conference, the US President stressed the importance of preserving tax reliefs for family-run farms saying that America had ended estate duty for family farms. His remarks reinforce what we have been repeating to government: that the model of family ownership is a vital part of a vibrant economy and that using progressive fiscal policy to support family businesses is an issue world leaders cannot and should not ignore. Finance Bill In July, the Government published its draft Finance Bill for 2025–26. This is the Bill which will enact the policy changes to BPR and APR. It came in
saw the launch of the updated Industrial Strategy and Trade
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What might be in this year’s Budget?
Chris Romans Chair of the FBUK Tax Committee
Increasing the dividend tax rate: raising the existing rate (39.35%) for additional rate taxpayers to 45% applicable to other income. Those opposing this increase may argue that cash paid in dividends has already been taxed to corporation tax at up to 25%, leading to an overall effective tax rate of 58.75%. Reduced relief on pension contributions: either by charging employer NICs on contributions to an employee’s pension or restricting tax relief to a maximum rate rather than marginal rates. This could be very complex to implement for public sector defined benefit schemes and is likely to have a significant impact on them. Freezing income tax allowances: already frozen until 2028, these could be frozen until 2030 with no immediate cash impact on the electorate. It would also arguably keep the Government aligned with its manifesto pledge, but would be at odds with the Chancellor’s 2024 Budget speech, where she concluded
taxes may have to rise. The questions are: which ones and by how much?
It wasn’t long after the Chancellor had delivered last year’s Budget that speculation began about the possibility of further tax rises this autumn. The so-called “£22bn black hole” identified by the Government at the start of its term, was followed by significant tax and National Insurance increases being announced at its first Budget. These included a 1.2 percentage point increase in employer National Insurance contributions (NICs), VAT on private school fees, and a 50% restriction in inheritance tax (IHT) business relief and agricultural property relief (BR/APR). This year, a predicted shortfall in the UK’s public finances could be largely driven by a combination of slow economic growth, global trade disruption, and a commitment to increasing defence spending. All of this means that, if the Government is to meet its self- imposed fiscal rules without meaningful cuts to public spending,
Around two-thirds of the Government’s current tax revenue comes from the “Big Three”: income tax, NICs and VAT. In 2023–24, these generated around £650bn worth of revenue. A percent- age point increase in any one of them could raise between £8bn and £10bn per year. However, this would require the Government to break a key election promise to avoid tax increases for “working people”. If the Chancellor sticks to this pledge, the options left might be characterised as “tinkering around the edges”, albeit some may still have significant effect. At the time of writing, the below measures are receiving most speculation. Reducing the dividend tax-free allowance: a reduction or removal of the £500 tax-free dividend allowance. This would raise around £70m per £100 reduction and lead to additional compliance requirements for those previously just within the allowance.
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of 16% and employment by 9%, together reducing GVA by £14.8bn and reducing government tax receipts by £1.9bn by the end of this Parliament. 2) Income cliff edges: for higher rate taxpayers, moving from a salary of £100,000 to £125,000 increases their effective tax rate from 42% to 62% (45% to 67.5% for Scottish taxpayers), due to the gradual reduction in the personal allowance between these amounts. Similar issues occur with the loss of Child Benefit and free nursery places in England. Effective tax rates of over 100% have been evidenced. 3) VAT threshold: similarly, small businesses that supply to individuals, or VAT-exempt businesses, are not incentivised to grow their revenue above the VAT threshold of £90,000 as going above this means they effectively need to increase prices for their customers by 20%. lobby on fiscal policy on behalf of the family businesses it supports. With no surprise, the number one issue is presently IHT business relief, and FBUK still hopes the Government will consult on the proposed changes as the draft legislation is progressed, and further consider the negative impact they could have. Bringing this all back to family businesses, FBUK continues to
spending, would seem to require a lift in tax revenue unless the Chancellor sanctions further borrowing. If this is not to come from income tax or NICs, an alternative is to expand the scope of VAT. Currently, the UK charges the full rate of VAT on less than half of goods and services and has one of the narrowest VAT bases in the world. A key issue with expanding the scope of VAT is that it’s a regressive tax whereby those on lower incomes are impacted the most by any increase. This could be politically challenging and could also be inflationary in the short-term. It’s clear that there is no easy solution here. The Government continues to make growth its number one priority and this should raise revenue over time, but it won’t happen overnight. The Autumn Budget may well include adjustments to existing measures in order to stimulate that growth. For businesses, a commitment to full expensing of certain capital expenditure and to “generous” Research and Development (R&D) tax credits are certainly welcome, but there are a number of barriers to growth that the Chancellor could consider reviewing: concerns over a potential 20% future inheritance tax liability will restrict investment. FBUK’s survey has demonstrated the negative impact of this policy change, 1) BR/APR: it is clear that potentially reducing investment at affected businesses by an average
that extending the threshold freeze would hurt working people.
Introducing a wealth tax: much has been written about wealth taxes and the potential that a 1% or 2% tax on assets over £10m could raise as much as £24bn per year. There have been concerns raised that the assumptions in these figures are potentially unrealistic, especially considering the risk that such a tax could hasten an exit of talent and wealth creators from the UK. Increasing the CGT rate: aligning CGT with income tax would almost certainly reduce revenues (at least in the first instance) as CGT operates on a “Laffer curve”. Increasing the rate to 45% would mean people looking to limit CGT arising, most straightforwardly by simply not disposing of assets, but also by taking steps such as leaving the UK before making a disposal or owning assets through companies. All these options potentially lead to a counter- intuitive fall in tax revenue. However, the Government may take the view that a small increase, say to potentially 28%, may be a minor enough adjustment for most taxpayers to maintain their typical behaviour. Further IHT reform: extending the scope of IHT by removing the exemption for gifts from income, increasing the qualification period for business relief from two years or increasing the exempt gifting rule from seven years. Ultimately, funding future UK spending commitments, including the pension triple lock, public sector pensions and the promised increase in defence
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In association with
Where leadership, legacy and love collide
The FBUK’s new Future Leaders Programme , designed and delivered in partnership with Alembic Strategy, and generously backed by Thomas Martin and family, will help new and future leaders understand how and why others will follow you.
Designed for individuals who hold a leadership role or are preparing to lead the family and business, the programme includes one-to-one coaching, mentoring, peer-group most prominent and prestigious family businesses, attendance at the
resources and a working retreat at The Grange in Hampshire.
For more information, or to book a place, scan the QR code or contact info@familybusinessuk.org
What it takes to lead the family and the business
Leading a family business is different. You’re not just managing staff, you’re managing siblings. You’re not just working with a Board, you’re negotiating with a parent who still calls you “darling” in meetings. There’s no HR manual for that. Yet, you’re also running a business that must succeed commercially. Family dynamics don’t pause for that. The tension is real and sometimes painful. But it’s also where the growth happens. What it feels like The programme is built for the intersection where leadership, legacy and love collide. Participants tell us that it feels like a pause button for your life. It’s immersive, reflective and quietly transformational. We mix structured sessions with honest conversations. We explore practical leadership tools: how to chair meetings, navigate conflict and get clear on your role. But we also go deeper: what kind of impact do you want to have in the world? What kind of legacy are you inheriting and what kind of legacy do you want to leave? And yes, there are moments of laughter, frustration and shared relief. When people sit in a room with others navigating similar dynamics, they stop feeling alone and start feeling equipped. From self-doubt to self-definition Many future leaders come in carrying their quiet fears:
I’ve sat in rooms – fires lit, flipcharts covered, coffee cooling – where future leaders of family businesses have told me things they’ve never said out loud. Not to their parents, their siblings and, sometimes, not even themselves. They’ve said things like: “My sister doesn’t want my job. She just doesn’t want me to be good at it.” “I’m running the business but Mum won’t call me CEO in case it upsets the others.” “Some of the family would rather the business fail than see it succeed under my direction.” These are real people, in real businesses, trying to lead through a minefield of emotion, expectation and legacy.
Sophie Ashburton
“I don’t even know who I report to.” “I run a department now but how am I supposed to run the whole thing?” By the time they leave, they’re not fixed (none of us are ever fixed) but they are more grounded. They’ve named their fears, tested ideas, and reconnected to purpose. The FBUK Future Leaders Programme is for you if... • You’re already leading or preparing to. • You want to find your way through complexity with clarity. • You’re ready to stop surviving and start shaping the future. It’s where the next generation starts becoming the kind of leaders we all need – people who can carry legacy without being weighed down by it. Sophie Asburton is a partner of Alembic Strategy, who are delivery partners of FBUK’s Future Leaders Programme. Sophie is also co-leader of a family business with her husband.
I understand more than I used to because I’ve lived some of it myself.
When I married into my husband’s family business, I walked in thinking I was emotionally intelligent, grounded, clear-eyed, and yet I ran headfirst into my own blind spots. The assumptions, the subtle hierarchies, the ways in which trust is earned, or withheld, based on a history you weren’t even around for. That experience changed how I work with others. It’s also shaped the design of FBUK’s new Future Leaders Programme . The hidden work of family business leadership This new programme isn’t just about business strategy. It’s about becoming the kind of leader who can hold all the contradictions of family and business without being pulled apart by them.
“I’ve only ever worked in the family business.”
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Upcoming events
Communities
Communities are central to FBUK and a valuable part of your membership. They offer an informal environment for peer-to-peer networking and the sharing of advice, ideas and experience. FBUK communities are aimed at Members who hold a particular role in their family business or share a common interest:
As a member of FBUK, you can take advantage of a series of events, throughout the year. From Masterclasses, Community Events, Annual Conference, Family Business Week, visits to FBUK Members and events held by our Partners, there really is something for everyone.
New events are always added to our website. For the very latest, scan the QR code or visit
https://familybusinessuk.org/campaigns-and-events/events/
Family Business Visits
Chairs Community
l Palmers Brewery l Trumpington Estate l Tennants Auctioneers l Dormole Masterclasses l Managing Succession l Strategic Media Training l Building Governance
Family Council Community
Next Gen Community
Non-Family Executives Community
Now Gen Community
Community and Partner Events
l Family Council Community: Case Study l Now Gen Community: Roundtable Discussion and Dinner l Family Business UK Partner Summit
Policy Community
Purposeful Business Forum
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Annual Conference 2025 in review
FBUK’s annual conference took place in Manchester, in June. With over 300 registered attendees, it featured 40 speakers, 15 workshops including three interactive BPR forums and five exclusive visits to leading Manchester family businesses. 98% of delegates rated the speakers as good or excellent 91% found the content highly relevant 98% said they would attend again “An unrivalled gathering of thoughtful, ambitious, productive and connected family business owners.” Alex Scott, Applerigg “The FBUK annual conference is a great opportunity to meet with other like-minded companies and share best practice and hear from some leading companies about their stories.” Charles Hodgson, Hodgson Sealants Group Ltd
Gala dinner
Celebrating 25 years of FBUK 2026 Annual Conference KIA OVAL, LONDON, 4-5 JUNE 2026 SAVE THE DATE
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Sir John Timpson CBE A profile of one of the UK’s most successful family entrepreneurs by Martin Greig
Every Timpson shop displays a notice carrying a message from Sir John;
“But I am someone who works on instinct and I had not realised how much I do that until someone drew a cartoon of me. Everyone else [in the picture] was sitting looking at budgets and marketing reports, while I was just sitting looking into a crystal ball.” Cartoon characters are very important in Timpson, more about that later. What isn’t very important, however, are budgets and marketing reports. In fact, they do not exist. The business does not produce budget forecasts, there are no KPIs, it does not advertise or conduct market research and Board meetings last no longer than two hours. “When I was at Barclays, Board meetings went on for two days with lots of people reporting on decks that went on and on. We just do not do that sort of stuff. I mean, we do not do budgets because I cannot see the point of them.” Instead, at 82 years of age, Sir John spends his time visiting hundreds of colleagues at Timpson shops up and down the country, getting to know them and hearing how things are going where it matters most.
For the last 27 years, Sir John Timpson CBE, has not told anyone what to do, at least not in his capacity as Chairman and Director of one of Britain’s largest and most successful family businesses. Not telling people what to do is one of just three rules that all employees of Timpson Group are expected to observe. The other two are: look the part (wear the uniform, turn up on time) and put the money in the till! These rules are fundamental to Sir John’s philosophy of upside-down management – a philosophy he introduced years ago when he removed the company’s Head Office (the building remains but it is no longer called the Head Office) and the role of managers was transformed in one of supporting and empowering “We do things differently at Timpson,” says Sir John. “We are a retail services business, which is about people serving people. We have a lot of very good day-to-day managers and they succeed by looking after colleagues, not by telling them what to do.” front-line colleagues to deliver outstanding customer service.
It is a message that conveys a culture of trust in people and values that runs through the heart of Timpson Group – a culture which has been pivotal in creating one of the country’s best- known, and loved, family businesses. History Sir John became a Director of Timpson in 1969. His first role in the business was buying women’s fashion shoes – a “juicy role” as he recalls, not too high up in the business but one he found great fun. “You might think I have not got an ounce of fashion style in me, but I worked out how to do it. It was like playing a game, like doing a crossword puzzle every day. And I think I was quite good at it. “The colleagues in this shop have my complete authority to do whatever they want to give you an amazing service.”
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Culture and values To help reward colleagues and create a special culture within the business, Timpson runs a myriad of schemes to say “well done” and “thank you”: from offering personal loans to those in financial trouble, incentives to stop smoking, meals out, football tickets, scratch cards, paying for driving lessons, a free weekly lottery with prizes of up to £1,000 and a programme to make colleagues’ “Dreams Come True”. When this particular scheme was launched in 2013, Timpson committed to making one colleague’s dreams come true. Every month it now funds many more, including everything from dream holidays to weddings in Las Vegas and several divorces. “They have never been cheap dreams,” quips Sir John. Timpson also employs a Director of Happiness. A “magic angel” in Sir John’s words who, despite her title, spends most of her time supporting colleagues who are in distress. “It is the thing the makes the difference. Our success depends on the people who work in our shops. They make us the money and everything else we do is really just backing them up – doing the things that make it as easy as possible for them to deliver the service.”
Maintaining it is so important that the company no longer hires external candidates into area management teams, preferring instead to promote those who already understand what makes the company tick. “We are still smarting from an appointment we made several years ago,” recalls Sir John, “a person from another business who brought new ideas and an old style of management. That person cost us a lot of money and upset many colleagues in the process.” Positive personalities Timpson has also stopped hiring skilled key cutters and shoe repairers, preferring to hire people with positive personalities that fit with the culture and values of the business. To support that, Sir John has devised a set of Mr Men cartoon characters for the purpose of interviewing prospective candidates. Rather than grill candidates on their work history and the detail in their CV, the interviewer simply ticks the box of the Mr Men character most like the person sitting opposite them. “It may not be a process that gains the
approval of most HR Directors, but it works for us,” says Sir John.
The process has been crucial in enabling Timpson to proactively recruit ex-offenders, something for which Sir John and his son James have, quite rightly, won many plaudits. About 500 colleagues have joined Timpson directly from prison. Many have been with the business for more than 10 years and several have progressed to important management roles. Sir John believes that being a family business has helped them to have the courage and vision to employ ex- offenders. “I met a guy recently who said to me, ‘This is the only job I have ever had. I went to prison at 18 and I came out at 33. My way out was the scheme you were running, and I have been with the business ever since.’ “We now have a loyal employee that nobody else would touch, and he is great. He is on the area team and on his way up the ladder. It is all about hiring the right personalities.”
Understanding this unique culture is key to Timpson’s continuity.
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Total control Timpson Group is now a sixth
Perhaps because of what happened in the past or because of his profound love for the business, or both, owning 100% of the equity in Timpson is important to Sir John. “To remain in charge of a long-standing family business you need to be in control of the equity – and total control means 100%,” he says, “and despite the unwelcome prospect of inheritance tax, I will do whatever I can to ensure that total family control remains for generations to come.” Several years ago, Sir John made a TV programme about Timpson with the entrepreneur and Dragon’s Den star Peter Jones. During the programme Peter Jones asked Sir John, “What’s your exit strategy?” “I’m going to die,” replied Sir John! Is that still his plan? “Yes,” he says emphatically. “Absolutely! What else is it going to be? Can you imagine selling this business to someone else who is just going to screw it up?”
generation family business, founded in 1865 or 1869, depending on how you measure it. The company is totally family-owned. But, like with many families, the Timpson family had a bust up. Theirs, in 1973, took place in the boardroom and resulted in much of the equity in Timpson being sold to United Drapery Stores. For the following 10 years, Timpson was no longer a family business. “It was very unpleasant,” recalls Sir John. “But it happened. This was the reality of being in business. You thought it was the end of the world but, actually, it did us a lot of good. “As a result, I managed to get 100% of the equity back and it hastened our decisions to change the business. So, yes it was painful. But it would have been even more painful if my wife had not told me to fight it.”
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Family Councils
Culture eats everything Years ago, academics and family business advisers looked at the issue differently. They thought that if you had a Board and Family Council that would fix all the problems. They were “structuralists”, believing that putting all the right governance structures in place was the answer. What they didn’t account for was culture.
everybody’s happy until there’s a crisis,” says Peter, “but, with strong alignment and low affinity, families become transactional. “The Family Council is predominantly there to balance the alignment and the affinity in order to have a sufficiently strong culture. Without a good measure of both, any kind of governance structure, especially a Family Council, won’t work.” Neverending process Setting up a Family Council requires careful thought and consideration and, once up and running, its task is never complete. It is “always a work in progress,” says Peter. Adaptability and flexibility are the watchwords in a structure for which there are no templates. Even more importantly, family members must be comfortable with the structures and processes created. “Ultimately,” says Peter “the Family Council must ensure there is enough affinity (heart) for the family to survive the highs, lows and disasters that will inevitably happen.” The Family Council guide is free to download from the Member Resources centre on our website or via the QR code:
Peter Leach
Family Business UK recently published an updated guide to Family Councils, written by Peter Leach, Principal Consultant at Sylvan Family Business Advisers. Martin Greig spoke to Peter Leach about how to build a successful Family Council.
“To run a successful family business, you need the right culture,”
,
says Peter. “We used to think that if you have a Board, a Family Council, Trustees, shareholder agreements, all that stuff, everything would work. But it only works if the culture is right for it. “In theory it’s brilliant, but it’s a bit like having a successful operation and the patient dies. That’s because culture eats everything, culture eats structure” – thinking that Peter Leach attributes to the American academic Peter Drucker and Canadian family business consultant Matt Wesley. Head or heart Culture in a family business is made up of two elements – affinity, which is the family’s heart, and alignment, which is the family’s head; and, depending on the family and circumstances, both are needed in different measures to be successful.
As family businesses grow and mature, having an effective platform for governance is crucial to ensure open and constructive communication, and provide a platform for resolving conflict and educating family members on roles and responsibilities. “The Family Council plays a very important role in the governance structure of the business,” says Peter Leach, the man widely regarded as the founding father of family business thinking in the UK. “But it’s not right for everyone. “For some, the name Family Council is a little grandiose, they don’t like it. I have one client who calls it the Family Dog Walk. But, what is important,” says Peter, “is for all family businesses to have the appropriate forum to sit and talk about what’s important.”
“If families have lots of affinity and low alignment, they are disjointed …
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Inheritance tax reform: Will Europe follow the UK’s lead or learn from the risks?
Jesus Casado Secretary General EFB
keeping productive businesses in the hands of families across generations. We need to ask: have governments forgotten why these reliefs were created in the first place? We need to be clear: productive business assets – land, equipment, capital – are not windfalls. They are how family firms generate employment, invest locally, and sustain economic activity over the long term. Taxing those assets at the point of transfer just because ownership is changing hands within a We have seen where this leads: l In France , one of the EU’s most aggressive inheritance tax regimes has driven many family firms into foreign hands. The Pacte Dutreil , a crucial relief scheme, is now under family is not just unfair, it is economically self-defeating.
threat. The result is greater uncertainty, fewer family-owned enterprises, and a slow bleed of local economic control. l Belgium’s proposed expansion of the Exit Tax punishes businesses that relocate, often because the cost of staying has become unsustainable. l In Finland , public debate is shifting. Many now support capital gains tax on inherited assets instead of traditional inheritance tax. They’re asking the right questions: Are we taxing success? Are we killing the golden goose? The policy failure at the heart of this trend is a fundamental misunder- standing of what business succession is. It is not the transfer of idle wealth. It is the handover of responsibility – for jobs, for communities and for economic stewardship.
Across Europe, inheritance tax is back on the political table. Budget deficits, the aftermath of COVID-19 and surging energy costs have placed governments under pressure to find revenue fast. One tempting target?
Longstanding tax reliefs for family-owned businesses.
In the UK, changes to Business Property Relief and Agricultural Property Relief have rung alarm bells. They mark a major shift in how we treat succession and entrepreneurship. European Family Businesses (EFB) have noticed this shift in other countries, as they are beginning to ask the same questions. Across the continent, policymakers appear to be drifting away from the spirit of the 1994 EU Commission Recommendation on Business Transfers – a document that recognised the economic value of
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looking for certainty and for policy that understands what is at stake when a business passes from one generation to the next. If governments get this wrong, the cost will not just be borne by business owners, but rather it will be felt across entire regions, sectors, and generations to come.
the inclusion of business transfers in the upcoming Single Market Strategy for 2025 . The Commission has now committed to issuing a revised Recommendation by the end of this year.
When a government treats that moment as a tax event, it risks
forcing families to break up or sell off functioning businesses just to pay a bill triggered by a paper change in ownership. We have heard from family firms across Europe who have paused investment, shelved succession plans, or considered selling out altogether due to this policy uncertainty.
While this is progress, it is also a warning.
The UK has made its move. It may not be the last. Other governments are watching, tempted to follow suit, but they should ask themselves: what are we really taxing – and what kind of economy are we trying to build? Now is the moment for Europe to draw a line. Not to preserve special treatment, but to protect long-term business continuity and the fabric of local economies. Family businesses are not looking for loopholes. They are
At EFB, we have taken this message directly to Brussels.
We have been calling for the European Commission to revisit and renew the 1994 Recommendation to reflect the realities of modern entrepreneurship, family business governance, and capital-intensive sectors like agriculture and manufacturing. Alongside six business associations, we successfully secured
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