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.”
FBUK Issue 4 20
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