< Previous50 LINCOLNSHIRE TODAY FAMILY BUSINESS Family businesses make up 87% of all businesses in the United Kingdom, and contribute almost a third of GDP, and employ over 10 million people. P eople have always felt an affection for, and affinity to, family run businesses. Their presence harkens back to a simpler time where personal relationships, community values, and a genuine passion for the product drove local traders. When consumers describe family businesses, two of the most common adjectives used are stability and commitment. In a family business, it is natural for all family members to exhibit and express a high degree of commitment to the enterprise. This stems from the fact that the foundation of any family business is based on a shared business vision and identity. Such a level of dedication is rare and challenging to replicate in non-family businesses, as success or failure is rarely so linked to the stability of a family unit. As a result, the family firm’s vision is both consistent and cohesive, paving the way for more extensive opportunities for business growth and continued success. Additionally, this level of commitment fosters a more unified leadership structure and reinforces solidarity among all family members The family business 52 Á © stock.adobe.com/bneninLINCOLNSHIRE TODAY 51 T: 07702293727 E: marcus@mjpsupplies.co.uk W: www.mjpsupplies.co.uk Suppliers of a range of liquid storage tanks for: • Oil • adblue • Water • Fertiliser Stockists of Portek Bird Scarers Watch your profits grow For the purpose of importing and selling Algifol™ biostimulant products to farmers and growers of specialist crops Scooter 207 Roman Bank, Skegness Tel: 01754 768006 Wheelchair £5.00 per day £25.00 per week £25 refundable Deposit Winter Storage Only £75 include a Service for only £25 extra Scooters kept securely and charged weekly Service & Repairs We have an up to date fully equipped Service Centre to help with any breakdowns or repairs £15.00 per day £75.00 per week £50 refundable Deposit 17 Market Place, Louth, LN119PD info@striacroft.co.uk 01507 604029 www.striacroft.co.uk Family Jewellers Established in Louth Since 1979 Large selection of Diamond, Gold & Silver Jewellery Nomination Retailer Agents for Citizen, Iron Annie, Zeppelin, Lorus & Kronaby Watches Pre Owned Rolex & Omega Watches Jewellery & Watch Repairs. Your Ifor Williams Trailer Distributor Trailers from Camping to 3500kg gross Sales • Repairs • Servicing • Spares Sole Distributors in Lincolnshire & Nottinghamshire Pickup canopies also available You are welcome to view our stock of Trailers Tel: 01526 860317 website: www.scott-trailers.co.uk e-mail: office@scott-trailers.co.uk Opening hours: Mon to Fri 8am-5pm Sat 9am-12 noon Horsebox Commercial Livestock Unbraked Charles H Hill Ltd. Moor Lane, Horsington, Woodhall Spa, LN10 5HH. Tel: 01526 388281 www.charleshhill.co.uk Oil Fired Boiler Engineer OFTEC Registered • Oil Tank Replacement Service • Installation • Commissioning • Repairs • 24 Hour Call Out • Servicing & General Plumbing Call Steve on 07840 53140352 LINCOLNSHIRE TODAY FAMILY BUSINESS B Knight & Son Ltd, Lincoln B Knight & Son Ltd has traded as a timber merchant and manufacturer since 1874, being in the Knight family for nearly 150 years, passed through the generations delivering a personal and knowledgeable service committed to quality and professionalism. Situated in the village of Langworth on the A158 between Lincoln and Wragby, currently under the family leadership of John, Ben and John’s daughter Helen, the business supplies manufactured timber items including fencing, handmade gates, bespoke structures, garage doors, treated timbers, hard and softwoods, garden furniture, firewood, ironmongery and treatments plus many more timber items to the retail and trade sectors. involved in running the business. This sense of loyalty often permeates throughout the organization’s staff and employees, resulting in a more cohesive and motivated team. As part-owners of the business, family members are willing to invest their own financial resources when starting new sub-ventures or during financial difficulties. This not only reduces costs and expenditures but also strengthens the financial capability of the business. The inherent desire to ensure long-term success is a driving force for their willingness to contribute. However, this reliance on personal investment means that disputes can have a greater impact on the business than non-family businesses. In family-run businesses, the leadership team typically consists of family members who are willing to take on multiple roles and responsibilities to ensure the company’s success. However, the dynamics between family members, their history, and the blurred lines between family life and work can often lead to conflicts that are difficult to resolve. An example of such a dispute occurred in 2002 when the founder of Indian petrochemical manufacturing company Reliance Industries, passed away without leaving a will. His older son became the chairman and managing director, while his younger son became vice-chairman. The ensuing feud between the two brothers became public, and in 2005, their mother had to split the company, thus losing the trust and loyalty accrued by virtue of their family values. Depending on the size of the company, disputes may be able to be resolved without the burden of office politics. Encouraging regular communication among all employees can lead to speedy resolution of any issues they may face. However, some team members in certain businesses may prefer a more formal approach to communicate their concerns. In such cases, family council meetings can offer a structured platform for family members to discuss their concerns with the wider business. These meetings may or may not involve management, depending on the preferences of the business. It may help to bring in an impartial party, such as a family friend. The crucial aspect is to create a safe and non-judgmental space for family members to express their concerns and ensure that they feel heard. The flexibility and willingness of family members to go above and beyond expectations drives the continued 54 Á © stock.adobe.com/REDPIXELLINCOLNSHIRE TODAY 53 R. ARNOLD Funeral Directors Independent Family Funeral Directors Est 25 Years We take care of the smallest of details with compassion and dignity, we personalise every service for each family. Woodhall Spa 01526 341 707 Lincoln: 01522 542 701 Sutton-on-Sea: 01507 442 300 Mablethorpe: 01507 473 100 Alford: 01507 463 200 Louth: 01507 608 200 Email: rarnoldlincoln@gmail.com www.rarnoldfuneralservice.com B. Knight & Son Ltd Gates, Fencing, Garage Doors, Automated Gate Systems, Structures, Hardwoods, Treated Softwoods, Decking, Cabins, Garden Furniture, Aged Oak, Building Timber, Sheet Materials, Tools & Firewood 30 Main Road, Langworth, Lincoln LN3 5BJ T: 01522 754207 E: sales@b-knightandson.co.uk www.b-knightandson.co.uk Est 1874 DIRECT GASKETS LIMITED Contact us today on 01482 219655 or visit our website www.direct‐gaskets.co.uk For over 30 years we have been market leaders in the manufacture of Gaskets. Established in Hull, we play an important role in the city’s manufacturing sector. We have built up a strong reputation for supplying high quality products at very competitive prices and an unbeatable service. For All Your Motoring Needs Rear of: 120 Daubney Street, Cleethorpes DN35 7NU T: 01472 240 800 E: johnsmithautos@live.co.uk www.jsmithautorepairs.co.uk • Servicing • Repairs • MOTs • Diesels • Catalysts • Specialist Engine Tuning Family run business for over 20 years KEVIN JOHNSON “For those times when you need a helping hand on farm or on land” 4 Church Road | Wittering | Peterborough | PE8 6AG Tel: 01780 782924 | Mobile: 07860 608825 enquiries@kevinjohnsoncontracting.co.uk www.kevinjohnsoncontracting.co.uk •Fertiliser Spreading 12m to 36m •Lime Spreading •Maize Drilling •Grass Mowing with Triple Mowers Woolliss & Son Butchers –– AWARD-WINNING LINCOLNSHIRE BUTCHERS –– LOOKING FOR A TOP QUALITY BUTCHERS IN LINCOLNSHIRE? Look no further, we have a proven track record when it comes to providing top quality cuts of meat and home made pastries at a competitive price. We are proud of our locally sourced produce and our 5 star hygiene rating. 29-31 Mercer Row, Louth LN11 9JG. T: 01507 603230 E: orders@woolliss-butchers.co.uk W: woolliss-butchers.co.uk Great BBQ ideas for your summer events 54 LINCOLNSHIRE TODAY FAMILY BUSINESS success, enrichment, and better understanding of the industry, including the tasks at hand, employees, customers, and the present and future of the entire organization. This understanding can lead to better product and service development ideas that meet the needs of the company’s customers. Although trust is a vital component of family businesses, it may not be sufficient on its own. It is crucial to take internal rules and external corporate laws seriously to ensure good governance and management. A case in point is the 2008 resignation of Samsung Group Chairman Lee Kun-Hee due to his conviction for tax evasion and investigation for selling stock to his son at unfairly low prices, which highlights the significant impact of good structure and management. This leads us to perhaps the largest concern regarding family run enterprises – nepotism. Some family businesses may make the mistake of promoting family members to senior management roles, even when they lack the necessary education, experience, or skills to handle the responsibilities effectively. In such cases, it would be prudent to hire more qualified non-family members for these positions. However, this can lead to tensions within the family, making it challenging to strike a balance between family relationships and finding the best person for the job. Nonetheless, a lack of competence at the senior level can significantly affect the success of the company, as well as the retention of talent. Whilst this is often seen as the largest pitfall for family businesses, this can be turned into one of their greatest charms. Training up family members to take positions within the business is a time honoured tradition, particularly when it comes to trades. Instead of promoting family members without justification, lovingly showing them the ropes, and giving an appreciation for the product is likely to result in higher quality output. Training family members up from a young age also takes advantage of the changing perspectives with each LINCOLNSHIRE TODAY 55 01205 760 638 Bakers Lane, Freiston, Boston www.jandjfuels.com jjfuelsboston@btconnect.com J & J FUELS BOSTON Oil in South Lincolnshire is available at a fair price & with a reliable service from J & J Fuels. We are here to ensure you receive the very best service & at a time that suits you. As a member of the Federation of Petroleum Suppliers you can be sure of a safe service every time with quality of product also assured. We pride ourselves on our prompt delivery services as well as our competitive prices. PETER SCOTT 1 The Broadway, WOODHALL SPA 01526 353935 Open 7 days FOLLOW US ON WWW.LINCOLNSHIREAIRSOFTCLUB.CO.UK www.bandsmangin.co.uk 01522 695 893 james@thegentlemandistillers.co.uk Based in the historic city of Lincoln, The Gentlemen Distillers Ltd is a small family-based company simply wanting to make good gin and do our best to support other local producers. The Gentlemen Distillers Handcrafted gins made in Lincolnshire since 2019 generation. Including the next generation of family members in the leadership and workforce of a family business can increase its competitive edge over non-family firms and provide access to the younger generation’s perspectives and ideas. One of the advantages of a family business is the smooth transition of leadership within the same family. This can ensure the continuity of long-term business policies or enable the successful accomplishment of established goals. © stock.adobe.com/Africa Studio56 LINCOLNSHIRE TODAY FAMILY BUSINESS O ne of the key characteristics of many family businesses is their often-exceptional resilience to cope with the challenges faced. Whilst in the past, such challenges may have included one-off situations, even a crisis, we now seem to have moved to one where we appear to have a number of challenges affecting or impacting businesses. Whilst typically the quality or mindset of resilience might have served them in good stead in the past, perhaps it’s time now for family and owner managed businesses to focus more on fortitude. Being resilient, that is bouncing back or persevering, might be good in the short term, but perhaps fortitude, having the motivation, drive and determination to succeed might be better in the longer term. All businesses, including family ones have and are dealing with the impact of recent and current events, be it Brexit, the pandemic and the conflict in Ukraine. We should really take into greater account and consideration the growing impact that environmental changes are having in terms of extreme weather conditions, floods and fires, which previously were rare and uncommon to now being more typically the norm and sadly an everyday occurrence. In light of these events businesses, like all of us, are seeing rising costs, pressures on cash and the cost of finance. Whilst household incomes are being squeezed, so too are business margins and working capital. Like many families, family businesses will no doubt be focusing on the finances, cutting their cloth accordingly and looking after the pennies, even make do and mend. A focus on maintaining margins, safeguarding working capital, effective debt collection is also bound to be given greater importance. So too is any decision around any capital investment or new or re-financing. Perhaps though the area not being focused on is developing the motivational mindset, drive and determination not only to work through the situation but to A time for fortitude for family businesses… James Pinchbeck, Partner, Streets Chartered Accountants LINCOLNSHIRE TODAY 57 FAMILY BUSINESS come out of it stronger. A lack of focus could be down to too great a focus on the here and now, more the operational day to day challenges as opposed the medium to longer term strategy. Whilst a work ethic is commendable and can be often harnessed and shared by all, employees, managers and directors alike also need, even crave, a sense of direction and purpose along with a game plan. Such a plan need not be a long-winded business plan, it could and perhaps more ideally needs to be short with a clearly and easily communicated direction of travel to include strategic intent and vision along with measurable outcomes – even rewards. Ideally such a plan should inspire, even excite those charged with making it happen, creating goals and aspirations. As ever and not least in challenging times effective business communication is often key to success. This should not just be for the family members engaged in the business, it should include the wider workforce. Certainly, in times of uncertainty or change, there is a real danger communication becomes less or less effective. Given the challenges faced, perhaps it might be worth as a family business reviewing how the running of the business and decision- making affects or impacts you and the wider family. With growing pressures, it might be good to review individuals’ roles and responsibilities, when, where and how you consider or discuss the business. You may also want to consider the need for and benefit of seeking external advice, or taking on a Non- Exec Board member or Chair to draw on their knowledge and experience. Whilst previous generations may have weathered the storm and have been resilient, the pace of change along with the impact of more global events outside our control really do seem to point to family business owners needing to draw on their fortitude. Streets support the Family Business Awards 2023 Streets Chartered Accountants has a longstanding association and reputation for looking after family businesses, and as such were delighted to continue their support for the Midlands Family Business Awards, specifically the People’s Choice category for 2023. Commenting on Streets’ support for the Awards Streets Partner James Pinchbeck said:- “As specialist family and owner-managed business accountants and tax advisers, Streets, with offices across the Midlands, look after the needs of family businesses and privately-owned businesses. With empathy for the needs of business owners and the challenges they face, we are able to provide proactive commercial advice. As such we are keen to support and recognise the success of the many great family businesses from across the region” Pictured here, far right, is Kelly Goodchild, a Senior Tax Manager with the firm presenting People’s Choice Award for 2023 to Premier Community who provide care services to adults in the local community Streets Marketing Partner James Pinchbeck was also one of the judging panel for the Digital Excellence Category which was also won by Premier Community Lincolnshire finalists included: Allen Signs – Best Small Family Business, KryptoKloud Ltd - Allison Burrows - Director of the Year, SuperFOIL – Fastest Growing Family Business, The Handy Family Company – Rising Stars and Ambitions Personnel – Amanda Watson - Director of the Year. Of these Finalists, two took home trophies on the night, SuperFoil were Highly Commended in the Fastest Growing Family Business category and Amanda Watson of Ambitions Personnel was Highly Commended in Director of the Year sponsored by Human Alchemy. The Family Business Awards are now in their 10th year and are organised by the Wilson Organisation, a third generation family business, based in Nottingham and providing insurance and financial services.58 LINCOLNSHIRE TODAY EDUCATION L eaving the familiar corridors of school behind marks a significant juncture in the journey towards adulthood. It’s time to embrace the real world and set foot into an environment that not only prepares you for a career, but also nurtures personal growth and confidence. Many excellent colleges across Lincolnshire understand the importance of this transition, and are committed to providing an unparalleled and empowering college experience. Thankfully each one, from Hull College to Grimsby Institute, is working ever harder to support students every step of the way, from open day exploration right through to graduation. This stage of personal development holds at its heart the values of helping students uphold personal integrity as the foundation of their actions. Harnessing the confidence, and sometimes even courage required to commit to college, is already a good step towards fostering a sense of pride and authenticity. These are the kinds of values a prospective employer will respect and admire, while a learned self-respect will serve as a cornerstone of their personal growth for the rest of their lives. Top-notch facilities and professional workshops with industry- standard tools serve as training grounds for the world beyond, a safe space to fail, pick oneself up and try again. College educators pride themselves on offering more than just theoretical knowledge. They’re there to encourage, counsel and provide new, challenging experiences that show how exhilarating and rewarding taking a risk can be. Particularly when someone needs extra support, whatever the reason, true 60 Á The right choice © stock.adobe.com/track5 College is an exciting next step in a young adult’s education, one where anyone can and should look forward to being allowed to spread their wings, while still being supported in a continued exploration of both their careers and themselves. Choosing an institution and the right learning pathway are hugely significant, yet potentially daunting. So where should you begin? 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