New assessment by conservation charity ZSL reveals the scale of the palm oil industry's traceability gap ahead of EU regulations, despite high ‘Zero Deforestation’ commitments. A new report published by conservation charity ZSL, the latest SPOTT assessment of 100 of the world’s leading palm oil companies offers a glimmer of hope. Over two-thirds of these companies have committed to zero deforestation ahead of the December 2024 rollout of the new European Union Deforestation Regulation (EUDR). While the majority of palm oil companies have committed to tackling deforestation, there's a significant journey ahead towards achieving full sustainability and regulatory compliance. The assessment also revealed that less than 12% of the companies assessed have publicly disclosed the geolocations of their third-party supplier plantations – crucial data for verifying zero deforestation commitments. Imogen Fanning, ZSL’s Sustainable Business Project Analyst, explained: “Oil palm plantations are grown in tropical forest regions, teeming with diverse wildlife. Without the precise geolocation of these plantations, it's exceedingly challenging to verify companies' adherence to their commitments on protecting forests and wildlife." She continued: “The EUDR necessitates plantation geolocations, enabling operators and authorities to cross-reference coordinates with satellite imagery or forest maps, ensuring products adhere to the Regulation’s deforestation-free requirement.” According to SPOTT data, the traceability gaps in the palm oil sector deepen alarmingly up the supply chain. As of 2023, in addition to only 11.5% having disclosed maps for all third-party supplier plantations, which include independent smallholders, only 53.8% of companies had publicly disclosed georeferenced maps of their own estates and a mere 15.9% did so for scheme smallholders – the small-scale farmers managed by those companies. Smallholders contribute up to 30% of the global palm oil supply, and two-thirds of SPOTT-assessed companies source from these producers, making them central to the push for sustainable land management. Imogen noted: “While the EUDR doesn't dictate public map disclosure, it mandates comprehensive mapping of supplier plantations. The limited disclosures on SPOTT indicate a notable shortfall, impeding the verification of sustainable production practices. Such omissions could risk side-lining smallholders, compromising broader sustainable land management efforts." Acknowledging the EUDR’s potential impact, Imogen underscored the critical role of commercial companies in shaping a fair and sustainable future: “Given that the EU is the world’s third largest palm oil importer, its regulations, along with other impending ones, carry weighty implications, particularly for smallholders confronted with market access and equitable pricing challenges. It is imperative for companies to ensure fair compensation and invest in traceability for smallholders. Doing so prevents exclusion from supply chains, promotes sustainable agriculture practices, and supports the livelihoods of these crucial producers." Cultivated on just 6% of global land currently used for vegetable oils, oil palm delivers a staggering 40% of the world's vegetable oil. Hailed by many as a 'super-crop', it is 4 to 10 times more land-efficient than rivals and vital in many products from food to fuel. Yet, its rapid expansion in biodiverse tropical forests has dark shadows: deforestation, habitat loss, and declining biodiversity, alongside the exploitation of local communities. Imogen concluded: “Palm oil holds the potential to be a much more sustainably produced vegetable oil. However, its future hinges on the industry's commitment to refining its production and supply chains. Companies championing traceability and actively backing smallholders not only uphold ethical and environmental values but also unlock avenues to a more expansive, discerning market.” ZSL urgently calls on palm oil companies to map their supplier plantations and actively assist their smallholder suppliers in this endeavour ahead of the EUDR's 2024 implementation. Regardless of their export destinations, by supporting smallholders through plantation mapping, companies can pioneer the transition to a truly verifiably sustainable vegetable oil, guaranteeing no smallholder is left in the shadows. Using ZSL's free online SPOTT platform, downstream businesses and financial institutions are urged to identify and address EUDR-related reporting gaps and actively encourage palm oil companies to elevate their sustainability commitments and ensure verification is made possible through geolocation-based mapping. ZSL believes nature can recover, and that conservation is most effective when driven by science. We call for science to guide all global decisions on environment and biodiversity and build a healthier future for wildlife, people and the planet. Find out more and support ZSL’s world leading, collaborative science and conservation work at www.zsl.org

A cat loving care home resident has been knitting blankets in time for winter - for homeless cats in Leeds rescued by the RSPCA. Leeds local, 79-year-old Barry Hudson a resident at Seacroft Green, has knitted six blankets so far, alongside oven cloths, dish cloths, peg bags, and baby blankets for expecting care staff at the 76-bed home in Seacroft which provides residential, nursing, dementia and working age adult care. A keen knitter, Barry was introduced to his favourite hobby by his mother when he was just 16-years-old. Barry said, “My mother taught me to knit when I was a school-boy. The headmaster at my school wrote to my mother requesting that I should learn to knit at home as it would be therapeutic for me – I’ve not stopped since then!” Care staff at the home reached out to their local RSPCA to arrange for the blankets to be delivered in time for winter. The RSPCA responded with a personalised certificate and medal for Barry to thank him for the warm blankets. Barry has always had a love for animals. As a young boy and only child, he grew up with six cats, six dogs, rabbits and an adopted donkey called Ned. As an adult, Barry had three cats he loved dearly called Bindy, Baby and Fluffy. “I love all animals and want to help them. There are so many animals that need a home – so I want to at least, at the bare minimum make them comfortable.” Wellbeing Team Leader, Sam Enright said, “We’re all amazed at Barry’s passion and commitment to knitting the blankets for the cats. He’s a true inspiration at the home as he not only knits and donates blankets, but he also hosts an annual Christmas concert at the home to also raise money for the RSPCA." “Our wellbeing team are always looking for ways to support residents’ passions and hobbies and we’re delighted we could help Barry fulfil his goal to knit and donate the blankets.”

Barclays is issuing an urgent warning as new data from the bank reveals a 22 per cent increase in money lost to purchase scams during the Black Friday and Cyber Monday sales last year. Purchase scams, where people buy goods which never arrive or aren’t as advertised, resulted in shoppers losing £970 on average over last year’s Black Friday period. With the bank’s latest research showing that over half (55 per cent) of Brits plan to make purchases during this year’s sales, Barclays is urging shoppers to take precautions, particularly as changes in behaviour – due to increased pressure – can leave them more vulnerable to scams. Barclays research reveals that during Black Friday, 41 per cent of Brits feel pressure to purchase items as quickly as possible to avoid losing out on the best deals, and 42 per cent would gladly buy from unfamiliar sellers if they had particularly good prices, rather than shop on safer and more reputable sites. Additionally, 30 per cent feel the pressure to buy more items than they normally would, to make the most of the deals available. People are also not doing sufficient research before making purchases. Almost nine in ten (91 per cent) Brits don’t check whether the seller is registered on Companies House, and another nine in ten (87 per cent) don’t look to see if a business has a valid address. Additionally, almost half (46 per cent) will not read customer reviews. Dr Peter Brooks, Chief Behavioural Scientist at Barclays, says: “People act differently under pressure, and scammers will take advantage of the way shoppers behave during Black Friday sales." “Sales are typically all about speed, and scammers will play on people’s emotions to instil a sense of time pressure or create a perceived scarcity for an item. They will also bank on people not doing the appropriate due diligence before making a purchase, and getting swept up in the rush and excitement of Black Friday." “Never feel pressured into making a purchase, and if something doesn't feel right, take a step back and ask someone you trust – a family member, friend, or your bank – for advice.” Barclays data shows that social media is now the source of 88 per cent of all purchase scams, and scammers will reel in shoppers by advertising the most in-demand items on these platforms. When it comes to this year’s “most wanted” research from Barclays indicates that a quarter of Brits (25 per cent) will be looking to purchase electronics (e.g. mobile phones, or gaming consoles), 22 per cent will seek designer clothing, and 19 per cent will be on the hunt for beauty products. Sale or Scam? Dr Peter Brooks shares three steps for avoiding being scammed this Black Friday: Pause and take a breath – Whilst it’s easy to get caught up in the madness of Black Friday, it’s important to pause, think, and question whether the deal is too good to be true. Do your research – Next, take a couple of minutes to verify whether the seller is legitimate. Do a background search on the seller’s name, and read any reviews. You can also put the name into Companies House to confirm that it is a legitimate company with a registered address. Get a second opinion – Finally, if you are ever unsure, you should speak to someone you trust for a second opinion, whether it’s a friend, family member, or your bank. Remember – whilst sales may not last a long time, the stress of being scammed can!

Aldi is spreading the festive cheer and bringing together local communities by donating Christmas lunches to those in low-income areas across the UK. Britain’s fourth-largest supermarket is working in partnership with Company Shop Group to provide free Christmas dinners at Community Shops in the run-up to Christmas. Company Shop Group is the UK’s leading redistributor of surplus food and household products. Since the start of this year, Aldi has worked with Company Shop Group to manage surplus stock from all of its Regional Distribution Centres, which are then sold at discounted prices to members. Community Shop is the Group’s award-winning social enterprise, who provide deeply discounted food to low-income communities as well as life-changing development programmes. Community Shop members will be given the opportunity to sign up for the three-course Christmas meal, with around 2,000 free places available. Liz Fox, National Sustainability Director at Aldi UK, said: “Our Regional Distribution Centres work with Company Shop Group all year round, redistributing our surplus stock and donating food to provide affordable groceries for Community Shop members." “This Christmas, we want to do something extra special to show our support, providing Christmas lunch donations to spread some festive joy among those who need it most.” Gary Stott, Executive Chairman at Community Shop, said: “We’re incredibly grateful for Aldi’s generosity. Many of our members will feel the impact of the cost-of-living crisis even more this Christmas and moments like this will help to spread some Christmas cheer and bring our communities together.” To find out more about Company Shop Group and Community Shop visit their website here

Santander UK has announced that it is the latest high-street organisation to join Hestia’s Safe Spaces scheme, providing anyone experiencing domestic abuse with access to support in the bank’s network of 445 branches. As part of the scheme, Santander UK has introduced dedicated safe areas in the form of private offices across most of its branch network. These spaces can be used by anyone who needs them, to contact a support service, phone a helpline or talk to a friend or family member.  In the branches where there is no suitable private office space, Santander colleagues will be on hand to signpost to the nearest available Safe Spaces partner in the area. The few branches which have no suitable private office space have an alternative Safe Spaces provider within one mile. The support and access to a Safe Spaces room is available to anyone who asks for it, regardless of whether they’re a Santander customer or not.  As part of the initiative, the bank has rolled out new, specialist training on Safe Spaces and domestic abuse awareness across all of Santander UK’s branches.   Dorothy Liviabella, Head of Vulnerable Customer Strategy, Santander UK said:  “We know that most domestic abuse cases involve some form of financial abuse, including controlling behaviour, preventing access to funds or blocking online access. Our people are trained to spot the signs of financial abuse and customers can speak to us for confidential support when they need help to regain control over their finances." “We’re pleased to introduce Safe Spaces, in partnership with Hestia, within our branch network as part of our support to those who are experiencing domestic abuse and need a safe place to access help.” Patrick Ryan, Chief Executive of Hestia, said:  “Too many victims of domestic abuse are left feeling isolated and unsure where they can safely go for help. We’re proud to provide over 7,000 Safe Spaces on high streets across the UK, giving anyone experiencing domestic abuse a place where they can safely call a loved one, or access specialist support services." “We’re thrilled to welcome Santander on board as a Safe Spaces partner to expand this vital support to even more UK high streets. Together, we can ensure that more victims of domestic abuse can access vital support safely, which will undoubtedly save lives.”    Launched by the domestic abuse charity Hestia under its UK SAYS NO MORE campaign, the Safe Spaces scheme was initially launched in pharmacies in March 2020 with the aim to increase the availability of specialist support for survivors of domestic abuse. In addition to the Safe Spaces initiative, Santander UK can offer a range of support for survivors of financial abuse, depending on their circumstances. The bank also operates a “tell us once” policy where customers can record details of any personal circumstances that may be impacting their finances, so they don’t need to go over the same information each time they speak to the bank. Customers can record information using “tell us once” via Santander’s chatbot on mobile or online banking, in branch or over the phone. Customers experiencing financial abuse can find more information on Santander’s website, including a link to the UK Finance factsheet on “Surviving Economic Abuse”.  To find your nearest Safe Space visit their website here

UK cloud-powered companies are confident that their return on investment (ROI) will reap dividends, according to a PwC survey of more than 400 business and technology executives in the UK. Cloud-powered organisations are those that have gone ‘all-in’ on cloud, with adoption scaled throughout the business, from customer-facing applications and revenue-generating services to back-office and infrastructure. However, only 16% of UK organisations consider themselves to be cloud-powered. The remaining organisations are urgently seeking to adopt cloud to modernise core technology, create business value and take advantage of AI; with two thirds of organisations believing they will have all operations in the cloud within two years. These UK organisations report fewer barriers to success than those which have held back from investment and risk being left behind. Of the respondents that are cloud-powered and have scaled it through their business, 58% expect enhanced customer experience, 57% expect both enhanced stakeholder trust (e.g. through enhanced cybersecurity and privacy measures or shared customer responsibility) and improved cyber resilience, 55% expect a faster time to market, and 54% expect cost savings. However, many organisations are not so advanced. Around a third of respondents are only using cloud for IT improvement and rewriting existing applications, with one in ten using it purely for the migration of existing applications and workloads. Some have broader challenges to overcome, from budgetary constraints, to a lack of skills and technology leadership. Others still have legacy platforms leaving their current technology inconsistent with their future needs. Warren Tucker, Cloud and Digital Transformation Leader, PwC UK said: “Organisations that drive their modernisation agenda with conviction and clear cloud-powered commercial strategies are creating a competitive advantage. They will create flexibility for the future and most importantly create value from new tech-enabled IP and data. Ultimately, that can lead to a sustainable advantage in continuous innovation, whether through flexible operational processes or ongoing business model reinvention.” Data Has Become A Critical Component In Transformation Efforts With 38% of UK respondents investing in AI and machine learning, an enterprise-wide data strategy using cloud technologies allows organisations to reduce costs, add intelligence, increase speed, improve processes, and make real-time automated decisions and predictions. In addition, data monetisation, the ability to sell anonymised data and insights on public cloud exchanges, unlocks entirely different business models and streams of revenue. Chris Oxborough, Cloud Transformation Leader for Risk at PwC UK, said: “Cloud technologies, from infrastructure and platforms, to applications, data, and more, have become a critical enabler of ongoing transformation, and are key to creating continuous value from data and fast-growing technologies including AI and generative AI (GenAI)." “Forward thinking executives realise that this data, harvested through AI and machine learning, have become a critical component to their growth. The right data gives organisations the power and freedom to create new revenue streams and opportunities. Access to richer, better data and insights enables more robust reporting, and smarter decision-making across the organisation, supply chain and logistics network. The organisations most tuned into these opportunities with the technology to enable change will reap the rewards.” Getting The Right Skills In The Right Place Even with the right investments in cloud, strong leadership, and considered strategy, success isn’t guaranteed. Having the right people in place is equally as important in overcoming barriers. In fact, 55% of UK respondents will look to hiring or contracting to plug skills gaps, 51% believe that upskilling their existing workforce will provide them with sufficient talent, and 35% are outsourcing and/or using managed services to deliver the in-demand skills and capabilities they need. Warren Tucker said: “Businesses are looking to find the right balance between recruiting, upskilling and external talent. For many, they’re focused on equipping their current workforce with the right forward looking skills, extending their own internal capability in areas that offer competitive advantage like technology. As our survey shows, many are rethinking how to more widely adopt cloud and automation to better drive efficiency, and remove some of the load from the workforce and third parties. At PwC, we’ve boosted our capability to help organisations on this journey, establishing a Cloud and Data Engineering practice to further bolster our strategy and digital transformation capabilities, enabling us to partner with our clients and strategic alliance partners to shape, design and engineer transformational outcomes.” “With such a shortage of critical technology skills in the market right now, organisations need to consider what they can do themselves to address the capacity need, and who they need to partner with to gain extra capability.”

Hospitality leaders and investors have named London as the most attractive European city for hotel investment in the year ahead, according to the 2023 European Hotel Industry Survey by Deloitte. The report asked senior hospitality leaders, owners, lenders, developers, and investors about the key trends that will shape the hospitality industry in 2024. The survey took place between 18 September and 10 October 2023. The UK capital has risen two places since last year, with Lisbon retaining second place and Amsterdam falling to third. It is the first time since 2017 that Amsterdam has not been top spot. Hotels (39%) are rated the most attractive asset class to invest in 2024, rising by 15 percentage points from last year. This was followed by student housing (27%) and serviced apartments (16%). The majority of respondents expect to see London’s Revenue Per Available Room (RevPAR) to grow in 2024. More than half (54%) expect the capital’s RevPAR to grow between 4% to 7% (up from 41% last year), while 72% of respondents anticipate a RevPar of between 1% to 5% in the UK regions this year (up from 53% in 2022). Hotel executives also showed improved optimism in their expectations for London’s Gross Operating Profit per Available Room (GOPPAR) in 2024 compared to the last two years. The majority of respondents (58%) expect London’s GOPPAR growth to be 1% to 5%, up from 38% last year. However, the pressures that high inflation, labour shortages and greater energy prices are putting on profits has led to more than one in four respondents (28%) expecting 0% or negative GOPPAR growth in London in 2024. Andreas Scriven, head of hospitality and leisure at Deloitte UK, commented: “It is reassuring to see London climb back up the rankings, and it is perhaps not surprising to see new hotels opening given the UK’s capital’s centre for tourism and business, as well has being a gateway city for international travel. For London to continue to remain attractive to hotel investors, the industry will need to address concerns around the ability to drive pricing in light of inflationary pressures.” Across the UK regions, investors once again cited Edinburgh as the most attractive city for UK regional hotel investment for the third consecutive year. Oxford gained two places to become the second most attractive city in the UK, ahead of Manchester. Confidence High With Investment And M&A On The Agenda The proportion of respondents believing profitability will improve in the next five years has nearly doubled, rising from 38% in 2022 to 64% in 2023. In addition, nearly three-quarters of respondents (73%) said they are optimistic about the long-term future of the UK hotel market, up from 66% last year. In a sign that deal activity could be accelerating in the hospitality sector, divestitures (24%) and acquisitions (58%) have both increased as key priorities for business leaders in the year ahead, rising by 18 percentage points and 16 percentage points, respectively year-on-year. Scriven added: “Demand for quality hotel assets in the UK remains strong, with a range of capital looking to enter or expand in the market. However, in many cases there remains a bid-ask gap that has derailed a number of transactions in recent months. Whilst many potential buyers are still anticipating distressed transactional activity, vendors point to very strong operational performances to mitigate against the risk of distress and any associated price chipping.” Tech Adoption, Including Gen AI, Less Of A Priority Hospitality leaders cited rising costs (89%), higher interest rates (87%), a shortage of skilled labour (85%) and increased staff costs (81%) as key concerns that will hinder growth in the year ahead. Demand fluctuations (48%), the inability to raise prices (45%), Generative AI (41%) and technology disruptions (39%) are all perceived as medium-term risks facing the industry. The proportion of hospitality executives prioritising digital transformation projects in the year ahead saw a significant decrease year-on-year, with only 22% of respondents saying it is a key strategic priority compared to 48% in 2022. Only one in four respondents (25%) see Generative AI as something that can help improve operational efficiency tasks, such as detecting fraudulent activities or generate new financial models. Scriven concluded: “Concerningly, the current macroeconomic climate is forcing leaders to think about short-term solutions to stay in the black." "To remain competitive, hospitality executives need to think about the parts of their business that can benefit from implementing the latest technologies, which will in turn benefit the bottom line.”

Davion Healthcare Plc, a leading medical device manufacturer, is pleased to announce that it has appointed Sir Eric Peacock as Chairman of the company with immediate effect and has also appointed to the board Mr Jon Chadwick as Chief Operating Officer along with Mr Julian F. Sluyters as a Non-Executive Director. Sir Eric Peacock is the Chairman of IPro Sport Holdings Ltd (hydration drinks), Buckley Jewellery Ltd, Stevenage Packaging Ltd, Kingfisher Beer Europe Ltd and is the Senior Non-Executive Director of Bango Plc. He was formerly a Non-Executive Director at the government business United Kingdom Export Finance and has previously sat on a number of other government boards namely United Kingdom Trade and Investment, Foreign and Commonwealth Office and the Department for Innovation and Skills. He has a wide ranging experience of start up’s, turnarounds, financing, acquiring, disposal and floatation with a significant international background having run businesses in Australia, New Zealand, South Africa, France and Ireland. Sir Eric was knighted in 2003 for his services to International Trade. He is also Chairman of the charity The Big Cat Sanctuary and the charities Uniqueness and The AB Trust both of which focus on disadvantaged children and young adults. Mr Jon Chadwick brings nearly three decades of experience in the financial services industry, with a notable shift in focus towards the dynamic fields of Med Tech and Bio Tech since 2019. His journey began in the intricate realm of financial services, where he honed his skills and developed a keen understanding of the industry's complexities. Over the years, Jon's professional trajectory evolved organically, aligning with his growing passion for innovation and cutting-edge technologies in the realms of Medical Technology and Biotechnology. In the ever-evolving landscape of Bio and Med Tech, Jon has established himself as a seasoned professional with a knack for identifying opportunities and driving impactful strategies. His transition from the traditional financial sector to the forefront of these ground breaking industries, reflects his adaptability and commitment to staying ahead of the curve. With a reputation for fostering collaborative partnerships and leveraging his extensive network, Jon continues to navigate the intricate intersections of finance and innovation, contributing to the growth and success of businesses at the intersection of Med Tech and Bio Tech. Mr Julian F. Sluyters has had a 40-year career in the financial services industry, initially in public accounting, specializing in banks, asset management firms, and mutual funds. Over the past three decades, he held various leadership roles in asset management firms, including CEO positions in global mutual fund and European fund services companies. He has extensive board experience, having served on over 20 different mutual fund boards in the US and Europe and as a Trustee for five boards. Mr. Sluyters is also an audit committee financial expert and has expertise in private equity and alternative asset classes. He currently advises EQX Biome, a biodiversity impact company. Julian is based in the United States. Jack Kaye, Davion’s CEO said “I am delighted to welcome Sir Eric Peacock, Mr Jon Chadwick and Mr Julian Sluyters to the Davion Board. I know they will all make valuable contributions to the ongoing success of the company.” In addition to these three board appointments, there will be further appointments in the course of the next month to ensure the company meets its regulatory requirements with respect to the structure of its Board of Directors and the general governance of the company, in preparation for the listing of its ADR’s on the NASDAQ stock exchange early next year The company remains committed to delivering exceptional value to its shareholders whilst driving innovation within the medical sector.

The difficulty small business owners are experiencing accessing funding without having to sign a personal guarantee has become clear. October 2023 saw the largest number of small business owners ever recorded, taking insurance to mitigate the risk of signing a personal guarantee as a condition of a business loan according to Purbeck Personal Guarantee Insurance . As high street banks reduce their funding appetite, SMEs are turning to the alternative lending market where personal guarantees are a common requirement for unsecured loans. Purbeck’s analysis shows that in October 2023, there was a 60% rise in small business owners taking personal guarantee insurance (PGI), to protect their personal assets should their business fail, following a new business loan that had a personal guarantee attached. Todd Davison, MD of Purbeck Personal Guarantee Insurance said: “In the six years we have been in operation, we have never seen the demand we are experiencing now for protection against the risk of signing a personal guarantee. While some of this can be explained by increased awareness of PGI, it also demonstrates how challenging it has become for small business owners to secure business loans via traditional routes. We know most small businesses are seeking finance simply to keep their heads above water as working capital remains the top reason for new loans - 47% of applications were for this purpose, up from 37% in Q3 2022. “As the routes to funding narrow, it is vital small business owners seek advice and support from a commercial finance broker. Taking on longer term finance to pay short term creditor obligations could create a spiral of debt and ultimately lead to further business insolvencies.”

Business transitions are important for several reasons. They enable company founders to navigate the opportunities and challenges that come with change, often fostering continued innovation and success in an ever-evolving marketplace. In the daunting, yet exhilarating, journey of entrepreneurship, founders traverse various roles that evolve with their venture. Today's thriving U.S. economy, marked by accelerated growth, is providing a favorable environment for founders to move on to the next phase of their professional life. That said, those traversing the entrepreneurial world in particular, these transitions mark a time of great change—and the unknown that lies ahead can spur tremendous stress. The key is understanding how an exit will operate so that you elegantly navigate the situation. “Whether you are leaving corporate America to start on your own enterprise or leaving a company you’ve built from scratch to focus on the next part of your impact journey, many face the same challenges,” notes business exit strategist and coach Jerome Myers, PE, MBA, PMP. “While the circumstances of each person’s exit differs, most if not all can be summed up in a few specific exit scenarios that every founder in today’s economy faces.” While they might look, feel and function differently, understanding the quintessential exit archetypes can prove critical in helping the founder perform at his or her best. Here is Myers’ breakdown of the primary eight: Exit 1: Exiting The Traditional Career Path The first phase of this transformative transition is leaving a traditional corporate role or life path. This step involves wrestling with questions of purpose and ambition, and requires introspection and careful planning. The robust U.S. economic growth, represented by a 2.4% annualized rate GDP growth in the first half of 2023, provides a favorable tailwind for individuals making this transition. This stage probably will feel like the biggest transition for those doing it. It's where all that you once knew is gone and everything feels foreign and new. This should not be something that you run away from rather embrace. Given the stats above, right now might be the best time to take this leap. Exit 2: CEO 1.0 (Chief Everything Officer) In the next phase, founders embody the role of 'CEO 1.0' or the 'Chief Everything Officer'. They are at the helm of their venture, crafting business plans, securing initial funding, and birthing their entrepreneurial dream. The thriving economic conditions, marked by increased consumer and government spending, and a rise in business inventory investment, further fuel the growth potential at this stage. This is the beginning of your next journey. The start of what you hope to accomplish. It is here where you visualize your dreams and begin to make them a reality. It’s time to embrace the unknown and make it seen. Exit 3: Product Manager/Thought Leader Founders then transition into a dual role of 'Product Manager/Thought Leader', intertwining strategic product management and thought leadership. They refine their business's value proposition and engage with customers while sharing unique insights and ideas publicly. This role, critical in a growth-oriented economy, helps shape public opinion and add credibility to their venture. This is when your company begins being in the public eye, which leads to scale and widened adoption of the company’s solution. Exit 4: CEO 2.0 (Chief Executive Officer) Upon establishing their business, founders assume the 'CEO 2.0' role, overseeing the bigger picture, managing the team, and setting strategic directions. The presence of a solid jobs market, as evidenced by the addition of 209,000 jobs in June 2023, aids in attracting talent and scaling operations during this phase. Exit 5: Board Chair As 'Board Chair', founders step back from daily operations to guide the company's strategic direction, ensure its financial health, and focus on stakeholder relationships. The rise in personal savings recorded in the second quarter provides financial flexibility for strategic growth and succession planning. Exit 6: Exit The 'Exit' phase involves founders selling their business or stepping down from their operational role. In the current economic environment, with recession fears diminishing due to falling inflation and a robust jobs market, this phase can offer potentially significant financial returns. Exit 7: Building Your Post Exit Portfolio Post-exit, founders diversify their wealth by building an investment portfolio in the 'Building Your Post Exit Portfolio' phase. The recent interest rate hike by the Federal Reserve, aiming to curb inflation, provides a favourable environment for investment in real estate, stocks, bonds, or other start-ups. Exit 8: Philanthropy and Legacy The final phase, 'Philanthropy and Legacy', provides founders the opportunity to leave a lasting impact by contributing to causes they deeply care about. Despite the ongoing economic recovery, the role of philanthropy remains crucial, offering founders the chance to leverage their wealth for societal betterment. “During each of these eight exits, it's imperative to note that the founder will experience a phenomenon that will test their mental resilience, which is known as the ‘Founder’s Exit Paradox’,” Myers says. The Founder's Exit Paradox refers to the comprehensive psychological disengagement experienced by founders, which encompasses behavioral, emotional and cognitive aspects. This involves understanding how these processes occur before and after physical exits, and how the experience impacts the way individuals move forward. The Exit Paradox often produces similar feelings as an existential crisis where Newly Exited Operators—or NEOs—begin questioning the meaning and purpose of their life, although the trigger in this instance is due to a major accomplishment.” According to Myers, when a founder or NEO experiences the Exit Paradox they will wrestle with what he calls “6 Centers of Doubt,” which are: 1. Self Image - clarify your guiding principles, what’s holding you back, and adopting a new outlook on life that empowers. Founders who are in this stage of the Paradox will ask questions such as: Who am I now that I’ve “won the game”? What do I do without the hyper focused routine I’ve had for years? Do I even deserve this? 2. Relationships - identify relationships that are not mutually beneficial and rebalance or eliminate them, increase access to resources, and reposition yourself as a person of tremendous value. Founders who are in this stage of the Paradox will ask questions such as: What are the people in my life really after? Why don’t my family and friends understand I need time to figure this all out? Does my marriage make sense anymore? 3. Work - cultivate inspired work by finding the connection between income, influence, impact and interest. Founders who are in this stage of the Paradox will ask questions such as: What does work mean now that I have exited? Were all the sacrifices I made to get here worth it? What’s next? 4. Health - create more energy, reduce mind fog and increase your quality of life. Founders who are in this stage of the Paradox will ask questions such as: Did I give away too many years to my business? Am I going to use all the wealth I built to earn back the health I lost? Can I make adjustments to live with fewer health risks? 5. Prosperity - improve your financial position to increase your time and location freedom. Founders who are in this stage of the Paradox will ask questions such as: I can afford it. Why should I even give it a second thought? Why shouldn’t I enjoy all the money I earned? Who are you to give me advice about money? 6. Significance - make meaningful and positive contributions outside of your home. Founders who are in this stage of the Paradox will ask questions such as: If I died today, who would carry my casket? Who do I trust to honour my memory after I’m gone? What’s the best way for me to use my wealth to help others and do good? “I’ve found that most people undergoing an exit transition are seeking a deeper and more meaningful state of fulfillment,” Myers says. “They are also in a new place where they are struggling with the 6 Centers of Doubt. But, it’s not their fault. The ‘American dream’ is all about creating financial freedom and we have been collectively programmed to chase it. All too often, when we ultimately find that financial success we realize it probably isn’t what we should have been chasing as the ultimate end-game. Many in transition desire the kind of gratification that comes with self-actualization.” The eight exit strategies detailed above represent the cyclical journey of a founder from their initial foray into entrepreneurship, through their venture's growth and eventual exit, to their legacy-building activities. The current economic landscape in the USA, as characterized by its promising growth, a robust jobs market and increasing control over inflationary conditions, creates a conducive environment for a founder to flourish amid these transition strategies, highlighting his or her relevance and maximizing profitability in today's dynamic economic scenario. About the Author - Merilee Kern, MBA is an internationally-regarded brand strategist and analyst who reports on noteworthy industry change makers, movers, shakers and innovators across all B2B and B2C categories. This includes field experts and thought leaders, brands, products, services, destinations and events. Merilee is Founder, Executive Editor and Producer of “The Luxe List” as well as Host of the “Savvy Ventures” business TV show that airs nationally on FOX Business TV and Bloomberg TV and the “Savvy Living” lifestyle TV show that airs in New York, Los Angeles, San Francisco, Miami, Atlanta and other major markets on CBS, FOX and other top networks. Merilee also hosts the Savvy Ventures Podcast & Radio show available globally on W4CY Radio—the #1 ranked live streaming radio station—among others as well as all major podcast platforms, including Pandora, Audible, Spotify, Amazon Music, Apple Podcasts, Streamyard, iHeart Radio and dozens more. A s a prolific business and consumer trends, lifestyle and leisure industry voice of authority and tastemaker, she keeps her finger on the pulse of the marketplace in search of new and innovative must-haves and exemplary experiences at all price points, from the affordable to the extreme—also delving into the minds behind the brands. Her work reaches multi-millions worldwide via broadcast TV (her own shows and copious others on which she appears) as well as a myriad of print and online publications. Connect with her at www.TheLuxeList.com

Surrey County Council has agreed further funding to reduce the cost of travel for under 20s, with many single bus journeys now costing as little as £1. The Surrey LINK card was launched by the county council earlier this year entitling all young people aged 20 and under, to 50% of all bus adult bus fares across Surrey. This has now been extended to include tickets purchased under the Department for Transport (DfT) £2 bus fare cap scheme which has been extended to December 2024. From 12 November 2023 operators participating in the DfT fare cap scheme will offer a £1 single fare on adult tickets when a LINK card is shown. Participating operators include: Compass, Diamond Bus, East Surrey Rural Transport Partnership, Falcon, First, Metrobus, Stagecoach, Thames Valley Bus, Waverley Hoppa and details of participating routes can be found of the DfT website. Operators who do not participate in the DfT fare cap scheme will continue to offer 50% off the adult fare on single and return tickets. Matt Furniss, Cabinet Member for Transport, Infrastructure and Growth at Surrey County Council said: “I’m delighted that we have been able to further invest in bus travel to support younger residents of Surrey with cheaper journeys, giving them the freedom to travel around the county. It’s a significant investment and one which we hope will be well received." “We are encouraging more people to use Surrey’s buses and investing in making buses greener including £32.3m for more ultra-low and zero emission buses and £6.3m for more ultra-low and zero emission community transport minibuses. A further £9m is being invested in bus priority measures to ensure buses turn up on time, and £1.4m in improving information for passengers at bus stops.” More information including how to apply for a LINK card is available here

BE Uniforms, formerly known as Border Embroideries, was founded by Billy and Shirley Anne Smillie in 1989 using a single head embroidery machine purchased with the help of the Prince's Trust. With around 30 years of experience supplying schools, businesses and clubs across the UK and beyond, BE Uniforms have become one of the UK's leading specialist uniform suppliers from their purpose-built factory based in the Scottish Borders. Paul Andrews went to meet William and Ross Smillie, the second generation, to find out more. BE is a family business with family values at their core, a business that quite literally started in the bedroom of the family home on day one and has grown very much as a result of the hard work, determination and endeavour of the founders, Billy and Shirley Anne. As Ross explains, “Mum and Dad have always worked hard and clearly led by example with their work ethic which is second to none. Like many starting out on their new venture, they worked incredibly hard, starting out supplying some products to the local golf course. The business began to grow, growing further as a result of Scotland winning the rugby Grand Slam in 1990, and at that point bigger machines and larger premises were needed. These were found in an old workshop in Greenlaw belonging to Billy's father Archie in which 3 new multihead machines were introduced to cope with demand.” As the business grew, partnerships began with a number of local schools and embroidery for their uniforms and the supply of other items such as ties too. This growth saw them outgrow their premises and in 2000 the business moved to a purpose built factory in Greenlaw just outside Duns which the family constructed and saw a further 3 multihead machines added and more staff employed to meet demand. As William continues, “Dad was growing a successful business and the reputation for our service was gaining momentum and he saw the potential to expand further. Not content with supplying direct to schools and clubs, he moved the business into retail with the opening of our first store in Glasgow in 2005 through a National Schoolwear Franchise.” “With continued growth the factory was extended for the first time providing a larger office and dispatch area. At roughly the same time the franchise became available in Wishaw so BE took on a second store. Our sister, Aynsley joined the business and now can be found managing the school accounts in the office.” Over the years the business continued to grow with more retail stores added and further extension of the factory, not to mention continuing investment in machinery, staff, retail outlets and staff. “It has been a great journey, “continues Ross. “In 2020 we rebranded from Border Embroideries to BE Uniforms. We're still the same company but have now combined the 3 sub brands - schoolwear, workwear and teamwear - as a testament to our 30 years in business providing uniforms across the UK.” “In late 2020 all stores underwent a transformation and now proudly display the new brand name above every door. The rebrand also opened us up to focus more on the workwear and teamwear markets." "So now, as well as our extensive range of school uniform, you’ll now find an unrivalled selection of workwear and teamwear in store, from industry leading brands such as Helly Hansen, Mascot, Snickers, Portwest, Canterbury, Adidas, Joma and Kappa.” In March 2021, Billy took a step back from the business and son’s Ross and William took over as the Managing Directors of BE Uniforms. "This was a very proud moment for Shirley-Anne and I as it has always been our wish that the children will take on the mantle of the business and hopefully progress it to the next level,” adds Billy. Like many next generation family members, life in the family business may not have been planned but that is where both William and Ross have found themselves, and now lead the business very successfully. For William, the route to the business was via a stint at university. “I had no real intention of working in the family business and after school took a gap year, working a little in the business and then heading off to Edinburgh to study geology. Every day I got a call from my Dad asking me when I was going to be back working in the business and after six months and realising that university was not for me I returned to the business." "To be honest, returning to the business was the best thing I could have done. I started our managing the stores, spent time in sales and production and over the years have gained experience in all aspects of the business, something that I did from the bottom up and this has really helped me move through the ranks and continues to really help me in my role today.” Ross entered the business straight from school. “I joined at a time when we had just launched our first website for schools to enable online uniform ordering and my first role was to oversee the web generated business from printing the emails as they came in and picking and packing the final orders. The website continues to grow to this day and we now service over 1700 schools.” Ross and William's take over has injected some new ideas into the business, allowing BE Uniforms to drive on further, with Billy not too far away now acting as Chairman. Daughter Aynsley is also still actively involved in the business, although as of August 2021 she is on maternity leave after having her third child. William and Ross are now joint Managing Directors and whilst this may not work for some businesses, it works really well at BE. “We get on really well and share an office but what makes it work is the fact that we have very complimentary skills,” continues William. “Ross runs the websites and marketing side of things and I am responsible for the day to day operational side of things." "We balance each other out and it works well. If anything is a challenge it Is Dad!” “Dad built the business and knows everything about it. It’s like another child to him,” continues William. “He had a handle on everything, although there were not many systems and automated processes and as the business has grown, this is something that we have introduced. The business is now supported by comprehensive systems and processes which gives us the information we need to run the business as it continues to grow but is a very different approach to the way that Dad ran the business in the early years. Like many of his generation, he sometimes struggles to appreciate the change, although knows it is needed but I guess that is how a family business evolves.” As a second generation management team they are fully aware of their leadership responsibilities that come with taking on a growing business. “We have a trusted adviser who is like a mentor to us, giving us guidance and support and offering a good challenge too,” adds Ross. “We run the business by facts and figures, decisions are driven by the data and that helps us too. Dad always ran the business on the bank balance and had a full understanding of the figures in his head. He was amazing but over time, BE has grown and the systems and processes have been a necessary addition to the way we operate.” BE continues to go places and has a strong management team in place, with Dad an integral part of the team too. “Dad wanted us to step up and take over and that is what we have done,” continues William, “and we understand what needs to be done and how to do it but he is full of knowledge and wisdom and that is really beneficial when it comes to our strategy and it is great to have his input too.” Like plenty of other family business leaders, Ross and William do not find it easy to switch off. As Ross continues, “Even on holiday it is hard because you are always thinking about the business and what is going on and the holiday gives you some breathing space, which is great time to step back and think about the bigger picture so it is hard to switch off, and to be honest when it is your business I am not sure you fully want to either.” Growth continues and whilst the pandemic was a challenge it also afforded BE some opportunities. “The pandemic didn't slow us down and we were extremely fortunate to have seen a huge growth in online sales. As businesses began to open back up again, 2021 saw us open 3 new retail stores - the first in Edinburgh, which opened in May 2021. The Edinburgh store, located on Dundee St. now stocks over 20 local school's uniform plus our wide range of plain schoolwear, workwear and teamwear.” “In June 2021 we acquired The Uniform Shop on West Tower Street in Carlisle - our first store over the border! We rebranded the store to BE Uniforms and then reopened, offering the same great services as our other stores, plus many local schools uniforms and lastly. we also opened our first concession within Planet Sports & Trophies on Great Lime Road, Newcastle. This acts as a face-to-face service for our local customers, a Click & Collect point plus a drop off location for any online returns. They can also see sizing sets for schoolwear before they place an order online,” explains Ross. The next generation of BE are like their predecessors, living the values that have clearly been embedded in the family – hard work, strong desire to succeed and doing business the right way. “Mum and Dad always worked hard, right from the start and it is important to both of us that we put in a good shift,” adds William. “We work hard because we want to and are always looking for new opportunities. One of the biggest challenges for us in the seasonality because there is a significant peak in demand, especially for school uniforms before the start of each new school year. Workwear is an area that we are investing in and it continues to grow and this will certainly help remove some of the seasonal peaks that we have historically faced.” Workwear is a great opportunity for the business and the second generation are making their mark on BE. “The business continues to evolve and grow which is really exciting,” continues William. “We are based where we grew up and have strong allegiance to the Borders and the businesses that we support here and our loyal, long-serving staff, but we are growing further afield and that is really exciting. Mum and Dad worked incredibly hard and we plan to do the same, building on the business that they created an developed and we continue to grow and diversify." "Dad loves the growth and is always looking for new retail spaces, even when we have no firm plans to open any more, but that is because he still sees opportunity.” “Family is important to us and the family business enables us to work together and see each other on a regular basis. We have plenty of plans for the future and who knows what the future will hold but there will be plenty of hard work and continued evolution too,” concludes William. As Ross Adds, “We are lucky that we love what we do and none of us shy away from hard work." "The family values and ethos that we have lived and breathed growing up certainly stand us in good stead going forward but we are excited about the next stages in the BE journey." "It’s incredible when we look back to where it all started with one machine in the bedroom to what we are doing today and it is important that we do celebrate where we have come from and all that the team continue to achieve too.” We look forward to seeing the next stages in the BE journey.