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Family businesses make up around two thirds of all businesses in the United Kingdom and are an integral part of our economy. The Institute of Family Business statistics show that family businesses make up 40% of private sector employment and almost a quarter of total UK GDP.
Family businesses come in all shapes and sizes and are typically very resilient and survive better than non-family firms, but they do face some challenges which are more common in the family firm. For example, if any relationships within the family sour at home, this can have huge implications for the business.
At Armstrong Watson we advise many family businesses across a wide range of market sectors and would consider the following tips very useful in helping you to manage your family business:
The family business that adopts a more reflective and inclusive stance on everything from strategy to succession is more likely to succeed.
Richard Askew, Corporate Director
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