The Armstrong Watson Family Business Insight 2017 provides an in depth analysis of current trends from the results of the largest survey of its kind in the UK. The survey collates opinions from over 400 family business owners across the country offering an awareness of the challenges they face on a day-to-day basis.
The respondents to the survey alone employ almost 8,000 individuals with a combined wage bill in excess of £230m. It surely then comes as no surprise that of the people who said auto-enrolment would have the biggest impact on them in the next 12 months, 77% said this would be negative. Interestingly Cumbria and Yorkshire were more negative with this impact resulting in 80% and 88% respectively.
A worrying trend to come from the results was that 59% of family business owners do not agree that the funds they have set aside for retirement are sufficient. This figure reduces slightly to 57% when focusing solely on pensions but rises dramatically to 71% when using personal savings. A family business is a journey, which should be taken seriously from day one, when setting out on the family business road, surely it makes sense to plan your exit in the future and what that looks like and then work out the path you take to make sure you arrive there. Some say that retirement is the next chapter in life, and as we all start living longer this chapter increases in term, but to allow you to retire and maximise your enjoyment its never been more important to ensure your provisions are the best they can be.
With almost a half of all family businesses structured through a Limited company, opportunities for growth, family innovation and entrepreneurialism can be encouraged and exploited to ensure the longevity of any business and a platform for the next generation. The next generation will always bring new ideas and a variation on working practices which allow a family business to continue for the years ahead with the pride of the family at the core to the ongoing success.
Family businesses are unique in every way, but by understanding the common themes and applying bespoke solutions in every scenario, Armstrong Watson ensure that every family business has a platform to achieve their goals and aspirations to arrive at their destination.
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