Call to Family Businesses to Participate in Largest Survey of its Kind

Armstrong Watson, Accountants, Business & Financial Advisers has launched its third annual Family Business Insight Survey in a bid to delve into the current issues dominating the agenda for UK Family Business.

With the results aimed at providing vital insight into the unique challenges and opportunities faced by Family Business, the firm is urging participation from family businesses from all sectors and regions.

Last year’s survey was the largest of its kind and attracted responses from over 400 businesses, providing valuable research and highlighting key areas of concern.

This new survey looks to expand on previous insight, seeking to understand the anticipated impact of changing employment legislation, issues surrounding recruitment, approaches to financing growth and preparation for new data protection regulations (GDPR), HMRC ‘real time’ data access and Making Tax Digital. There is also focus on succession planning – one of the most important areas for concern highlighted in last year’s research.

Nick Palmer, family business specialist at Armstrong Watson said:

“Family businesses have always played an important role in the UK economy and within every community, yet if you talk directly to family business owners, they are often frustrated by being labelled as OMB’s and SME’s, without consideration given to the unique dynamics of each successful family firm.

“We’re keen for as many companies as possible to complete the survey as it’s crucial that we ‘take the temperature’ of family business and learn more about the challenges they face. It is only by understanding these trends – as with our previous two surveys - that we as advisers are best placed to help family businesses to continue to grow, innovate and ultimately stand the test of time.”

Armstrong Watson intends to share the findings of the research and following insights and analysis with all respondents and will release a complete report at the beginning of 2018.

The survey takes around 2 minutes to complete and the firm encourages as many family businesses as possible to do so, to ensure that the results are accurate and representative of family businesses across the UK.