Family businesses make up a significant proportion of UK Limited, including the manufacturing sector, in which, contrary to popular belief, we are manufacturing more goods than we did 30 years ago.
You probably know the stats, such as:
* There are more than 3 million family businesses in the UK, (65% of all UK businesses), with around half being lead or equally lead by women.
* They provide in the region of 40% of all private sector employment
* They generate around 35% of all private sector turnover, with an average of £860,000 per business.
* They have higher returns on assets and better profit margins than non-family firms.
* They contributed nearly 15% of total government revenues in 2010
And we do our best to help them.
But what are the issues facing family businesses?
Some of course are common to all businesses, such as cash-flow, growth strategies, raising finance, training and staff development and so on.
Others are more specific, for example:
* Should your spouse/children become shareholders?
* Do you have a plan for succession/exit and are aware of the tax consequences?
* How do you deal with disputes?
Of course many business owners place their heads firmly in the sand and feel no need to take an objective view of their business, for example, by completing the free Family Business Diagnostic on our web site and discussing the results with us.
And don’t forget, we’re a family business too.
Onwards and upwards