Family businesses make up a significant proportion of ‘UK Limited’, including the manufacturing sector where, contrary to popular belief, we are producing more goods than 30 years ago.
According to the latest stats:
- There are more than 4.8 million family businesses in the UK, (86 per cent of all UK businesses)
- Three quarters of all family businesses are very small – either sole traders or with less than 9 employees
- London and the South East accounts for over 30 per cent of all UK family businesses
- Family businesses provide employment for almost 14 million workers
- They contribute £637 billion to the economy
- They pay £205 billion in tax
As a family-owned and run firm, we do our best to support like-minded businesses.
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 you aware of the tax consequences?
- How do you deal with family disputes that are threatening to disrupt your business?
Of course, many business owners place their heads firmly in the sand and choose not to act but, by taking an objective view of your business, the potential benefits are significant.
Why not take the first step by completing the free Family Business Diagnostic on our website?
We’ll be happy to then discuss the results with you in a free, no obligation meeting.
From one family-business owner to another… Onwards and upwards!