07 November 2016
Myth Busting Information About Family Businesses
Build UK partner the Institute for Family Business (IFB) has issued myth-busting information regarding family businesses in the UK.
The IFB is a family business network which supports and promotes the UK family-owned business sector through events, representation and analysis. Many Build UK member organisations are family run, and the IFB are extremely well placed to provide expert guidance and support regarding their operation.
According to IFB data there are 4.6 million family firms in the UK, with over 16,000 classed as medium or large, all of which contribute a huge amount to the economy, turning over £1.3 trillion per year.
IFB also reports that family firms use entrepreneurship and innovation to cultivate their competitive advantage and overcome downturns while younger people are interested in joining family businesses, with 89% of next generation members reporting that they engage because they care about the business and its future. Data from the IFB’s publications highlight the importance of family businesses to UK employment and economic stability now and in the future, a sentiment echoed by IFB Communications Director Fiona Graham:
“Family businesses make up 87% of total private sector firms in the UK, employing almost 12 million people and turning over more than a quarter of GDP. Some of them are as old as 500 years, and their longevity and enduring success demonstrate just how innovative and long-term oriented they are. Engaging the next generation is key to ensuring that these businesses continue to thrive and grow in the future.”
For a full list of IFB reports and publications visit the IFB website, which requires registration and login. For more information and to contact IFB directly, please call 020 7630 6250.