Working in partnership with Lamont Pridmore, Family Business Place, one of the UK’s leading networks of family businesses, has conducted its second major survey of family businesses with a view to gaining a better understanding of the issues family firms face and how they impact both the business and family members.
As a family-run firm, we thought it was important to commission this survey to help improve the understanding of the often unique needs of family companies. We have spent more than a century in practice assisting a wide range of family-run enterprises so we hope this research will help them.
The survey, which involved businesses from the length and breadth of Britain, shows the importance of family businesses to the economy, their aspirations for growth – and their need for effective professional advice.
You can download our easy to read guide to the full survey results below.
|Download full survey results|
Or watch the video highlighting all the key findings below.
Some of the key findings from the survey revealed that:
- Almost half of all family businesses have been established for more than 30 years
- Almost a third have now welcomed in their third generation of family owners
- Around two thirds have a turnover exceeding £1 million, nearly double the amount who recorded this achievement in 2014
- 25% employ more than 100 people.
However, the study revealed that the family-run sector also faces challenges:
- Only 33% have an established exit or succession strategy
- 45% of businesses thought that integrating the next generation was the biggest challenge they faced.
- Only half (50%) think their professional advisers, such as their accountant, understand their unique needs as a family business, down from the previous survey where 60% said they felt their adviser understood their company.
- Around 30% of those surveyed said it had become harder for them to obtain finance since the financial crisis of 2008.
- Yet 36% of family-owned companies said they were looking to invest in new machinery, premises or capital projects, making access to finance vital.
Whilst family businesses continue to do well in Cumbria and beyond it has become clear from this survey that the levels of tailored assistance they receive is in decline, which is a worrying trend.
At Lamont Pridmore, we specialise in family businesses and we regularly review and improve the services we deliver to family firms. We have become recognised as leaders, not only in the family company community, but across the wider business sector in Cumbria and beyond.
Find out more about how our Family Business Service can help you
|Download our helpful factsheet Succession Planning for the Family Business|
Read about our Family Business services here.