The UK’s economic future could be highly dependent on family firms achieving success, according to the Forum of Private Business (FPB). Approximately three million, or two-thirds, of the country’s 4.6 million small businesses are ran by families, thus indicating just how significant they could prove to be in driving the UK economic recovery in upcoming years. Currently family businesses generate approximately 31% of UK GDP, but there is much more room for improvement. An example highlighted by the Forum’s chief executive, Phil Orford, was Germany, where family businesses contribute to almost half of its GDP. Only one in five family businesses currently makes it past the second generation of ownership. If just a small percentage of family businesses could continue trading instead of being wound up or sold, it could be hugely significant to the UK economy. Orford added: "These are the wealth generators of the country, and they need to be nurtured and assisted in every way possible."
In partnership with...
