Family Business – focus on the issues

 Working directly with owner managers of entrepreneurial businesses, we often work with clients who are from family-owned or family connected businesses. As such, being members of Families in Business (FiB) – a national support organisation for family run businesses – we are privy to some interesting insights in to the challenges faced by family firms.

Hot off the press, these issues are summed up brilliantly by a recent survey carried out by the FiB, with the results neatly summarised in this infographic. With 250,000 family businesses in the South West the results make for interesting reading, with stats such as 69 per cent find even talking about succession planning hard work,  and 70% having no formal plan in place.

Also crucial for owner-managed and family businesses to succeed, having open and trusted communications was reported as a major challenge for 58 per cent of those surveyed.

If you have any thoughts or interesting articles to share on family businesses then please do comment.