The UK’s 3m family businesses account for over 30pc of gross domestic product, provide 65pc of the 4.5m private sector businesses, employ 9.5m and hand the Government £47bn in tax receipts a year, 10pc of the annual total.
However, many family businesses struggle with governance structures and an estimated 100,000 businesses pass out of family control each year because of the failure to draft succession plans or business pressures. Here Ian Hodgkinson corporate partner at Liverpool and Manchester based law firm Mace & Jones examines how to run a family businesses successfully.
According to the BDO Guide to Family Business, only 24% of UK family businesses survive through to the second generation and only 14% make it beyond the third. Ho