Businesses are keeping it in the family 08.09.2009
The Family Business Survey 2009, which was in part sponsored by PM+M Chartered Accountants, found that businesses such as Bowker and Warburtons are much more commonplace than was first thought.And they are proud of the fact too – with 88% also using the family ownership as a selling point to promote their business.
However, the research also showed that whilst 76% of family businesses are established to build a legacy for future generations, only one in eight make it to the end of the third generation.
PM+M is one of six accountancy practices nationally to have helped compile the UK-wide survey on behalf of the International Centre for Families in Business and Praxity, a global alliance of independent accounting practices.
Whilst the survey turned up many positives, such as family members having a stronger connection to a business and working harder for it, almost a fifth of individuals quizzed said that they felt they were never away from work and 17% noted that business disagreements put a strain on relationships.
Stephen Anderson, managing partner at PM+M, said: “We have always known the importance of the family business in the commercial world, and we pride ourselves on being specialists when it comes to dealing with the problems running one can bring.
“East Lancashire has a number of great examples of family businesses and we have found that those ties are a big benefit to the organisation – sometimes offering a level of dedication and commitment that money can’t buy.”
Stephen added: “This research gives us a great insight into life in a family-owned business, enabling us to work more closely with our clients who are in that situation and to build on our strength in this area to help their businesses to grow.”
PM+M, who have offices in Blackburn and Burnley provide a comprehensive range of services to business, and are this year marking their 90th year in business.
RSS