UK family businesses: What they are and how to run them?
According to statistics provided by the UK Institute for Family Business, going into business with ‘the fam’ is incredibly popular in this country. So popular in fact, that a whopping two-thirds of UK businesses are family owned. That’s 4.8 million businesses in total.
Family run businesses are not only numerous in number, but they also produce a lot of money for the British coffers. According to the IFB, family-run enterprises generate over a quarter of UK GDP. So you could say that family businesses are, by definition, impact businesses too.Read more.
At Cotswold Independent Financial Services, we work with a number of family-run businesses on both their corporate financial planning and their personal finances. The two areas are very closely interlinked. In addition to planning ahead financially we also look at safeguarding the interests of those involved, which includes succession planning and protection.
As an SME we relate to the challenges and also the rewards of running a business. For family business owners we are a trusted adviser concerning their financial decisions both on a business and a personal level.