Families, you can’t live with them or live without them. Could you work with yours?
It’s a tradition that has spanned the centuries and today two-thirds of small businesses in the UK are family run. Not only have family businesses shown dogged resilience throughout the centuries, they have also shown great strength through the recession.
Family businesses employ nine million people, contributing nearly a quarter of total UK GDP and provide over £81bn in tax to the Exchequer.
So it seems like some companies have a lot to learn from family businesses. Family run businesses are less likely to go bankrupt as they are formed from a wide range of directors and shareholders. Their formation represents diversity and a wide range of skill sets, as well as having a greater balance of gender- most having at least one female director on the board.