A Guide to Family-run Firms
- Price: £3.60
- Published: September 2015
- Type: Business Information Factsheet
- Format: PDF
Family-run firms dominate the UK private sector and, in many aspects, they are just like any other business. However, there are some key differences and unique challenges, primarily due to the differing needs and demands of a family.
According to the Institute for Family Business, 65% of UK private sector enterprises are family firms, accounting for nearly 25% of GDP. A large majority are small firms, although there are estimated to be around 1,000 family firms in the UK with more than 250 employees.
This factsheet explains the main advantages and disadvantages family-run firms have compared with other firms. It outlines the key legal considerations affecting family-run firms.