Family businesses are the backbone of the UK economy and the bedrock of our communities. For generations, family businesses have put people at the heart of business. They offer a model of sustainable and responsible business that others can learn from, be part of, work with, and even adopt.
Family business leaders inherently put the interests of the next generation in mind, take a long-term view, and as the owners and stewards of the business, have greater freedom to experiment, innovate, and invest in their people and communities. They see the values people bring to the organisation as an important asset to be protected and nurtured.
The attributes of Family Business
These attributes are essential for building resilience and long-term economic growth, and form a significant part of what distinguishes family business from many other models of business ownership.
In the UK, 90% of all private firms are family businesses. That’s 4.8 million businesses.
They employ 13.9 million people, generate £1.7 trillion in turnover, and contribute £575 billion gross value added (GVA) to UK GDP.
Family businesses contribute over £200 billion to the UK Exchequer through tax receipts alone, which is over a quarter (26%) of the government’s total receipts.
For more information about FBUK and the UK family business sector Contact the Press office