Dispelling the family business myths…

Although not readily apparent from the financial pages of a daily newspaper, family owned and managed businesses are at the core of the UK economy, contributing significantly to GDP, employment and the community at large.  Their importance as a stabilising element of the economy has never been questioned and they continue as the unsung heroes in a constantly changing world.

In fact, some seriously well known household names lead the way as family businesses yet the market continues to portray them as small, family run corner shops.  Many family businesses far exceed this market perception and it is about time the UK recognised the true value of the contribution that family firms make, and took them seriously.

Myth 1 – Family Businesses Are Small Businesses
1 – JCB is now one of the UKs largest privately owned manufacturers and the worlds fifth largest maker of construction equipment
2 – Clarks, the shoe business, employs 12,000 people and owns over 50 shops in the UK and sells 40 million pairs of shoes every year

Myth 2 – Family Businesses Are Not Significant Employers
1 – Samworth Brothers is a leading player in the production of food and generates a turnover in excess of £250 million and employs more than 4,000 staff
2 – Bernard Matthews is a global business with an annual turnover of £400 million and more than 7,000 employees worldwide

Myth 3 – Family Businesses Are Not Survivors
1 – Lodge Brothers (Funerals) Ltd is currently run by the seventh generation of the Lodge family and has been in business for over 200 years
2 – John Smedley celebrates its 225 anniversary in 2010
3 – Shepherd Neame, Britains oldest brewer, began business in 1698 and three centuries on, Jonathan Neame of the fifth generation is at the helm

To read the full article click here and share your thoughts on other household names that help to dispel the myths that are written in the media once and for all.

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