Family Business - Still Vital to the Scottish Economy
14th October 2011
Despite a great deal of work and promotion by the Scottish Family Business Association and experts in the field of famliy advice, this type of business is often ignored or misunderstood by the business world at large.
In Scotland, 73% of the economy is vested in family businesses. Over 2.7 million people are either the owners, employees or families of a family business. It's therefore vital that we pay heed to these businesses and support them through the succession issues which often cause their demise.
Part of the reason for famlily businesses not being at the forefront of business focus in Scotland is that they cover every size, type and sector. From the big ones such as Walker's Shortbread and Baxters, global brands to the ancient McPhie's of Glenbervie which traces its ancestry back to farming in the 14th Century or Arnold Clark, a highly visible name in the car industry. It also includes local bakers, butchers, medical supplies providers and retailers. Everyone knows a family business yet few understand the huge issues they face.
If you have a family business and are looking for support, contact us at Impact21. We will help you to identify your real issues and link you to experts who have supported other family businesses to survive the traumas of sucession.