What is a family business?
A family business may be defined as one which is owned and managed by the same family through successive generations. Family businesses range in size from very large (UK examples include Associated British Foods, JCB and Arnold Clark Automobiles) to very small, with a modest sales revenue and perhaps just one or two employees.
Nearly one in two UK businesses are owned and run by families and they make a significant contribution to our economy – you are in good company!
The ideas below are mainly directed at smaller concerns and are based on discussions with owner managers as well as my own experiences working in a family business.