New findings highlight Cumbrian family business challenges
The findings of Armstrong Watson’s family business survey are out and make for very interesting reading. The firm had a record response to their Family Business Survey 2017 and they have summarised some key findings especially for local family businesses for us. They’ve worked with family businesses for over 150 years so are well placed to discuss the good, the bad and the ugly side of family business life. Armstrong Watson have been a phenomenal support for us here at Cumbria Family Business Awards and one thing we all know is how much family businesses contribute to the very fabric of Cumbria, from corner shops to FTSE companies. Keep up the good work. You’ve got this, and you are not alone.
Top 10 Key Stats
1. Average Number of Owners within a Cumbrian Family Business is 2
2. Only 1 in 7 Cumbrian Family Business owners are under 45
3. 54% of Cumbrian Family Businesses are second generation or older
4. Average Number of Employees – 25 (up 4% from 2016)
5. Only 13% of employers use salary sacrifice schemes
6. 79% find it difficult recruiting and retaining new talent
7. 1 in 5 businesses don’t plan to grow or adapt
8. Whilst 91% feel under pressure to adapt and innovate
9. 4 of every 9 will keep the business in the family
10. Yet over a third of Cumbrian business owners haven’t discussed their intentions to pass the business to the next generation.
Do the discoveries reflect your family business? Or are you experiencing something different altogether? If you’d like to discuss any of the issues highlighted or you want to know more about how Family Business experts can advise, support and protect your business and family finances you can get in touch with Armstrong Watson below.
T: 0808 144 5575
Register to download a copy of the full Family Business Insight Report at http://www.armstrongwatson.co.uk/familybusinessreport (available end of March).