Family firms across the UK are the very heart of the nation and as a firm that advises many families in business we are delighted to be taking part in National Family Business Day 2020.
Family firms come in all sizes and sectors and many have been around for hundreds of years, successfully passing from generation to generation. In fact the oldest direct lineage family firm dates back to 1515, RJ Balson the butchers on the High Street in Bridport which is now in the 26th generation and clearly demonstrates that family firms have the ability to last successfully for generations. Family firms can be found on High Streets the length and breadth of the UK and they are the fabric of the communities in which they operate, providing jobs, income, creating wealth and supporting communities.
As a sector, family firms really are the engine room of the UK economy with around 5 million family firms in the UK today providing more than 13 million jobs and accounting for around 25% of GDP. Clearly, the family business sector is a force to be reckoned with and one that deserves to be recognised.
Organised annually by Family Business United, the award-winning magazine and resource centre for family firms, the event is now in its seventh year and continues to grow year on year. As Paul Andrews, founder of Family Business United explains, “This is a real day to celebrate the family business sector, businesses at the very heart of the nation and across all sectors of the economy too. Every part of life on a daily business is supported by family firms from the food and drink we consume, to the places we visit, the hotels we stay in, the homes we live in and the products that we use such as cars, hospitals and gyms. This diverse sector deserves to be recognised and National Family Business Day is a great way to put the sector on the map.”
As Paul continues, “Family firms have a story to tell, a real narrative borne out of families working in business together, creating a legacy that will hopefully endure for generations. It is this that makes family businesses special along with the underlying values such as passion, drive, integrity and desire to do the right thing time and time again. 2020 has not been the easiest of years and a day focusing on the family business sector will provide a great opportunity to show our support for the sector.”
At Goodman Jones, family businesses are our passion. We have advised and supported many families over the years and love watching the businesses develop and new generations coming in. To us, this part of the UK economy adds so much. Their agility combined with their long term outlook means that they are often the ones leading the way when it comes to new ideas, investing in local communities and international expansion. Its what makes them so exciting to work with. Whilst this is without doubt a very challenging year, I am sure that it will be the thinking coming from families in business that will help the economy to Build Back Better.
As Paul concludes, “FBU is all about the family business sector and it is a real privilege to champion family firms each and every day. Family firms are special, they are the backbone of the UK economy and will be for generations to come and we look forward to showcasing the diversity of the sector on National Family Business Day this year.”