Family business owners ‘feel isolated’
A NATIONAL support organisation for family businesses has launched its North West branch.
Families in Business, says a lack of relevant government and professional support for family-owned, small and medium sized businesses, is leaving their owners feeling isolated, alone and undervalued.
FiB claims this poses a serious threat to their future sustainability.
Speaking at the launch event in Liverpool, Dani Saveker FiB founder and chief executive claims that while the North West has a number of public sector and government-backed support organisations, none of these provide guidance around the specific issues and dynamics of family businesses.
She said: “Family firms have no one to turn to who really understands the challenges they face. And they are struggling with feelings of isolation and loneliness.
“When you consider the economic contribution they make in terms of employment, GDP and taxes, more should be done to understand and support them with relevant and trusted advice and ideas.”
Birmingham-based Saveker, who used to run a family business said: “FiB estimates that more than 170,000 family businesses will transfer to the next generation each year, but with the apparent lack of specific and quality advice, our concern is how many of these will make it through this critical stage in a family firm’s life cycle and into the next generation.
“Amongst the biggest challenges they have is succession and handover of the business to the next generation. Many are also facing issues over skills for the business, with the migration of talent away from the region – which echoes the findings of our own survey that highlighted this is a real issue for the vast majority of family firms across the UK.”
