Better Succession Planning For A New 'Era Of Growth'
21st February 2012 Paul Andrews
New initiative launched today will promote best practice and stimulate growth in the family business sector
Better succession planning and management practices can lead to a ‘new era of growth’ for UK mid-sized family businesses, says the Institute for Family Business ('IFB') as they launch a new initiative to promote best practice and stimulate growth in the family business sector.
With estimates that annually only one in three of the 172,000 UK family firms hand over to the next generation, an IFB programme launched today aims to boost the numbers of firms remaining in family ownership.
Family businesses represent almost half of the mid-sized business sector (5,000 companies) and the IFB, which represents family firms with a turnover of more than £50bn, has launched its Family Business Challenges programme. The programme includes online guides, which will be freely available to business owners across the UK, and a regional seminar series, in conjunction with the CBI, (beginning today with a seminar in Lancaster) to support the Government’s efforts to stimulate growth in the sector.
The Family Business Challenges programme will promote best practice in areas such as succession planning, the recruitment of management and developing the next generation.
Minister for Business and Enterprise, Mark Prisk MP, said: “The Government’s Mid-Sized Business growth review identified UK family businesses as a key part of the this sector and we support the IFB in its drive to raise awareness of best practice among family firms.”
IFB Director General, Grant Gordon, said: “By empowering family businesses the IFB believes a new era of growth in the sector could be unleashed, particularly with mid-sized family businesses."
“The Family Business Challenges programme will help family businesses to strengthen their management practices and increase their competitiveness both here and abroad.
“If we can increase the number of family firms passing on their businesses to the next generation, then we have the potential to secure thousands of UK jobs, and boost the economy.
“We want to replicate the success of Germany’s Mittlestand, starting with family firms.”
Sign up to our newsletter for email alerts