THE GENERATION GAME

A report analysing family businesses, published this summer, revealed that three-quarters of family business owners wish they could put more distance between their work and personal lives. More than half say there are no clear boundaries, and disagreements about how to run the business can create significant tensions.

Peter Roper, founder of the Worcestershire-based Family Business Practice, says that a big challenge for family businesses is how to integrate multi-generations into the organisation. “Our experience is that it’s essential to have a family plan with a clear understanding of what each individual’s intentions are first, and from that create a purposeful family business plan. Not to do so, and in this order, is at best folly and worst asking for trouble.”

The report, which was published this summer by specialist lender Cynergy

Bank (formerly The Bank of Cyprus), also revealed that the construction sector has the highest number of family businesses in the UK.

More than half of the million or so private construction businesses have two or more family members in management positions. Property, transport, education and healthcare all feature in the top five sectors for family businesses while manufacturing, agriculture and hospitality bring up the rear.

Two thirds of UK businesses are familyowned, that’s 4.8 million in total, of which more than 18,000 are medium and large businesses, according to the Institute for Family Business.

They also generate more than a quarter of the UK’s gross domestic product.

We showcase the family generations running their businesses across the region.