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What is the Contribution of the ‘Family’ to the Modern Business

In: The Modern Family Business

Author

Listed:
  • Lorna Collins

Abstract

The fifth annual 2009 Top Track 250 league table supplement, which was published in The Sunday Times on 11 October 2009, listed Britain’s leading mid-market private companies. The rankings are calculated based on sales in their latest available audited accounts and in this list the sales ranged from £153m to £592m. Of these 250 private companies, 94 were listed as being family owned, meaning that the majority shareholders were individuals within a family unit. Almost one-third of UK employees work in family-owned enterprises — which account for 65 per cent of all UK businesses and contribute to 40.7 per cent of GDP. They enjoy more individualistic employment terms compared to non-family firms, which is viewed as a positive counterbalance to the generally more rigid UK employment structures (Family Firms Institute, 2011). Around 10 per cent of total UK tax revenue is paid for by family businesses. Of the family firms that face succession over the next five years, 44 per cent are expected to retain control by the current ownerfamily (The Pricewaterhouse Coopers Family Business Survey, 2007–2008.)

Suggested Citation

  • Lorna Collins, 2012. "What is the Contribution of the ‘Family’ to the Modern Business," Palgrave Macmillan Books, in: The Modern Family Business, chapter 2, pages 45-79, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-00133-7_2
    DOI: 10.1057/9781137001337_2
    as

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