Family businesses around the world operate across all sectors of the economy and come in all sizes. Some are on the start of their journey in the founding generation whilst others have been around for multiple generations where the family see themselves as custodians or stewards of the business for future generations. 

 

Family businesses are driven by specific needs and values as they seek to make a difference, taking a long term view and creating sustainable businesses for the long term. Research that was undertaken by Family Business United sought to clarify the drivers for family firms and identified the following as the key drivers for family businesses as follows:

 

1

To be seen as a good employer and somewhere

people want to work

(91%)

 

2

To protect the business to ensure it is profitable

and sustainable going forward

(88%)  

 

3

To manage reputation and brand

(73%)

 

4

To provide and safeguard jobs in the wider community

(51%)

 

5

To pass the business on to the next generation in

a better state than which it was taken on

(48%)

 

6

To be philanthropic and support causes that

reflect underlying family business values

(47%)

 

7

To act as custodians of the business for future generations

(47%)