Stockport based solicitors, Gorvins, are supporting National Family Business Day 2020, which showcases family-run firms nationwide on 23rd September.
Family businesses come in different sizes and industries, many have been around for hundreds of years, successfully passing from generation to generation. The oldest direct lineage family firm dates back to 1515: RJ Balson the butchers on High Street in Bridport, now in the 26th generation clearly demonstrates that family firms have the ability to last successfully for generations.
There are around 5 million family firms in the UK today providing 13 million jobs and accounting for about 25% GDP, making the family business sector the engine room of the UK economy.
Gorvins Solicitors has a dedicated Family Business Team that is proud to support family firms of all shapes and sizes up and down the country. The relationship dynamics that are unique to family firms, which make them special, can also create tensions that are not typically found in non-family counterparts.
Family businesses that recognise these challenges, develop good governance procedures, good communication, and focus on the sustainability of the business for the long term, innovating as necessary to keep the business relevant, have the greatest chances of remaining for generations to come. Furthermore, these businesses embrace the ‘familiness’ of the business and can actually use it to create a competitive advantage for the business too.
Successful family firms focus on the business and take a long term view, and with a significant number of family business owners looking to retire in the next decade, succession planning and the development of the next generation of family business leaders remains a key item on the family business agenda.
Taking part in the National Family Business Day 2020 gives everyone a chance to share best practice, identify the resources available and to provide assistance to family businesses across the UK on the next stage of their journey, as well as championing the cause and recognising the contribution that these businesses make.
The day is organised annually by Family Business United, the award-winning magazine and resource centre for family firms, the event is now in its seventh year and continues to grow year on year. As Paul Andrews, founder of Family Business United explains,
This is a real day to celebrate the family business sector, businesses at the very heart of the nation and across all sectors of the economy too. Every part of life on a daily business is supported by family firms from the food and drink we consume, to the places we visit, the hotels we stay in, the homes we live in and the products that we use such as cars, hospitals and gyms. This diverse sector deserves to be recognised and National Family Business Day is a great way to put the sector on the map.
“Family firms have a story to tell, a real narrative borne out of families working in business together, creating a legacy that will hopefully endure for generations. It is this that makes family businesses special along with the underlying values such as passion, drive, integrity and desire to do the right thing time and time again. 2020 has not been the easiest of years and a day focusing on the family business sector will provide a great opportunity to show our support for the sector.”
Family firms are the backbone of the UK economy and everyone at Gorvins hopes they remain so for generations to come.