Happy Family Business Day!

Posted by Francone Fernandes
Posted on September 24, 2018 Leave a comment

‘You can’t do business with family’… But you can in the United Kingdom!

With over 4 million family businesses in the UK operating, the family business sector is one of the biggest and essential to the country's economy. 

As our CEO Felicia Meyerowitz says: "Family-owned businesses, much like SMEs in general, are typically neglected by traditional banking services.  However at Akoni, we realise they are one of the key drivers to the growth of the economy in terms of both income and employment.  So we deliver simple tools to help improve financial planning and increase returns on cash, together supporting family-owned businesses as they build for the next generation."

Here are some of the many reasons how family businesses are adding value to the UK:

  • UK family firms generate 25% of the total UK GDP (PWC, 2012)
  • Three-quarters of family businesses in the UK have procedures in place to deal with issues/conflict between generations (PWC, 2012)
  • Provide numerous employment opportunities and strengthen local communities

International Family Business Facts!

1. China

  • 85.4% of China’s private enterprises are family owned (Sun Yat-sen University & family firm Lee Kum Kee, 2010)

2. United States

  • Just over half of all publicly listed companies in the US are family owned (Harvard Business School)

3. India

  • 79% of organized private sector employment is generated by family businesses (KPMG, 2013)
  • 13% of family businesses survive to 3rd generation and only 4% survive to the 4th generation (KPMG, 2013)

4. Europe

  • European family businesses represent 1 trillion Euros in turnover (60% of all European companies) (KPMG, 2013) 

 

So we hope you took the chance to celebrate Family Business Day and and everything that is great about the sector!

Feel free to contact us for more information on how your family business can increase their interest on their business cash accounts.

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