As the family business champions, proud ambassadors and go to point for many family firms here in the North West, Yorkshire & Humberside and the East Midlands, we are delighted to be celebrating National Family Business Day 2019, alongside our partners, Family Business United.
We regularly work alongside Paul and the team at Family Business United who have created ‘National Family Business Day’ (#GBFamilyBizDay) to help family firms across the whole of the UK come together as one and celebrate. Here’s what they have to say about it:
“Family firms across the UK come in all sizes and sectors and many have been around for hundreds of years, successfully passing from generation to generation. This longevity is the result of good governance, strong values, innovative families and a focus on the long term and as such family firms have become the bedrock of communities all over the country. Other family firms may be younger in age but share similar values and are part of the very fabric of the communities in which they operate.
Cumulatively, the statistics stand for themselves and family firms are the engine room of the UK economy. Studies have shown that there are more than 5 million family firms in Britain (Source: IFB Research Foundation), that they account for more than 25% of UK GDP, employ more than 12 million people and contribute significantly to regional economies too. It is also recognised that the greatest part of Britain’s wealth is held within family businesses and that the family business sector is a force to be reckoned with.
Recent 2019 research undertaken by Family Business United (‘FBU’) shows that the largest ten family firms in the UK generated £51 billion of turnover between them.
The contribution made by the family business sector deserves to be recognised. National Family Business Day is a national campaign that seeks to put family businesses on the map. Organised annually by FBU it really does help to put family firms on the map. As Paul Andrews, founder of FBU adds, “This is a day of real celebration of the firms that are at the heart of the UK economy, on high streets and at the heart of towns and villages across the UK. Family firms have a story, a real narrative, and it is their very essence and the family connection that makes them special. Add the fact that they are significant economic generators and are recognised as the engine room of the UK economy and you can see why they deserve to be celebrated too.”
National Family Business Day helps to raise the profile of the positive contribution that family firms make on a daily basis across the UK. Family firms are encouraged to add their voice to the campaign using the hashtag #GBFamilyBizDay.
As Paul concludes, “FBU is all about the family business sector and it is a real privilege to champion family firms each and every day, not just on #GBFamilyBizDay. Family firms are special, they are the backbone of the UK economy and will be for generations to come and we look forward to celebrating their contribution on September 23 and for many years to come too!”