Fewer than 13% of these survive beyond the second generation.
Twenty five years ago 70% stayed in the family.
The Family business, once the staple of British industry, is disappearing. Each year around 30,000 close their doors for the last time simply because they can’t find a suitable successor.
A generation ago the story was quite different. Family firms were thriving and the heir apparent would jump at the chance of a decent income and job security, not to mention the sense of pride in continuing the legacy. Nowadays the lure of moving away from home, spreading your wings and making a life for yourself is the norm for most young people.
Keep it in the Family is looking for family-run businesses facing the dilemma of who will take over the reins. Do you have a business that has been in the family for generations? Have blood, sweat and tears been shed to build your business but now the next generation are reluctant to carry on the tradition and the responsibility it brings?
If you would be willing to give your child a brief apprenticeship then step into temporary retirement, leaving them at the helm for two weeks; this could be the perfect opportunity for you and your offspring to take a fresh look at the future of the family firm.