Family businesses, often overlooked in discussions about economic growth, are a significant part of the UK economy. Despite their substantial contribution, they tend to operate outside the public spotlight, with many being small and privately owned.
Nigel Cope, author of "The Great Survivors," highlights that these firms are among the most innovative and long-standing companies. Research indicates that family businesses were less likely to lay off workers during the Covid pandemic and often demonstrate strong ties to their local communities.
The operational approach of family firms, characterised by long-term thinking, conservative financing, and lower staff turnover, contributes to their stability and longevity. This continuity can be particularly important for workers seeking job security.