What is family business? Why is it important for the UK economy?
10 April 2014
J Atkinson & Co: Sue and Ian Steel
From Timpson to Warburtons, some of our most enduring brands and favourite products have been created by family firms. Their high profile bust-ups, incredible wealth and social conscience have guaranteed constant interest from academic scholars, policy-makers and the wider public.
We estimate that in the UK, family businesses are responsible for 40% of private sector jobs and 31% of tax revenue. They make up at least half of all firms in each UK region and the North West has the highest number of family businesses after London and the South East.
Despite their importance to our economy, there is limited understanding of how family businesses work. What are the key research areas associated with family businesses at Salford Business School?
