Family-run operators could be key to industry growth

New research has revealed that keeping operations all in the family could be a key driver of growth. The study, commissioned by Smart Energy GB, found that 82% of family-run businesses owners across the UK believe their multigenerational make-up, and the differing skill set each generation brings, is key to growth.

From over 1,000 family-run business owners, the operational breakdown found that the Gen Z and Millennials in the team are most relied on to contribute social media and digital marketing expertise (49%), tech-savviness (45%) and innovation (44%). The most common essential qualities the older generations bring to their businesses, meanwhile, includes stability and reliability (48%), industry expertise (47%) and mentoring (44%). 

Succession
When it comes to the future, 82% of owners believe younger generations will take over the family business. Only 7% of those polled said they foresee their business closing, or being sold outside the family, with 26% of owners saying they are already dedicating time to succession planning.  

"Family businesses clearly see the positives of generations working together and being able to play to everyone’s individual strengths,” said Victoria Bacon, a director at Smart Energy GB. “It’s good to see that the vast majority of owners are optimistic about the future prospects for their businesses."

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