It is estimated that 65% of UK industry is made up of family businesses. Less than a third of these are passed on to the next generation.

Twofour is making a 4 x 60’ series for BBC TWO about small family businesses. It will explore why so few children of business owners want to take over the reigns of the companies founded by their fathers and forefathers.

Family companies provide around 42% of all private sector jobs in the UK. They also provide £73 BILLION in taxes to the exchequer. Clearly the family business sector is of massive importance to the UK economy and more needs to be done to ensure the success of the next generation taking over these businesses.

However, a study just carried out by the BusinessLink found that the next generation often don't want to take over the business because they feel they won't be paid fairly, they want to be free of family influence and a fear they'll lose their identity. When this is the case, businesses are either sold on to a third party or simply shut down at a massive cost to the UK's economy.

We are keen to speak to business owners all over the UK who run all sorts of businesses: from butchers to builders, farmers to printers, corner shops to car dealerships. Their kids will be given another chance to look at the business. Are they sure they don't want to take over the family firm? If you're interested in finding out more, just call 01752 727558 or email keepitinthefamily@twofour.co.uk

BACK