Profitability Concerns Keep Family Business Owners Awake at Night
39% of family business owners are worried about red tape, regulation and legislation while many are concerned about succession planning...
40% of family business owners have said they are “being kept awake at night” over profitability concerns, in a report from Close Brothers Asset Management (CBAM) with Family Business United.
Surveying family businesses, the research found that 40% worry about continuing to develop and remain profitable while 35% of family business owners said they worry about engaging and developing their business for the next generation.
Issues around succession planning also accounted for 40% of these ‘worries’ with 39% of business owners concerned about future planning.
While outside of their immediate control, 39% of family business owners said red tape, regulation and legislation was also a potential problem for them.
Penny Lovell, head of private client services at Close Brothers Asset Management, said of the research:
“UK small businesses face a multitude of challenges and family-owned small businesses can have an especially hard time navigating regulation and adapting to changing policy while remaining loyal to their unique set of family values. Beyond that, all this must be done while running a profitable business.”