Family businesses in Lincolnshire are vital to the county’s economic growth according to new research.
The annual UK Family Business Sector Report, commissioned by the Institute for Family Business (IFB) Research Foundation, has revealed that family businesses account for 90% of businesses in the East Midlands.
Some 90% of businesses in the county are privately owned, many of which are family businesses. Across the country there has been a 6% rise in family business turnover equating to £1.4 trillion, accounting for 35% of the UK’s private sector turnover for the entire year.
These businesses are estimated to have created around 800 new jobs a day in 2015.
Additionally, there are more than 318,000 family run firms, making up almost one in 10 of all family businesses across the UK.
Partner at Lincoln-based Streets Chartered Accountants Chris Hubbard said: “The importance family businesses play as part of the Lincolnshire economy cannot be overstated, with many of farming, food, leisure and tourism business owned and managed by family concerns.
“Such businesses are the backbone of our economy, often well placed to capitalise on business opportunities, excelling at customer service and being particularly resilient to adverse trading conditions.
“Streets Chartered Accountants, along with NatWest and Andrew & Co LLP Solicitors host the Lincolnshire Family Business Forum, with support from Business Lincolnshire.
“The Forum not only recognise the importance of such businesses to the economic well being of the county, but also provides support to those running a family business around such issues over succession, governance, business improvement and dealing with challenges running a business in the 21st century.”
Speaking about the new report, Elizabeth Bagger Institute for Family Business Executive Director said: “This year’s report really reinforces the immense contribution family firms make to our economy and communities – especially here in East Midlands, which has a buoyant and thriving family business network.
“Their stewardship and clear commitment to a strong and sustainable future is hugely inspiring, and the growth of the sector demonstrates that the strong values within family firms continue to deliver real social and economic benefits.”