ISSUES
: Business and Trade
Chapter 1: Business today
18
17.
John White & Son Ltd (1715
– Auchtermuchty, Scotland)
Weighing machines
18.
Aspall Cyder (1728 – Suffolk)
Cyder and vinegar producer
19.
Floris (1730 – London) Retailer
of toiletries & accessories
20.
Wilsons & Co (Sharrow) Ltd
(1737 – Sheffield) Manufacturers
of snuff
As Andrews concludes, “These
family firms have stood the test
of time, are steeped in history
and tradition, have experienced
the highs and the lows of British
history, coronations, world wars,
recessions and more besides, and
stand for the best of British family
values, entrepreneurship and have
made their mark too. It is recognised
that one in three jobs in the UK is
within a family firm so 2015 is a time
to celebrate the success of those
family firms that have truly stood
the test of time.”
Family Business United
maintains
an ongoing list of the oldest family
firms in the UK, broken down by
county.
21 August 2015
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The above information is
reprinted with kind permission
from
Family
Business
United. Please visit www.
familybusinessunited.com for
further information.
© Family Business United 2016
Why family business is big
business
There is a huge misconception around the term “family
business”. The words seems inextricably linked to the
idea of small business; of Mum and Dad toiling round
the clock in a corner shop or the reluctant son pressed
into service as an apprentice butcher.
By Steve Benger, Managing Partner, Accelerus
Y
es, there are millions of
SMEs run by families, but
the reality is that family-
run businesses are amongst the
biggest and most successful in the
world.
A recent report by Center for
Family Business at the University
of St.Gallen, Switzerland, reveals
the true scale of family business
across the globe.
The 500 top firms in their
Global
Family Business Index
employ
nearly 21 million people and
produce a combined annual sales
of $6.5 trillion, enough to be the
third-largest economy in the world.
Firms like Walmart, VW, BMW, Ikea
and Aldi are all family businesses
with the majority of shares being
held by members of the family, or
in the case of Ikea 100 per cent.
Barclays Bank says Britain now has
more than two million family-owned
businesses and that first-generation
companies are growing sales at a
rate of 22 per cent a year. The bank
reckons family-owned businesses
generated revenues of £540 billion
last year and that this figure is set
to hit £661 billion by 2018.
Leading that growth are companies
like The Pentland Group which is
owned by Stephen Ruben and his
family. Founded in 1932 as The
Liverpool Shoe Company with
little more than £100 base capital,
the organisation has evolved, over
eight decades, into a global family
of sports, outdoor and fashion
brands like Berghaus, Speedo and
JD Sports generating global sales
of over $3 billion.
What is clear from all the evidence
is that the family business model
is generating huge value for its
shareholders and should never
be dismissed solely as a way of
organising small-scale economic
activity?
So what is it about the family model
that produces such sustainable
businesses?
Loyalty
The fundamental principle that
runs through every family business
is the concept of loyalty – the
emotional bond that ties together
all participants in the business with
an unquestioning duty to achieve
the best for each other.
It is a powerful force which most
manager-run businesses would
dearly love to replicate but are
unable to achieve with purely
financial incentives. Loyalty is not
just a soft management concept –
it does have a tangible value and
its impact on a business can be
“A recent report by
Center for Family
Business at the
University of St.Gallen,
Switzerland, reveals
the true scale of family
business across the
globe”
“Barclays Bank says
Britain now has more
than two million family-
owned businesses and
that first-generation
companies are growing
sales at a rate of 22 per
cent a year”
