Mazars Family Business Survey
20 February 2019
A quarter of family businesses are not ready to embrace digital change.
In a recent study conducted in partnership with Family Business United, we found that 41% of family businesses surveyed were reluctant to embrace digital, with 28% believing that it’s the responsibility of the next generation.
Margaret Laidlaw, Head of Mazars UK Entrepreneurial Business offered her thoughts on the report:
“With digital evolving at a considerable pace, family businesses who do not embrace innovation, technologies and digital marketing strategies could be left behind, finding it harder to compete in regional, national and international markets.’’
There are currently 5 million family businesses in the UK across all sectors. The survey was commissioned to try and understand the challenges these companies face and how to combat them. We discovered that not only are they reluctant to go digital, they also have concerns about management and business sustainability, with further findings including:
- 20% of family businesses have a CEO/MD under the age of 40
- The next generation are already working in 44% of family businesses in the UK
- 85% of family businesses are in it for the long-term
- 32% see international markets as their biggest growth opportunities
- 55% have non-family board members