Springfords LLP blog

Some news, views and comments about everything and anything, relevant and irreverent.

Scottish Family Business Week

12 November 2014

Ever since Kane and Abel settled their differences on a permanent basis, family business has had its bad points and its good ones.  This week, as the accountants who take account of family matters, we’re celebrating the latter.

Scottish Family Business Week is upon us.  For those of us who spend the other fifty-one weeks accounting for DNA as readily as PAYE, this will come as nothing new.  However, the rest of us may be surprised at the importance and size of the sector.

If you ever wondered why the likes of Baxters are Baxters and Tunnocks are Tunnocks - the answer is the obvious one - they started out as a family business, and have kept it in the family for generations.

Indeed, according to Family Business United (the organisers of this week of awareness) there are over 178000 family businesses in Scotland, representing almost three-quarters of private enterprise in Scotland. 

Well, here at the big family we call Springfords, we’d like to find out just what challenges are facing family businesses today.  So we’re doing our own survey of family business trends.  We’ve a short survey right here.  There’s even a prize draw and the lucky participant will win an iPad Mini - but you have to promise to share it with the family!

Being a family business is good for your business health too. The FBU says the oldest family businesses have been trading on average 148 years.  Presumably not in the same generation.  As young Mr Grace would have said; “You’ve all done very well.”  Even in fiction, family business lasts well - Are You Being Served ran to 69 episodes, one of the longest running British television sitcoms.

Just for the record, Crieff Hydro, Walkers Shortbread and Dominion Cinemas are all family businesses.  Brother printers, Sister public relations, and Brothers and Sisters advertising agency, surprisingly, aren’t.  Don’t forget to do our survey. We’ll keep the results in the family.

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springfords blog

Some news, views and comments about everything and anything, relevant and irreverent.

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