Over half of construction firms are family businesses

Over half of construction firms are family businesses

The construction sector has the highest number of family businesses in the UK, according to research conducted by Cynergy Bank.

It found that there are 574,275 family firms out of a total of 1,007,500 private construction businesses with two or more family members in management positions.

SME Sector Total number of family firms
Construction 574,275
Property 549,595
Transport 299,611
Education 274,076
Healthcare 181,057
Manufacturing 140,860
Agriculture 102,100
Hospitality & Leisure 84,865

 

According to the study, 78 per cent of family business owners say family firms have a stronger culture and set of values than other types of business, but they also wish they could put more distance between their work and personal lives. Fifty-five per cent say there are no clear boundaries, while more than half say that disagreements about how to run the business can create significant tensions.

Almost two in five family business owners (41 per cent) intends to pass the business on to a relative when they retire, with a further 37 per cent saying they might to do so.

TradesTalk held a Twitter chat about family businesses earlier this year and lots of tradespeople joined in to share their experiences of working with family members – most agreed that it is a good thing.

Do you run your business with a family member? Let us know on Twitter or Facebook.

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