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STRAPHEAD


“Family business owners thinking of making the transition from ‘Owner Managers’ to ‘Owner Governors’ need to think carefully about putting strong HR structures in place to maintain the people capital advantage they have over other ownership models.” A key recommendation of the report concerns HR


culture: “As family businesses grow and the family steps back from day-to-day involvement in management, it is important that they find ways to maintain a positive relationship with staff. It is therefore necessary to develop an HR strategy and to adopt HR best practices (such as sophisticated recruitment techniques and performance management) as found in large non-family owned businesses in order to help deliver higher levels of financial performance.” One of the report’s authors is Stanley Siebert,


a professor of Labour Economics at Birmingham Business School. Professor Siebert recently gained an ESRC-Hong Kong RGC grant to study personnel practices in China.


UK family business snapshot


Ö Many of Britain’s largest and most successful companies are family firms, including: JCB, Clarks, Warburtons, Dyson, Swire, Virgin, Glenfiddich, Yorkshire Tea, McAlpine, Reed, Ginsters and Speedo.


Ö UK family businesses provide 9.2 million jobs, 40% of total private sector employment, or two in five private sector jobs.


Ö Family firms contribute nearly a quarter of UK GDP – £346 billion value added.


Ö Family firms generated revenues of £1.1 trillion in 2010, 35% of the total private sector turnover.


Ö Family businesses are estimated to have contributed £81.7 billion in tax receipts to the UK Exchequer, or 14% of total government revenues in 2010.


Ö There are three million family businesses in the UK, or two in three of all private sector firms.


FAMILY OFFICE: THE FUTURE 35


THE VISION


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