Family firms need four relatives of all ages to thrive, study finds

Family-run businesses say they need four relatives on average – across different age groups – to thrive and survive.

A poll of nearly 1,200 family business owners found 82 per cent believe intergenerational collaboration is key to growth.

Those polled believe the most common essential qualities older generations bring to their businesses are work ethic (48 per cent), industry knowledge (47 per cent), and mentoring skills (44 per cent).

Whilst the younger generations are most relied on to contribute social media and digital marketing expertise (49 per cent), tech-savviness (45 per cent) and innovation (44 per cent).

Entrepreneur and Dragons’ Den investor Deborah Meaden, who has partnered with Smart Energy GB which commissioned the research, said: “Family-run businesses have always been the backbone of the UK economy, providing stability, innovation, and a sense of community across generations.

“However, increased costs are a challenge, be it supplier costs or running costs such as energy.

"Something owners can do to help them to manage their energy usage and costs is to get a smart meter installed which can also help them identify where they might make some cost savings."