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."
00:00New research of family business owners reports saying different generations working together is key to growth.
00:07And the varying skills they have between them helps their businesses to thrive.
00:11That's everything from the work ethic, industry knowledge and the mentoring skills of the older generation.
00:17With the younger focus more on things like social media, digital marketing, innovation and tech like smart meters.
00:24There's also loyalty and shared family values as well as trust and emotional support.
00:30The business started about a year and a half ago after a very long planning journey and taking over the legacy of our family and our uncle business.
00:42Gianluca is great with running the front of the house operation whereas I am more at the back.
00:48But challenges for small business owners remain with over half saying they're struggling with rising running costs and are finding energy bills difficult to manage.
00:58It's been challenging recently as the rising cost of pretty much everything has gone high from raw products to energy.
01:08We look at our peak times where it gets more expensive.
01:12Putting all the challenges to one side, business owners remain optimistic.
01:17Are confident that younger family members will take up the reins and their businesses will remain in the family.
01:22We really hope to pass on what we're building to the next generation.
01:26We hope to pass on what we're building to the next generation.
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