Stuart Graham commented: “The survey is the first of its kind to be undertaken in Scotland. We know that family businesses are the most prevalent form of enterprise in virtually all economies around the world. What we don’t know is the more detailed profile of such businesses within the majority of these economies, Scotland being a prime example. The survey will contribute towards gaining a more informed insight into Scotland’s family business sector.”
Scottish family businesses can range from village-based family grocers, to companies with an international reach. There is also a vast number of agricultural land related businesses owned by families. These include food production, leisure developments, fruit farms, family adventure parks and sporting activities – all which are vital to the development of tourism in Scotland.
Graham Storrie, Managing Director at Adam, commented: “Family firms account for up to 65% of businesses in the UK, and provide two out of every five jobs within the private sector. They also contribute up to a quarter of GDP, and are vital to the success of Scotland’s economy, entering each of our lives far more than we realise, from the wine we drink, the food we eat and the cars we drive. Yet even today, much of their work goes largely unrecognised by society and they get very little help with tackling the unique challenges they face in areas such as business succession. A large number of our clients are from this sector, and so it’s essential that we fully understand their needs to ensure we can provide appropriate advice and support in a relevant and personal way.
Dr Claire Seaman explained: “Family businesses are the bedrock of Scottish economies and communities, from both regional and local perspectives. Anecdotally we know that family businesses contribute in a significant way to local communities, often by their support for community activity such as their sponsorship of local sporting events or their charitable donations. As we enter a critical phase in Scotland’s economic recovery, it is all the more important that firms with solid roots in Scotland are well supported.
“This study aims to provide the necessary information that will assist Government policy makers and business support professionals to provide tailored solutions for family businesses.”
The Scottish Family Business Association offers help and support to family businesses in Scotland and is working with Adam and Queen Margaret University to ensure a great response rate for the survey.
Notes to editors
For further information about the Scottish Forum for Family Business Research at Queen Margaret University, Edinburgh visit: http://www.qmu.ac.uk/
About Adam & Company
• Adam & Company is one of Scotland’s leading private banks, and a member of the Royal Bank of Scotland Group of companies.
• Adam & Company provides banking, investment management and financial planning services to private individuals and their families, and has over £1.25bn of private client funds under management.
• Through its philanthropy specialists, Adam offers knowledge and insights to guide clients in creating an effective giving strategy, researching the causes they wish to support, creating a portfolio of charitable interests and evaluating impact.
• Further information on the range of services offered by Adam & Company can be obtained by visiting the website www.adambank.com.