Positive outlook for family businesses, says PM+M survey

By PM+M Chartered Accountants

13 Nov 2013

Family businesses in Lancashire are confident and positive about the future, according to the results of a new survey by PM+M.

The survey, carried out in conjunction with Praxity, the largest global alliance of independent accountancy firms, revealed that the profitability of family businesses had increased during the past year with 65% of those questioned describing their financial position as “good” or “excellent”.

Most family businesses expected the economic situation in the UK to improve over the next 12 months. Very few respondents expected the economy to get worse within the next year.

Jim Akrill, partner in charge of the family business team at PM+M commented, “Our survey is extremely positive and encouraging. Family Businesses are the lifeblood of the Lancashire and UK economy and, if they are confident about the future, then that really is very good news.”

He added: “Whilst there are clearly challenges ahead, family businesses across the county seem to be in very robust health, providing more evidence that confidence is returning to the economy and well-run family businesses will be perfectly positioned to take advantage of this”.

Most of the survey respondents supported the statement that “A family shares similar attitudes and values and can therefore develop a strong culture within its business”. The survey also found that the majority of respondents believed that: “There is greater continuity of leadership through family members”, thus providing greater certainty for the business and its employees.

Jim commented: “There was also another striking aspect to our survey. Strong governance and leadership is arguably the most important aspect of any successful business. Despite this, the survey indicated that the vast majority of family businesses have no documented comprehensive strategic plans or family agreements. This could potentially lead to conflict or confusion for family businesses.”

The survey results highlight that, for family businesses which can often have strong cultures and leadership, disagreements and the emotion generated by them can be reduced by setting up a Family Constitution.

Also high on the agenda was planning for the next generation, the majority of respondents anticipated that the next management succession change would take place within 10 years. Unfortunately, 68% indicated that they had not undertaken any formal succession planning.

This may come as no surprise given that many families have been simply concentrating on getting the business through the recession. But as the economy improves, and as the focus on business values returns, the family business will have more time to devote to these important considerations.

“It is clear that many people involved in family businesses share similar concerns and experiences which are not found elsewhere in the private sector. The family business survey shows that they are not alone, that support is available and that there are strong signs of optimism for the future.”  

Latest news

1

VARS Technology team up with debt resolution specialists to fight fuel theft David Nichol John Garnett Aydan Jones and Laura Tilley

VARS Technology team up with debt resolution specialists to fight fuel theft

12 Sep 2025

2

University of Lancashire unveils Preston campus installation to celebrate name change University of Lancashire new feature

University of Lancashire unveils Preston campus installation to celebrate name change

12 Sep 2025

3

PM+M welcomes ten new apprentices for 2025 intake Lucy Field, Kate Walsh, Ellie Fisher, Zainab Aswat, Reece Jones, Aisha Bibi Patel, Finley Vila, Uzair Zariwala, Richard Prest, and Charlie Harrison

PM+M welcomes ten new apprentices for 2025 intake

11 Sep 2025

4

ROCCIA strengthens commercial division with senior appointment Andrew Grove

ROCCIA strengthens commercial division with senior appointment

11 Sep 2025

5

Final call for investors: Rossendale community solar project must hit target by November Gary McEwan managing director of Interfloor

Final call for investors: Rossendale community solar project must hit target by November

10 Sep 2025

Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
Sub36 Networking - Follow the signs
Sub36 Deaf Village Social1200
Networking
17 Sep 2025

Sub36 Networking - Follow the signs

The Deaf Village, Blackburn, BB2 5EN

10:00 - 12:00

LBV124 September/October Launch Event
MBP Arc Cinema Preston Opening 205
Networking
18 Sep 2025

LBV124 September/October Launch Event

The Arc Cinema, Preston, PR1 2BL

08:30 - 10:30

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

Longridge Soap Box Derby
Screenshot 2025-06-10 090035.png.png
LBV Hub Fundraisers
14 Sep 2025 - 14 Sep 2025

Longridge Soap Box Derby

Berry Lane, Longridge, PR3 3WH

10:00 - 16:30

Preston Tech Connection - The Ultimate Tech Quiz!
Preston Tech Connection Sept 25.png.png
LBV Hub Networking
16 Sep 2025 - 16 Sep 2025

Preston Tech Connection - The Ultimate Tech Quiz!

Society1, Coworking Space, Preston, PR1 3LT

18:00 - 19:00

The Business Network Central & East Lancashire
LBV Hub Networking
17 Sep 2025 - 17 Sep 2025

The Business Network Central & East Lancashire

Stanley House, Blackburn, BB2 7NP

11:30 - 14:15

Cumbria Business Expo 2025
https---cdn.evbuc.com-images-880461633-4862066883-1-original.20241022-110415.jpeg.jpg
LBV Hub Exhibitions
19 Sep 2025 - 19 Sep 2025

Cumbria Business Expo 2025

Carlisle Racecourse, Carlisle, CA2 4TS

09:00 - 15:00

Your Business, Your Region: Making sense of devolution and Local Government Reorganisation
Chorley Council breakfast event new
LBV Hub Networking
23 Sep 2025 - 23 Sep 2025

Your Business, Your Region: Making sense of devolution and Local Government Reorganisation

Worden Hall, Leyland, PR25 3DH

08:00 - 11:00

Preston Freelancer Meet-Up: September
Sept Freelancer (1).png.png
LBV Hub Networking
23 Sep 2025 - 23 Sep 2025

Preston Freelancer Meet-Up: September

Society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

Speed Networking with BNI
2.png.png
LBV Hub Networking
24 Sep 2025 - 24 Sep 2025

Speed Networking with BNI

Chorley Football Club, Chorley, PR7 3DU

16:00 - 19:00

The Marketing Meetup IRL: Lancashire - September
TMM Lancashire
LBV Hub Networking
25 Sep 2025 - 25 Sep 2025

The Marketing Meetup IRL: Lancashire - September

Chorley, PR7 2SL

18:00 - 20:00

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV 123 Online Graphic
Subscribe now

Weekly news bulletin