IFB Calls On Next Government To Back Family Business
11th May 2017
Political parties seeking election on 8 June should champion the long term outlook of family business by adopting five policies which would support the growth of successful enterprises for generations to come.
In its submission to manifesto teams, Institute for Family Business (IFB) proposes a five point plan including measures to support business transfer, export growth, access to finance, responsible business practice and boosting skills.
Whilst governments of different colours come and go, the core values of family businesses - sustainability, custodianship and long termism – last for generations. Policies that support long term growth give family firms the opportunity to invest in training their employees, and to innovate and develop new products, processes and services.
IFB Executive Director Elizabeth Bagger said:
“Family business is the backbone of our economy, and the bedrock of our communities. During the next few years, family business can provide much-needed stability and a long term perspective to the economy – but only if Government supports this with policies which allow family firms to plan and invest for the future.”
IFB’S RECOMMENDATIONS INCLUDE:
- Support long term growth and the successful transfer of family businesses
Transition in the management or ownership of family firms is a time of significant opportunity and also challenge. The next Government must support firms through this period with tax and regulatory policies which encourage continued growth and investment.
- Help more family firms take the first steps into export
Family businesses often want to move into export, but many face barriers to doing so. The next Government should commit to developing tailored advice and support for family SMEs.
- Investing in family business growth
A fundamental check on the growth of family businesses is the availability of finance. The next Government should tackle barriers to finance and review the disparity in the tax treatment of debt and equity financing.
- Champion responsible family businesses
High profile failings have damaged trust in business. Family business owners consider themselves stewards, feeling responsibility not only to future generations but to employees, and their community. The next Government should work with family firms to share this best practice and promote culture change.
- Ensure family firms have the skills they need to grow
Family businesses are ambitious to grow and innovate. The next Government must ensure that our education, training and immigration systems reflect business needs.
For more information, contact Fiona Graham fiona.graham@ifb.org.uk
