Family Firms and Finance
26th September 2019
IFB’s partner Cynergy Bank recently published a new report, Family Business Perspectives, which sheds light on family business needs and characteristics.
Nick Fahy, Chief Executive of Cynergy Bank, says: “Big banks have never really understood what drives family business owners. This may explain why, according to our research, they find it harder than other SMEs to secure finance and are more uncertain about the current economic outlook”.
“Our report reinforces IFB’s messages and research findings. Despite the immense financial and social contribution that family businesses make in the UK, not enough work is done to understand and support them. At Cynergy Bank we’re working hard to learn how family businesses operate and what their key concerns are in order to offer an even better service”.
According to the research, the number of family business owners saying they struggle to stay relevant in the digital age was almost twice that of non-family managed businesses. Attracting and retaining staff was also a challenge.
More hearteningly, almost eight in ten family business owners say family firms benefit from a strong culture and set of shared values. However, they also wish they could put more distance between their work and personal lives. More than half say there are no clear boundaries and that disagreements about how to run the business can create tensions.
To get a free copy of the report, please email firstname.lastname@example.org
About Cynergy Bank
Cynergy Bank is a specialist bank that serves the needs of business owners, property entrepreneurs and family businesses. Cynergy Bank recognises that business owners have a diverse range of needs across their business and personal lives and services these needs through a blended offering. From lending solutions in Property & Commercial; products and services to meet day to day business needs and services to support personal and family finance, Cynergy Bank serves all their interdependent banking needs.