17-08-2007
Family businesses under-represented
The archetypal family business is under-represented in modern society, it has been claimed.
According to comments made by Martin Stepek, a representative from the Scottish Family Business Association (SFBA), although underrepresented, family businesses offer a number of benefits over other type of company structures.
"Family businesses have got a unique position and it's difficult to say when one person's work ends and another person's begins," said Mr Stepek.
"There are strong arguments to be made in terms of flexibility, particularly with husband and wife partnerships," he added.
In addition to flexibility, the benefits of a family business can include an increase in trust between family members.
A family-run enterprise can be defined as one where the business has been passed between generations within the same family, or where more than 50 per cent of the firm's stock is controlled by members from one family, according to Business Link.
Simply Business is a fast, easy way of choosing and buying business insurance online.
Compare impartial, no-obligation business insurance quotes ...