Key findings of the first National Family Business Sentiment survey
At Smith & Williamson, engaging with business-owning families has always been important and we are delighted to partner with the Family Business Network to launch the first National Family Business Sentiment Survey. We believe it reveals a range of important insights into the unique challenges faced by family businesses.
In 2020, we have seen business confidence fall among family firms reflecting the ongoing challenges posed by Covid-19. However, despite this fall in confidence 58% of family businesses are likely to create jobs in the next 12 months providing there is a supportive political and economic environment. This highlights the resilience of Irish family businesses and their willingness to adapt to change, two characteristics which have enabled these firms to thrive through the generations.
Government will need to do more to reassure and support family businesses, as these will be the firms that drive Ireland’s economic recovery post Covid-19. And, with many responding that they feel their contribution is overlooked by Government, there is a lot of work to do. Taxation is another major concern for family firms, with the survey showing Capital Gains Tax and Capital Acquisitions Tax being of greatest concern.
We’ve been working with families and their business interests right from start. Many of those original client families are still our clients today and rely on our Family Business team for specialist investment management, accounting, personal and business tax, advisory, mergers and acquisition and succession planning services.
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