THE Scottish business community has long championed the contribution family firms make to the economy. Now, thanks to a major new study, the wider public has a more detailed understanding of the magnitude of that contribution, not least the impact made by the leading 100 family concerns.
The inaugural Scottish Family Business Top 100 report reveals more than 100,000 people are employed by Scotland’s 100 most profitable, family-owned firms. Between them, they generate a startling £1 billion of profits, and turn over £16.6bn.
At face value, the numbers are pretty staggering. Yet further reading of the report, which stems from research commissioned by Family Business United Scotland, perhaps makes the findings even more impressive. The companies which make up the Top 100 represent a broad range of sectors. Some are based in rural areas, providing jobs in locations where opportunities are perhaps more limited, and many have provided employment for generations.
It must be remembered, too, that the top 100 represent a tiny fraction of the number of family companies registered in Scotland.
The report’s authors say a key reason for carrying out the study was to highlight the importance of family firms to the Scottish economy. They have certainly done that, and perhaps now the sector will gain the recognition it deserves at the highest level.
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