New research
reveals £1.23
billion growth
potential for
Scotland’s
economy
A
MAJOR NEW RESEARCH
project involving QMU
has revealed how family
businesses and SMEs in Scotland
have the potential to boost the
country’s annual economy by up to
£1.23 billion.
The study, which also involves
government bodies, businesses and
professional advisers, indicates that
Scotland needs to do more to build
and protect this important sector.
There is an opportunity for Scotland
to lead America and parts of Europe
in providing the knowledge, skills and
support needed to become a world-
wide centre of excellence.
In Scotland, SMEs account
for 99.3% of all private sector
enterprises and 63% of these are
family businesses. 73% of Scottish
family businesses want to keep the
business in the family. In 2012, only
12% of family owned businesses in
Scotland were passed down to the
second generation and only 7% of
family owned SMEs had been in the
family for three generations or more.
16
QMYOU / Sustainable Business