UK family businesses risk impact of critical illness or death

Of 800 small businesses surveyed as part of Legal & General's ‘State of the Nation's SMEs' research, just 42% of British family-owned businesses have any form of long-term plan in place, with less than a third expecting to survive into the second generation and only 10% into the third. Legal & General's SME research, which explored the impact of a critical event on different types of businesses across the UK, found that family-run businesses in particular (48%) rated the death or critical illness of the business owner as the highest risk to their operations. It also found that 57% of ...