Family-owned firms made up the majority of private sector businesses in the UK. There were 5.2 million businesses that were family-owned in 2019, which was 86.2% of the total. They contributed £637 billion to UK GDP according The State of the Nation: The UK Family Business Sector 2020-21.
The Institute of Family Business (IFB) produces further evidence of how prominent family businesses are, recording that family businesses account for more than half of all private sector jobs as well as around 44% of private sector turnover.
London Business School is launching a new Family Enterprise Mentorship Scheme to support students and alumni from family businesses. They will benefit from world-class specialist knowledge in areas that are relevant to their family enterprise.
Our team of Family Enterprise Mentors have been carefully selected, and include leading faculty members who are well versed in this sensitive field and who generously give their time pro-bono to support participating students. The scheme has currently four participating mentors, all of whom teach at LBS. This resource will be further augmented by guest lecturers.
The four mentors are:
For more information on these four individuals, please read here.
“Nearly 20% of the largest UK firms are family-owned, making a huge contribution to the country’s economy. Whilst they each have distinct cultures and operate within very different sectors, they share the challenge of balancing business with their family relationships to ensure their smooth running and success through the generations” says Jane Khedair, the Executive Director of the Institute of Entrepreneurship and Private Capital (IEPC).
Jane adds: “Family-owned businesses’ play a significant and influential role within the entrepreneurship and private capital eco-systems which makes them an integral part of the IEPC. Against this backdrop, our mentorship programme has been designed and launched specifically for those members of our community from a multi-generational business. By providing our students and alumni with access to trusted individuals who understand the dynamics of how these businesses operate from an invaluable external perspective, we look forward to not only supporting their short-term needs but also underpinning their ongoing longevity.”
Colby Richardson and Jatin Raheja, co-presidents of London Business School’s Family Business Club, said:
"Students from family businesses make up a niche yet influential group within the LBS community. Our club members face unique challenges working with multi-generational enterprises, and we are thrilled with LBS’ initiative to provide mentorship to address these challenges. Our cohort looks forward to supporting the development of the Family Business Mentorship Scheme."