Family firms set sights on exports

Family businesses are looking to step up their export business over the coming year, new research has found.

To coincide with UK Trade & Investment’s (UKTI) Export Week, which ran from 10-14 November, the Institute for Family Business (IFB), a membership body for the sector, released research findings showing that 51 per cent of family firms that already export want to increase the amount of business they do overseas during the next 12 months.

Mark Hastings, IFB director general, said: “It is great to see so many family businesses looking to build on their export successes.

“UK family firms have a real opportunity to grow their businesses internationally – their commitment to quality, their sustainable business practices and their strong family values put them at a real advantage.

“However, it is clear that more needs to be done to support family firms in taking the step to export for the first time. Eighty five per cent (85%) of family business SMEs (small and medium-sized enterprises) still don’t export at all.

Family businesses that are seeking to export for the first time, or to expand existing export operations, may find it helpful to have access to expert legal advice, on issues such as e-commerce, terms and conditions of trading and contracts. For more information on how Palmers can assist, please contact BJ Chong.