Protecting what you've built: Insights from UK family businesses

Exclusive research from Hymans Robertson Personal Wealth reveals how UK family businesses are navigating rising costs, tax changes and economic uncertainty.

Family businesses are the backbone of many local and regional economies, creating employment, supporting communities and driving long-term growth.

What often sets them apart is their long-term outlook, with decisions made not just for today's business, but for future generations. However, rising costs, economic uncertainty and ongoing tax changes are making it increasingly challenging for owners to plan with confidence.

At Hymans Robertson Personal Wealth, we work with family business owners across the UK on challenges ranging from succession planning and business valuations to tax considerations and long-term family wealth strategy. To better understand the issues facing family businesses today, we commissioned research involving 500 UK family business owners. The findings are brought together in our latest report, Protecting what you've built: family business resilience.

The research reveals a picture of cautious confidence. Nearly nine in ten (88 per cent) respondents said they believe their business is well positioned to navigate future economic and policy changes. However, rising costs and inflation were identified as the biggest threat to long-term resilience, while more than half cited tax and regulatory changes as a significant concern. Most respondents also expressed concern about the impact future policy changes could have on both their business and family plans.

While many business owners feel prepared to respond to change, the findings suggest there is room to strengthen long-term planning. Although 90 per cent of respondents said they were confident they understood the value of their business, only 32 per cent had obtained a recent professional valuation. A formal valuation can provide an important foundation for succession planning, tax decisions and future business transitions.

The report also highlights the importance of resilience beyond the business itself. While most respondents described their business's financial health as strong, relatively few reported having significant diversification outside of the core business. For many owners, resilience means considering personal wealth and future family needs alongside business performance.

Succession planning remains a key focus. Encouragingly, almost three-quarters of respondents are either actively working on a succession plan or already have one documented. However, challenges remain, including tax uncertainty, differing family ambitions and the practical realities of stepping back from leadership. Confidence in the next generation is high, with most respondents believing future ownership or leadership transitions are achievable.

A further theme throughout the research is the value of coordinated advice. While most family businesses engage professional advisers, only around a quarter do so through a joined-up team covering areas such as tax, legal, investment and succession planning.

Overall, the findings show that family businesses remain resilient and optimistic, while highlighting the growing importance of proactive planning in an increasingly complex environment.

For a deeper exploration of the findings, including practical actions family business owners can take to strengthen resilience and prepare for future challenges, download our full report, Protecting what you've built: family business resilience.

If you'd like to discuss any of the themes raised in the research, including succession planning, business valuation, diversification or long-term family wealth strategy, please contact Jeff Simpson, head of wealth & private office services, at jeff.simpson@hymans.co.uk.