I know from my own experience that the family business is at the heart of Bradford's economy. Nationally, half of all employed people work in such businesses.

A family business typically starts as a one-man (or woman) operation that provides a livelihood for a family unit.

If it is successful there is a natural tendency for family members to move into it. If such a business is to survive and thrive there has to be more than "needs must" to keep it together. There must be clear strategic thinking about the longer term future.

It must address key issues such as provision for retirement, for proper rewards and promotion for younger members.

There is a clear need to provide tax efficient planning to cope with all these extra factors over and above the challenges that every business faces.

The sad fact is that, even today, less than a quarter of such businesses survive through to the second generation, and only one in seven to the third.

The challenge for the next century will be to ensure that these cornerstones of our economy can still emerge, survive and thrive.

Chris Wonter-Smith is a business adviser partner at Grant Thornton in Bradford

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