The contribution of family businesses to the economy should be recognised

The contribution of family businesses to the economy should be recognised


Alan Mulcahy Head of Sales Energia and JJ O’Connell Co Chair, Director Family Business Ireland. Photo by Gerard McCarthy
Alan Mulcahy Head of Sales Energia and JJ O’Connell Co Chair, Director Family Business Ireland. Photo by Gerard McCarthy

Family businesses of the kind that pervade in Fingal are ‘the backbone and fabric’ of Ireland’s indigenous economy according to the boss of Family Business Ireland.

The Director of Family Business Ireland says Irish family business companies need to be better acknowledged, as they are the ‘backbone and fabric’ of Ireland’s indigenous economy.

JJ O’Connell, Co-Chair and Director of Family Business Ireland made the comments ahead of judging duties at Ireland’s first ever Energia Family Business Awards, which took place at the weekend.

Speaking about Irish family run companies, O’Connell sayid: ‘Although hugely important to Ireland’s economy, the historical failure to transfer from one generation of ownership to the next generation of ownership is a significant issue for the economy.

‘Some 72% of family owned businesses in Ireland cease to trade after five years. Only 13% make it to the next generation. The successful companies, the ones we will be celebrating, are the families that have both a plan and a process.’

Ireland’s first all island awards to celebrate generations of Irish family businesses was launched by renowned business commentator and MC for the Family Business Awards, Matt Cooper.

Commenting on the importance of recognising generations of Irish people who are hard at work every day, O’Connell says: ‘To enable far greater numbers of family businesses to continue to trade over many years there needs to be a greater awareness of the importance family business succession planning.

‘The inclusion of Family Business succession planning within the Action Plan for Jobs was an important step in prioritising the issue of succession planning.

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Fingal Independent



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