QMYOU Alumni Magazine Issue 80 - Page 16

New research reveals £1.23 billion growth potential for Scotland’s economy A MAJOR NEW RESEARCH project involving QMU has revealed how family businesses and SMEs in Scotland have the potential to boost the country’s annual economy by up to £1.23 billion. The study, which also involves government bodies, businesses and professional advisers, indicates that Scotland needs to do more to build and protect this important sector. There is an opportunity for Scotland to lead America and parts of Europe in providing the knowledge, skills and support needed to become a world- wide centre of excellence. In Scotland, SMEs account for 99.3% of all private sector enterprises and 63% of these are family businesses. 73% of Scottish family businesses want to keep the business in the family. In 2012, only 12% of family owned businesses in Scotland were passed down to the second generation and only 7% of family owned SMEs had been in the family for three generations or more. 16 QMYOU / Sustainable Business