Page last updated on 23rd April 2025
Family Power Pays
Entrepreneur Deborah Meaden sits down with a sibling-led business to discuss new research that shows 82% of family businesses believe working with relatives is the key to growth.
Family powered business is booming across the UK
New research suggests that 82% of family businesses in the UK believe their multigenerational make-up is crucial to their success.*
The research, commissioned by Smart Energy GB, spoke to over 1,000 family-run businesses across the UK. It suggests that different age-groups can bring different strengths to the business.
Gen Z and Millennials are most relied on for digital marketing and social media management (49%), tech-savviness (45%) and pushing for innovation (44%).
The essential qualities that the older generations are bringing to the table include stability and reliability (48%), industry expertise (47%) and the wisdom and experience to provide proper mentoring (44%).
But rising costs remain a concern for many. Half of business owners polled cited energy costs as a one of the biggest financial challenges they face, alongside rising running costs and dealing with the cost of living.
Watch: Deborah Meaden on family businesses
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Deborah Meaden, entrepreneur and businesswoman, walks into the sibling-run small business ‘Capilungo’. It’s a lovely cafe bar based in London, and she’s here to meet the owners Gianluca and Asia Capilungo.
Deborah: New research of family business owners reports saying different generations working together is key to growth, and the varying skills they have between them helps their businesses to thrive.
Deborah: That's everything, from the work ethic, industry knowledge and the mentoring skills of the older generation. With the younger focussed more on things like social media, digital marketing, innovation and tech, like smart meters.
Deborah: There's also loyalty and shared family values, as well as trust and emotional support.
Gianluca: The business started about a year and a half ago, after a very long planning journey. And taking over the legacy of our family and our uncle’s business.
Asia: Gianluca is great running the front of house operation, whereas I am more at the back.
Deborah: But challenges for small business owners remain with over half saying they're struggling with rising running costs and are finding energy bills difficult to manage.
Asia: It’s been challenging recently as the rising costs of pretty much everything has gone high. From raw product to energy. We look at our peak times where it gets more expensive.
Deborah: Putting all the challenges to one side, business owners remain optimistic, are confident that younger family members will take up the reins and their businesses will remain in the family.
Gianluca: We really hope to pass on what we’re building to the next generation.
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Family businesses: developing a future focus
The research also shows that - when it comes to the future - 82% of family business owners believe their younger generations will eventually inherit the mantle. More than one in five owners are already putting aside time to plan for family succession.
This long-term mindset reflects the pride many family business owners feel in what they’ve built, with 40% saying they are proudest of their reputation. Many also express pride in how their family works as a team (36%) and the role their business plays in their local communities (26%).
Family-run businesses are also embracing being more eco-friendly, with 85% agreeing that sustainable practices must be integrated into their business operations. A third of these business owners say they are prioritising recycling, and 29% are focusing on energy management.
Deborah Meaden's smart tips for smarter businesses
1. Know your customer - and what they love about you.
Make sure you really understand your customer - what they like, what they don’t, and most importantly, what it is that appeals most to them about your business? Picture them clearly - even give them a name and a face and when you’re making decisions, ask yourself: Will this make things better for them? Will they love it?
2. Stay relevant by staying curious.
Keep an eye on what’s changing - from trends to customer behaviour - and don’t be afraid to share how you’re innovating. It helps you stay ahead of the curve and builds stronger
customer relationships.
3. Work to a budget - small changes add up.
Always work to a budget, however simple. It will help you understand the parts of your business that are working - and those that aren’t. Making small changes, like getting a smart meter installed, can help you to track your energy use and costs, which can help with managing cashflow, and your bottom line.
4. Learn across generations.
Younger team members often spot what’s next. More experienced colleagues bring perspective and know-how. Businesses that listen to both make stronger, more balanced decisions.
5. Don’t let worry run your business.
If you’re feeling overwhelmed, pause and pinpoint what’s really bothering you. Write it down and make time to tackle it. Problems grow when they stay in your head - clarity gives you back control.
A smart meter can help you manage your cashflow
Family businesses clearly see the positives of generations working together and being able to play to everyone’s individual strengths. It's a great positive that the vast majority of UK family business owners are optimistic about their future prospects.
But this research reveals that business owners are dealing with financial strain, with running costs and energy high up that list. Installing a smart meter at your small business could help alleviate these pressures.
A smart meter measures energy usage in near real-time, which means you only pay for the energy you use and no longer receive estimated bills. This can help a business with managing its cashflow.
*Research conducted by OnePoll between 13th to 31st March 2025 with a sample of 1,192 UK adults who own family-run businesses (including 150 in Wales and 150 in Scotland).