In a world increasingly driven by quarterly profits and short-term gains, family businesses offer a compelling counterpoint: stability, long-term thinking, and values rooted in legacy. At the Somers Partnership, a family business ourselves, we know just how vital these enterprises are – not only to the US and UK economy but to the fabric of society.
The Quiet Powerhouses of the Economy
In the UK, US, Germany and across the globe, family businesses form the backbone of our economies. Take the UK for example, according to the latest ‘State of the Nation’ report by the Family Business Research Foundation, there were over 5.1 million family businesses in the UK in 2023, representing 93.2% of all private sector firms. These businesses generated £2.8 trillion in turnover, contributed £985 billion in Gross Value Added, and employed 15.8 million people – a staggering 57% of the UK’s private sector workforce.
This is not just impressive – it’s indispensable.
Why Family Businesses Matter
Family businesses are uniquely structured to think in terms of decades, not quarters. Not all have to be in existence as long as Grosvenor (G32), to be long term thinkers. Because many are built to support multiple generations, decisions are made with an eye on sustainability, stewardship, and legacy. They don’t just aim to survive – they aim to leave something better behind for the next generation.
Despite being just 0.1% of all family businesses, large family-owned firms contributed £974 billion in turnover in the UK last year, proving that long-term thinking doesn’t mean small-scale ambition. Many of these large family businesses have family offices to support the preservation of their wealth for generations to come, engaging in philanthropic endeavours to benefit the people and the world around them.
Understanding What Makes Family Offices Tick: The V4P® Model
When it comes to recruitment for family offices, deep understanding is everything. Unlike traditional corporate structures, family offices are shaped by personal dynamics, legacy goals, and generational aspirations. That’s why, at the Somers Partnership, we use our proprietary V4P client discovery tool to guide and inform every search:
- Values – What are the core principles that drive the family and its decision-making?
- Purpose – What does the family office exist to do – wealth preservation, impact investing, philanthropy, or something else entirely?
- Proposition – What is the unique offering of the family office to its stakeholders, including family members and the wider community?
- People – Who is already part of the team, and what qualities will complement or enhance the existing culture?
- Pay – How are people rewarded, not just financially but in terms of purpose, trust, and opportunity?
This framework helps us ask the right questions and uncover the unique DNA of each client we work with. We look at the arc of the narrative – do the five elements follow on from one another, is there logic, does the story flow? If not, then the disconnects should be examined closely. This ensures we’re not just placing a capable candidate – we’re finding someone who can thrive within a values-led, legacy-driven environment.
A Shared Outlook
As a family business ourselves, we’re more akin to our clients than other recruiters. Over 20 years, we have come to understand first-hand, the delicate balance between professional excellence and personal trust, between commercial ambition and enduring values.
Our shared outlook allows us to connect on a deeper level with family businesses and family offices alike. It makes us more insightful, more empathetic, and ultimately more effective in our searches. Whether placing a CEO, a family office executive, or an investment leader, the C Suite sets the tone and future proofs the family office, and we’re guided by a long-term view that mirrors that of our clients.
The Case for Family-First Thinking
As the economic landscape grows ever more volatile with taxes and tariffs, the resilience and foresight of family businesses stand out. Their very structure – rooted in ‘kith and kin’ – makes them more adaptable, more grounded, and more committed to legacy than many publicly listed counterparts.
Family offices, in turn, play a critical role in preserving that legacy. And choosing the right C Suite talent to support and protect that vision requires more than a CV – it requires cultural fluency, emotional intelligence, and a recruitment partner who understands the nuances.
At Somers Partnership, we’re proud to be that partner – not only because we serve family offices and family businesses, but because we are one. To explore how we can help your family office find the right people to carry your legacy forward, contact Somers Partnership today. We understand your world because it’s ours too.
