Family and friends rank top of the list as business partners
February 26, 2016, Vancouver, B.C. – A Vancity survey conducted by Insights West revealed that 75 per cent of small business owners in the Lower Mainland and Victoria feel working in a family business is more beneficial than stressful.
The survey findings confirm there is confidence and value in business partnerships with family or friends. When it comes time to raising or borrowing money, about one-third (31%) of small business owners say its family and friends that they go to while almost half (46%) lean on their financial institution.
Survey highlights:
- 75 per cent of small business owners describe working in a family business as probably or definitely more beneficial than stressful. Some 18 per cent say it is probably or definitely more stressful and eight per cent were not sure.
- 37 per cent of small business owners go to their accountants for advice while 34 per cent say they go to friends for advice and 32 per cent reach out to their families.
Entrepreneurs and small business owners will have the opportunity to hear from the experts about family businesses and how to partner in business together at a free event hosted by Small Business BC and Vancity. The Good Money™ Talks Small Business event will take place at Surrey City Hall on Friday, March 18, 2016 and includes a complimentary networking lunch. To attend the event attendees should register with Small Business BC.
Quote
“Succession planning and governance has historically been top of mind for most family businesses. Many owners want to develop their business and leadership skills. The more support we provide by giving them access to the tools and information they need to succeed, the more our communities will benefit.” Christine Bergeron, Vancity’s vice-president of community business
“Small Business BC is delighted to partner with Vancity to help strengthen the small business community in Surrey and throughout the Lower Mainland. We’re committed to working with engaged partners like Vancity across British Columbia to support the small businesses that are so critical to the economic health of every community in the province.” George Hunter, CEO of Small Business BC.
Additional information
Methodology
Vancity commissioned Insights West to conduct an online poll of 677 small business owners in Metro Vancouver and Victoria between Oct. 13 and Oct. 21, 2015. The results have a margin of error of +/- 3.9 percentage points, 19 times out of 20. Results on family businesses from this survey have not been previously released.
About Vancity
Vancity is a values-based financial co-operative serving the needs of its more than 509,000 member-owners and their communities through 59 branches in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay. As Canada’s largest community credit union, Vancity uses its $18.6 billion in assets to help improve the financial well-being of its members while at the same time helping to develop healthy communities that are socially, economically and environmentally sustainable.
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For more information:
Lorraine Wilson | Vancity
T: 778-837-0394
mediarelations@vancity.com