Mr Chris Hancock

Chris Hancock, JPMorgan Cazenove

"Family businesses which open themselves up to non-executive directors and external advisors are often more effective and harmonious organisations - they can take an unemotional approach," said Chris Hancock, spokesman for JP Morgan.

According to Hancock, succession is generally accepted as most important specific issue facing family businesses."Despite this, only 17 per cent of respondents saw succession as the most significant subject of debate in their boardrooms.

"This may help explain why more than half of family firms in the UK have no defined succession plan at all, thus putting themselves at a real disadvantage when it inevitably comes time to make tough decisions about who takes over," added Hancock.

Chris Hancock

JPMorgan Private Bank

Chris Hancock JPMorgan Cazenove

Senior banker at JPMorgan, Chris Hancock, said: "In our search for excellent family firms we have discovered that some of the UK's most dynamic, profitable and responsible companies are to be found in family hands.

"In our search for excellent family firms we have discovered that some of the UK's most dynamic, profitable and responsible companies are to be found in family hands," said Chris Hancock, senior banker at JP Morgan private bank.

Senior banker at JPMorgan, Chris Hancock, said: "In our search for excellent family firms we have discovered that some of the UK's most dynamic, profitable and responsible companies are to be found in family hands."