As the economy looks set to weaken in 2008, many family businesses in Connecticut are bracing for higher health care costs. Thatâ€™s the finding of a new survey carried out by the University of Connecticut.
The survey shows that more than 80 percent of the family businesses questioned identify controlling health care costs as their most critical issue. Thatâ€™s closely followed by the cost of doing business, cited by 75 percent. The survey also looked into some issues unique to family businesses such as succession planning â€“ with more than 60 percent revealing that they have no formal structure for passing on the business. Almost half of those responding to the survey were manufacturers, but there was a significant proportion also of professional services and retailers. Despite worries for the economy nationally and in the state this year, many of the businesses were upbeat, with 60 percent saying revenues and sales should grow by more than 5 percent this year.