AIB, PwC and William Fry have joined forces to support Dublin City University's recently established Centre for Family Business.

This partnership, which will run for three years, will allow the centre to continue its vital work in supporting the longevity of Irish family businesses.

Up to 75 per cent of all SMEs are family owned and contribute to about 50 per cent per cent of Ireland’s GDP and employment.

While family firms aspire to continuity across generations, longevity and survival present particular difficulties in the family business sector.

It is estimated that just over 30 per cent of family firms pass into the second generation. Of those, only 12 per cent make it to third and subsequent generations.

“Family businesses account for the greatest number of start-ups each year and so are the engine of the Irish economy,” said businessman Eamonn Quinn. “The centre plays an important role in helping family businesses to grow and in supporting [them] through the unique challenges that working in a family business can bring.”

Paul Hennessy of PwC commented: “As the recovery takes hold, we are delighted to support the DCU Centre for Family Business, which is a unique resource.”