Showcasing how family businesses address governance, succession and exit, the survey also looks at how being a family business helps weather economic storms, and why they feel values, commitment and communication help them outperform their key competitors.
- The majority of family firms felt they outperformed their key competitors in a range of areas.
- Forty percent of respondents stated they had experienced no conflict within the business over the last 12 months.
- ‘Balancing of family and business issues’ was seen to be the biggest challenge.
- Family values have a major impact on how the business is operated.
- Only around a third of family businesses considered themselves exit or succession ready.
- Thirty six percent of family businesses have no explicit unifying strategy for the future of the business.