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European family business barometer (eighth edition)

European family business barometer (eighth edition)

Succession top of mind as business families eye their legacy. Report surveys more than 1,600 family businesses owners across Europe.

Report surveys more than 1,600 family businesses owners across Europe.

  • 62 percent of Greek and European family businesses are confident or very confident about the future
  • Increased competition, increased tax rates and declining profitability are seen as key challenges by the Greek Family Businesses

Europe’s family businesses remain positive about the future at a time of rising economic and geopolitical uncertainties. Innovation, training and education, and diversification are key priorities as they adapt to a fast-changing world –while planning for succession is increasingly on families’ minds.

These are among the key findings from the eighth European Family Business Barometer, a survey of Europe-based family businesses produced by KPMG and European Family Businesses (EFB). Researchers surveyed 1 613 family business executives in 27 countries across Europe for this year’s report.  

“Despite the critical global issues, naming recession fears, rising populism, geopolitical uncertainties, Brexit and climate change, both family businesses in Greece and in the rest of Europe remain positive about the future and send a powerful message of their ability to overcome adversity. Through reinvesting profits in the core business, people, new technologies and innovation, they are preparing to successfully navigate challenges posed by the new economic and business environment. However, along with the business issues, family businesses should also focus on family dynamics and tackle the complexities of family relationships, protecting the long-term interests of the business and at the same time bring harmony into the family” says Vangelis Apostolakis, Deputy Senior Partner, KPMG in Greece.

“Conflict is a universal phenomenon in family businesses globally and the quality of its resolution determines survival rates. Alarming thus appears the reported significantly higher difficulty in handling these conflicts stated by the Greek family businesses. We have to raise awareness of the need for establishing governance structures, policies and procedures for effective decision making among the members of the family. We should encourage open communication and transparency versus inertia or conflict avoidance in fear of opening the Pandora’s box” remarks, Katerina Polyzoi, Senior Manager, Family Business, KPMG in Greece.

© 2020 KPMG Advisors Single Member S.A., a Greek Societe Anonyme and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

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