This year, our annual survey received 1,613 responses from family businesses in 27 countries across Europe, including Ireland. We are encouraged to find that Ireland’s business families remain positive about the future for their companies and their families at a time of rising economic and geopolitical uncertainty.
Family businesses are responding to an uncertain, changing world by prioritising innovation, sustainability, overseas expansion, training and education, and diversification. Sustainability is taking on greater importance for the overwhelming majority of family businesses as well. This suggests to us that family businesses are determined to stay highly relevant and intensely competitive, adapting and thriving in a fast-changing world.
At the same time, many respondents are preparing for one of the most significant periods for any family business: succession. These family businesses are deeply involved in determining how to transfer ownership, management and governance responsibilities to the next generation and secure the future of both the business and the family. Inevitably, there will be challenges to overcome—but we are confident family businesses will do so and lay the foundation for decades of continued success.