KPMG launches its new European Family Business Barometer survey, designed to highlight the challenges and opportunities facing family businesses.
KPMG has launched its 7th European Family Business Barometer survey designed to highlight the challenges and opportunities facing family businesses.
The survey is a joint-partnership between KPMG Enterprise and European Family Businesses (EFB), and an opportunity to explore confidence levels amongst family businesses and the challenges and opportunities that they face in growing their businesses.
Last year the survey received more than 1,100 responses from family business owners across Europe and proved that, despite ongoing challenges, family businesses are confidently moving forward and planning to reinvest their profits into their business as well as seeking new opportunities that will enable them to foster sustainable growth.
The report highlighted that with Brexit on the horizon 53% of respondents from the UK felt political uncertainty was a top concern compared to 30% of respondents from the rest of Europe. The war for talent and preparing and training a successor were both seen as important issues being faced by family businesses.
Commenting on the survey, Tom McGinness, Co-Chair for KPMG’s Global Centre of Excellence for Family Businesses said: “The European Family Business Barometer is a key tool for helping us to understand and support family businesses as they navigate the challenges and opportunities on offer for growth.
“Despite ongoing challenges, it appears that these businesses are moving forward confidently and planning to reinvest their profits into their businesses and seeking new opportunities that will enable them to foster sustainable growth.
“The last 12 months however has seen some huge geo-political changes; a rise of protectionism and threat of a future trade war are both big risks to future growth. Equally advancements in technology, and the associated threats presented by new market entrants and changing consumer behaviour, are forcing some businesses to consider wholescale restructure. It will be interesting to see what impact these issues are having on confidence and our family business sector.
”The survey period is now open until 6th July and we encourage all family businesses to contribute to the UK voice by accessing and completing the short survey here.
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Notes to Editors:
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 14,500 partners and staff. The UK firm recorded a revenue of £2.2 billion in the year ended 30 September 2017. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and territories and has 200,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.