• 03-NOV-2010

Family Business Owners Optimistic about Growth, but Many Aren't Making Adequate Provisions for Future, says PwC

PricewaterhouseCoopers HQ, London
Family firms around the world are confident about their future prospects, but many aren't doing enough to prepare themselves for the years ahead. Nearly half still don't have a succession plan and of those that do, only 50% have decided who will take over the top job. Although a surprisingly large number of family firms have seen demand for their offerings increase during the past twelve months (modest growth: 32%, significant growth: 16%), 34% have seen a reduction in demand, up from 10% in 2007 when PwC first conducted the global Family Business Survey. 27% of survey respondents said they expect their business to change hands within the next five years, with 53% of these companies expecting the business to remain in the family. Yet 48% of all companies have no succession plan, a similar percentage to the last survey two years ago. Available video includes soundbites from Norbert Winkeljohann, member of PwC's Network Leadership Team, general views of PwC's office in London as well as PwC Logo still.