Family businesses across the globe are optimistic about their recovery over the next two years with 86 per cent anticipating a return to pre-pandemic growth rates by 2022, according to a recent survey by consulting major PricewaterhouseCoopers (PwC).
The PwC's Family Business Survey in its 10th year was conducted among 2,801 family business leaders from 87 territories.
Of the respondents, 64 per cent expect to grow in 2021 and 86 per cent expect growth in 2022. With 58 per cent saying that all family members share similar views about the company's direction and only 23 per cent of respondents reporting that they have never had a disagreement, the survey indicates good levels of trust, transparency and communication.
Despite that, the report highlights the need for a clear conflict-resolution policy with only 15 per cent of respondents having such strategies in place.
The survey confirms an uptick in business succession planning. A total of 30 per cent of family businesses now have a formal succession plan, up from 15 per cent in 2018.
The top three long-term priorities are: protecting the business as the most important family asset (82 per cent), ensuring that the business remains in the family (65 per cent) and creating a legacy (64 per cent).
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