You need Flash 8 or higher to view this header.

New Global Family Business survey released

Written on 14 February 2008 by Jennifer Pooni

PricewaterhouseCoopers has just completed its first truly global Family Business Survey to identify the issues that most concern business owners across the world. The survey draws on the experiences of top management in small and midsized family businesses across a wide range of sectors in 28 countries.

A separate report analyzes the Canadian results and explores the key strengths and challenges faced by Canadian family-owned businesses.

Many Canadian family businesses suffer from a lack of planning - specifically with regard to succession and business strategy. Despite their intention to transition ownership within the next five years, most family-business owners do not have a formal succession plan in place, and may not have effectively communicated their business plans to staff.

Proper planning and communication are key to helping these companies navigate market fluctuations and turn business challenges into tangible opportunities for success. The report highlights specific areas where family business owners can maximize their competitive advantage including:

  • strategic planning
  • assessing risk and opportunities of new markets
  • addressing labour shortages by focusing on staff retention
  • transitioning their business to the next generation.

A copy of the report can be found at the PriceWaterhouseCoopers' website.