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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. These are just some of the findings of a survey of more than 1,600 family business executives in 35 countries conducted by PwC.
Although a surprisingly large number of family firms have seen demand for their offerings increase during the past 12 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. But despite the impact of the recession, most family firms are confident about the future. 60%...
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