Securing the future
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The Canadian Supplement to the 2014 PwC Global Family Business Survey
Canadian family businesses continue on their path to steady, measured growth and they are 100% confident they will achieve it. But in this technologically driven and disruptive economy, family businesses will need to invest in people, technology and systems that will allow them to be competitive.
It’s time to professionalize all aspects of the business—a fact that global family business leaders appear to accept more readily than Canadian family business leaders. Read the full report, which includes Global and Canadian survey results, thoughts on what family businesses leaders should be doing now to ensure success, as well as insights from Bob Magee, Chairman of The Woodbridge Group.
Canadian family businesses continue to grow
Sixty-seven per cent of Canadian respondents achieved topline growth in the past 12 months (up from 60% in 2012) and 85% plan to grow in the next five years. But with a tendency of being conservative with risk and spending, will this limit their ability to achieve next-level growth?
Professionalizing all aspects of the business is critical to staying ahead
In stark contrast to their global counterparts, only 21% of Canadian respondents see professionalizing their firm as a key challenge over the next five years. In this technologically driven and volatile economy, will this challenge their ability to compete?
Attracting top talent is a major concern for Canadian respondents
Sixty-eight per cent of Canadian respondents, compared to 49% globally, say that staff recruitment is their biggest concern for the year ahead.
Canadian baby boomer family business owners are looking to exit
We’re predicting a highly competitive buyer’s market between 2018 and 2025. If second-generation family businesses opt to sell, and 27% are looking to do just that, they may not be able to get the value they anticipated or earned if they haven’t made a solid succession plan.