This report delves further into the PwC Global Family Business Survey to provide a Canadian perspective on how family-owned businesses fare against their global competitors.
According to the report, Canada’s family business owners are confident in their competitive position, proud of their products and committed to their customers, but they are also wary of new markets and, unlike their international counterparts, the majority (84.2%) do not intend to invest in global expansion.
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: