Family businesses are a critical component of the global economy. Yet despite the importance of family-owned or controlled companies, the views of their leaders are seldom recorded.
Earlier this year, the PricewaterhouseCoopers international survey unit conducted a survey of 1,454 companies in 28 countries. In the US report we highlight the views of the US companies that participated.
Some of the key findings include:
Roughly two thirds have grown in the past 12 months and as many expect orders to increase, although economic turbulence could curtail growth
Their top challenges are market conditions, competition, government policy (the vast majority want to see tax rules simplified and/or their tax burden reduced), and recruiting talent from a shrinking labor pool
Most companies reported little conflict, but the leading source of tension is the future strategy of the business
One in four businesses expect to change hands within the next five years, yet only half have chosen a successor
In terms of their legacies, almost half of those surveyed want to ensure the sustainability of their companies, and most want to pass on the business to the next generation
