Family Business Survey 2012: Greece

Greece
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82% of family businesses in Greece consider cash flow/cost control the main internal issue they will face in the next 12 months

75% are confident that they will achieve growth in the next 5 years

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Family Business Survey

PwC Family Business Survey 2012

What did 1,952 family business owners and managers in over 30 countries tell us was critical to owning and operating a successful family business?

Ireland
Scaling up

Scaling up

The next frontier for more and more family businesses is overseas: 67% of respondents had some level of international sales in 2012. By 2017, that number will jump to 74%.

Skills

Skills

Family businesses face a significant challenge in finding the skilled outside talent they need to grow: 64% of them are planning to bring in non-family management in 2012.

Succession

Succession

While four in ten respondents will pass on both ownership and management to the next generation, fully 25% intend to pass on their shares but bring in professional managers, citing the next generation’s lack of skills.

Download

Download the Survey

Read our report on what family businesses in 2012 are thinking and planning as they look to compete in an increasingly global marketplace.

 

Greek family businesses are predicting growth in the next 5 years

Six in ten Greek family businesses say they have contracted in the last 12 months. However, 75% are predicting growth in the next five years and are confident of achieving it.

 
 

Internal issues

Greek family businesses are facing a multitude of challenges. The main internal issue the majority (82%) anticipates to deal with in the next 12 months is the lack of cash flow and cost control, a percentage much higher that the global average of respondents (17%).

 
 

The role of Government

Family businesses in Greece are generally very negative about the government’s attitudes to and support of their sector, and suggest new state measures. The majority (over 70%) feel that the government doesn’t recognise the importance of family businesses, showing the highest disappointment out of all other regions surveyed.

 
 

Challenges

For family businesses in Greece, the predominant anticipated challenge over the next five years, is the general economic situation (97%), along with political and market instability. 73% of respondents also quoted the need to continually innovate.

 
 

Human capital and succession planning

Despite the hard economic climate, family businesses in Greece intend to retain their human capital (96%). Also, around ¾ intend to pass the business on to the next generation, whereas only 7% plan to either sell the business or enter the stock market.

 
 

For a complete copy of the Greek report, please contact:

Michelle Karaolides, +30 210 6874028 or email

Quotes

What do you think will be the main internal issues/challenges your company will face in the next 12 months?

CEO, Second generation family business

The first concern is whether the company will be able to receive money from their debtors. The absence of cash flow in the market puts additional pressure to the debtors and to the consumers. This leads to the decrease of sales and affects the company directly.

What are the positive differences of a family business from other types of business?

Second generation family business

A family business will keep investing even if the economy goes slow. Family businesses are more stable and committed.

What measures would you recommend to government to support family businesses?

Second generation family business

Proper training on issues related to the economy. A tax system that is realistic and helps investments, not taxing the transfer of shares to heirs.

Contacts
Dinos Michalatos
Assurance Partner
Tel: +30 210 6874730
Vivian Tsamadou
M&C Senior Manager
Tel: +30 210 6874613
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