Our 8th Family Business Survey is the biggest yet. Over 2,800 firms worldwide and 74 Canadian family businesses took part, from various industries such as agriculture, retail, manufacturing and energy. While key issues including attracting talent, competition and a changing digital landscape have stayed consistent, it's clear that Canadian-run family businesses have a stronger sense of culture and values, however future success will be defined by creating a strategy around the “missing middle”.
Canadian family businesses generally lack a communicated or documented action plan, creating a “missing middle” between the everyday nuts and bolts of running a business and the long-term vision.
The key challenges over the next five years among family businesses in Canada are the need to innovate; dealing with increased competition; attracting and retaining talent; and the general economic situation. An increasing number also see professionalisation as a challenge.
65 per cent of Canadian family businesses are confident their strategy fits the digital age.
Canadian family-run businesses are ahead of the curve in terms of understanding how important digital is and generally feel their strategy will fit in the digital age. Moving their digital strategy forward will be essential to their success.
89 per cent of family businesses within Canada expect to grow over the next five years.
Family businesses in Canada almost universally expect to grow over the next five years, but the method they choose to fuel this growth will differ in many cases.
95 per cent of Canadian family businesses say that securing their long-term future is a key goal over the next five years.
Compared to their global peers, Canadian family-run businesses are slightly ahead in terms of well-devised, documented succession plans, but there’s still much room for improvement.
Family-run business Mother Parkers was in need of a succession plan to help it bridge the gap between its current leadership and the next generation.
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