- One-quarter (25%) of family businesses saw double-digit sales growth over the past year – albeit falling from 43% in 2023 – with agile and purpose-driven firms outperforming their peers (31% v 21%)
- Market volatility weighs: almost one-quarter (23%) look to stabilise the core business over the next two years – notably up from 20% in 2023 – with just over one-third (35%) favouring a cautious approach
- Safeguarding the business (78%) and preserving the family’s legacy (77%) rank as the top long-term goals for family business leaders
- The pace of reinvention is slow: around one-fifth (22%) say they are actively looking to rethink their management strategies – as only 3% say they are looking to reinvent their business
- The AI opportunity: three-fifths (60%) see AI as a growth opportunity – with technological advancements (65%) and digital transformation (64%) top of their growth priorities
LONDON, 13 October 2025 – Agile and purpose-driven family businesses are outperforming their peers (31% v 21%), even as the portion achieving double-digit sales growth fell (from 43% in 2023 to 25% in 2025) amid heightened market volatility and uncertainty, according to PwC’s 2025 Global Family Business Survey, released today.
The survey, which interviewed 1,325 family businesses across 62 countries and territories and conducted in collaboration with the John L. Ward Center for Family Enterprises at Northwestern University’s Kellogg School of Management, finds that while single-digit growth remained robust (32% in 2025 v 28% in 2023), family businesses are veering on the side of caution.
They are prioritising reputation and legacy in the face of broader market volatility, with almost one-quarter (23%) noting they are looking to stabilise the core business over the next two years, up from 20% in 2023.
At the same time, as new and emerging technologies transform the commercial landscape, a mere 3% noted they are looking to re-invent the business – even as three-fifths (61%) see AI as a growth opportunity.
The survey highlights the importance of continued agility and purpose-driven management to commercial success in a volatile environment -- family businesses represent two-thirds of global GDP and 60% of global jobs, according to UN estimates.
Jonathan Flack, Global Private Leader, PwC US, said:
“Long seen as more resilient than listed peers, many family businesses are now under mounting pressure. Shifting trade policies, supply chain uncertainty, and market volatility are seeing family businesses veer on the side of caution – prioritising reputation and legacy. While growth remains robust, the percentage achieving historic double-digit growth has fallen. Few businesses are immune to such external shocks – but family businesses that are agile and purpose-driven continue to outperform their peers, highlighting important strategic takeaways for businesses at-large. But the pace of re-invention remains slow. As new and emerging technologies transform the global economy, businesses must be prioritising agility, innovation and their digital and AI transformation programmes if they are to remain agile and unlock new avenues for growth.”
Agile and purpose-driven firms outperform their family business peers
Family businesses reporting greater agility navigating market shifts, customer demands, and operational challenges over the past year were significantly more likely to achieve strong commercial outcomes: 31% recorded double-digit growth compared to just 21% of the overall sample.
There is also a powerful link between purpose and core enablers of sustainable performance. Businesses with a clearly articulated purpose are twice as likely to pursue aggressive growth (18% v 9%), and significantly more likely to prioritise innovation (23% v 16%) and long-term goals (35% v 26%). A third (33%) actively foster a culture of experimentation and innovation, compared to just 24% of the total sample.
Market volatility sees family businesses veer to the side of caution – even as agile firms outperform
But while agile and purpose-driven family firms may be yielding higher returns than their peers – market volatility is seeing family businesses veer on the side of caution. Just over one-third (35%) say they favour taking a cautious approach to their long-term strategies, with only one-third (32%) noting they are looking to selectively experiment.
Looking at longer-term operational transformations -- a mere one-fifth (21%) say they are actively looking to rethink their management strategies, with a vanishingly small 3% noting they are looking to reinvent their businesses.
As family businesses look to insulate themselves from macroeconomic shocks, safeguarding the business (78%) and preserving the family’s legacy (77%) rank as the top long-term goals – well ahead of generating dividends (68%). Roughly two-fifths (43%) note negative media coverage or public scrutiny represents the greatest risk to reputation.
AI seen as top growth priority
As family business contend with navigating a challenging macroeconomic landscape, they are also looking to new growth opportunities. Just over three-fifths (61%) cited experimentation with AI as a growth opportunity – in roundtables with family business leaders, some noted enhanced customer engagement and improvements in their dynamic pricing response times, even though they made relatively modest capital investments in GenAI deployment.
They are also seeing output from AI -- while around one-third of CEOs from non-family businesses report increased revenue (29%) and profitability (32%) from GenAI, the returns among public family businesses are markedly stronger. According to family business data in PwC’s 28th Annual Global CEO Survey, nearly half (46%) of these firms report that GenAI has boosted both revenue and profitability.
New and emerging technologies are key priorities – with technological advancements and digital transformation the top priorities for nearly two-thirds (65% and 64% respectively), particularly for mid-sized firms that are scaling up.
Dr Matt Allen, John L. Ward Clinical Professor of Family Enterprises and Executive Director of the Ward Center for Family Enterprises at the Kellogg School of Management, Northwestern University, said:
“Family enterprises have historically been labelled conservative in their approach to growth, often choosing to prioritize long-term performance, the protection of family assets, and the preservation of legacy. Some might assume that the 25 percent of family businesses in this study achieving double-digit sales growth are doing so in spite of these priorities. The results, however, tell a different story. High-growth family businesses are embracing their family roots rather than shying away from them. These top performers leverage a strong sense of purpose, concentrated ownership, a long-term investment approach, and concern for their reputation. When managed effectively, family businesses are uniquely positioned not just to withstand uncertainty but to thrive.”
Unlocking growth in a volatile climate
To grow with confidence, PwC research points to four areas of focus that set top performers apart:
- Scaling your purpose. Clear and codified purpose is behind a range of growth-driving capabilities.
- Embracing your structural agility. High-performing family businesses are actively leaning into their centralised decision-making.
- Putting your “long-term capital” to work. In an era of macroeconomic uncertainty and geopolitical volatility, patient capital is proving to be a growth engine.
- Protecting and activating your reputation. For family businesses, reputation is both a legacy to protect and a lever to activate growth.
About PwC’s 2025 Global Family Business Survey
PwC’s 2025 Global Family Business Survey is an international market survey of family businesses and how they perceive their companies and broader business environment. Conducted in collaboration with the John L. Ward Center for Family Enterprises at Northwestern University on behalf of its Kellogg School of Management, the survey interviewed 1,325 family businesses across 62 countries and territories between 1 April and 17 June 2025. Respondents comprised businesses ranging from under US$10 million in revenues (18%) to multi-billion-dollar enterprises (9%). Over half (54%) report annual revenues of more than US$51 million (with 41% of more US$101 million). Manufacturing accounts for 34% of the businesses surveyed, and 29% are in consumer goods, with the rest coming from financial services, technology and healthcare, among other industries.
About PwC
At PwC, we help clients build trust and reinvent so they can turn complexity into competitive advantage. We’re a tech-forward, people-empowered network with more than 370,000 people in 149 countries. Across audit and assurance, tax and legal, deals and consulting we help build, accelerate and sustain momentum. Find out more at www.pwc.com.
About Kellogg School of Management at Northwestern University
The Kellogg School of Management at Northwestern University is a premier global business school with a vibrant, global community of faculty, staff and students dedicated to groundbreaking teaching and research that shapes the practice of business around the world. To learn more about Kellogg, visit www.kellogg.northwestern.edu.
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