PricewaterhouseCooper’s released the results of their survey PwC Global Family Business Survey Results 2018. It finds family businesses to be in good health. Revenue is expected to continue growing for most family businesses.
Respondents were enthusiastic about future growth. Over 50% will take significant steps in terms of digitalization and bringing in outside resources to help run the business. Almost 40% see themselves buying and selling in other countries. Some will be involved in buying or merging with other domestic companies while others will be looking to buy or merge with non-domestic companies. Still others will significantly change their business model or earning profit from new products or services.
The survey looked at the myriad of challenges family businesses are facing. Major challenges include digitalization, innovation, and technology. Thirty percent of family businesses feel vulnerable to digital disruption. They’ll need to look to millennials who are tech-savvy and well educated. “Once they get these younger people, it’s important to empower and enable the disruptive generation and allow them to do their job. The family businesses that don’t embrace change probably won’t be here in 20 years’ time because they haven’t taken the steps to address these issues now. When they do, it may be too late.”
The future has some definite challenges ahead as times are changing. The leaders that embrace these challenges and run with them stand to reap the benefits in the years ahead.