PwC says family businesses should “toughen up”.

In its recent survey PricewaterhouseCoopers (PwC) advises that for family businesses to thrive and survive they need to become more objective and not make decisions based on emotions or history.

Areas to which they suggest further attention often needs to be given include:

Succession planning

(The Family Business Institute reports that only 30% of family businesses survive into the second generation.)

More aggressive expansion plans

Family businesses in China and the East are four to five times more likely to have substantial expansion plans than those in the UK.

Professional management

Move from being a “family business” to a “business family”.

Attracting talent

Address career progression and implement the processes and systems necessary for talented employees to do their jobs.

According to Sian Steele, a partner at PwC: “Many businesses today need to survive on thinner margins, identify and address potential threats early, innovate and adapt faster. It’s tough for any business, but it can be an even greater challenge for some families.”

Employer Solutions has the knowledge, experience and expertise to help professionalise people management, including succession planning,  in your family business. We are keen to assist.

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