62% of Europe’s family businesses are confident about the future
Europeans increasingly pass family business ownership to next generation. Source: shutterstock.com
Despite rising economic and geopolitical uncertainties, European families running common businesses stay positive about the future. They consider innovation, training and education, and diversification as key priorities as they try to adapt to a fast-changing world. KPMG Enterprise and European Family Business provided a survey of Europe-based family businesses with 1,613 family business executives in 27 countries across Europe.
It is estimated that family businesses will transfer globally to $15.4 trillion by 2030. $3.2 trillion of them will be transferred to Europe.
Also worth noting that 35% of respondents intend to pass ownership of the business to the next generation, whereas 33% plan to pass on management responsibilities as well. Only 27% of surveyed answer they intend to transfer oversight responsibilities, suggesting the elder generation would like to keep an eye on the business for a while longer.
Whereas 84% of people say they currently have a family member as president or CEO, only 62% of respondents believe a family member will occupy that role in the years to come.
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