Are family businesses really more resilient, agile and adaptable than other business types? And, if so, have they been able to tackle the challenges of COVID-19 better than most and, perhaps, emerged even stronger?
Global survey data was collected between June and October 2020, followed by input from family business leaders, academics and family business advisers in January 2021. The experiences and insights from family businesses in the Americas, Asia, Europe and the Middle East & Africa have revealed a roadmap, not only for mastering a comeback in their businesses, but for leading a global economic recovery.
Resilience, it's in their DNA
Family business leaders reported that the first impact of the pandemic was seen in their revenues. That was not surprising. The majority reported that they experienced revenue declines, however, as many as 17 percent whose revenues were affected by COVID-19 actually experienced a revenue boost. Predictably, this included companies that benefited directly from increased demand for their products and services, but many others were also able to adapt quickly and rebuild their businesses to tap into new opportunities. The resilience and agility of family businesses has proven to be to their advantage once again.
They have achieved positive outcomes for their businesses, families and communities by transferring their resilience into actions at the organizational, strategic and social level and did so with the characteristic inclusiveness and tenacity that are found in most transgenerational family firms.
Download the full report to learn how family businesses across the world are mastering a comeback in their businesses and triumphing over COVID-19 to help lead a global economic recovery.
Let your purpose guide you. Many family businesses navigated the past year so successfully, in part, because they had a strong and clear purpose. At moments of indecision, it was the family purpose that became the guiding principle.
Brad Sprong, National Tax Leader, KPMG Private Enterprise
