Many U.S. family businesses are emerging from the COVID-19 pandemic stronger than ever, having taken smart steps to preserve, adapt, and even grow their business during the crisis. So what are the leaders now doing to prepare for a comeback? In this edition of Privately Speaking, we highlight the three core strategies U.S. family businesses are taking in order to ensure their organizations—and their family legacies—thrive in the new reality.
The pandemic has caused families to think about their future—particularly when those families’ fortunes are tied to a family business. Many family businesses I work with have come through the pandemic stronger than when they went in. They have found ways to cut costs (talk of reducing office space is rampant), enhance productivity (both through staff reductions and increased use of technology), and tap into new growth opportunities (in their sector or in adjacencies).
Brad Sprong, Partner and National Tax Leader, KPMG Private Enterprise
Privately Speaking Series
Privately Speaking tackles the issues that privately-held entities, including private equity- and venture capital-backed companies, care about most. In each edition, we share insights, as well as practical, actionable tips to help boards and executive management grow, strengthen, and transition their privately-held businesses.
Whether your company is starting out and growing or strengthening and transitioning, this series promises to explore ways to help companies be successful at any stage of the business lifecycle.
