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Contacts 48
No change compared
18
to previous 12 months
A modest reduction
compared to previous 20 34
12 months
A significant
reduction compared 14
to previous 12 months
% 0 10 20 30 40 50
Source: PwC Family Business Survey 2010/11
32
But surprisingly few firms have
Increased decided to retrench. Although 68% of
42 the companies that have experienced
declining demand for their products
and services in the past 12 months saw
42 their operating profits shrink, only
Remained the
40% have cut back on the amount they
same 22 invest in the business. The remaining
28% have clearly chosen to put
long-term growth before short-term
25 gains (see Figure 4).
Decreased
35
% 0 10 20 30 40 50
two-thirds of the people we spoke to Source: PwC Family Business Survey 2010/11
believe that being part of a family
business has helped them cope with
the recession (see Figure 5). It may also
explain why many of them are
relatively confident about the future. Figure 5: Most executives think being part of a family business has helped
Sixty percent – rising to 69% in larger them cope with the economic slump
firms – intend to expand their
businesses over the next 12 months.
Similarly, 56% are positive about how Agree strongly 34
the markets where they do business
67
will perform over the next year, which
is broadly in line with the situation in Agree 33
2007 (see Figure 6).
Neither agree nor
20
disagree
Disagree 7
Disagree strongly 4
Don't know 2
% 0 10 20 30 40 50
Source: PwC Family Business Survey 2010/11
Figure 7: Most companies with business plans have recently reviewed them That said, many executives clearly
envisage returning to ‘business as
In the last 6 before’. Only 14% have made
months 57 significant changes to their business
85 models over the past 12 months, while
In the last year 28 26% percent have made minor
modifications and 59% have left their
business models untouched (see
1-2 years ago 7
Figure 8). Ironically, family-business
owners based in the emerging markets
More than 2
years ago 5 are the most likely to have made major
changes, whereas those based in North
Other 2
America – where the financial crisis
originated – are more likely to have
Don't know/ made tweaks. A substantial 56% of
Can't remember 1 respondents also expect to keep using
the same business models in future,
% 0 10 20 30 40 50 60 70 regardless of the upheaval the crisis
Source: PwC Family Business Survey 2010/11 has caused (see Figure 9).
Don't know 1
% 0 10 20 30 40 50 60
Invoice
discounting 14
facility
Don’t manage
funding needs 11
Other/Don't
23
know/Refused
% 0 10 20 30 40 50
Technical capabilities 6
Financial strength, ability to
raise capital or access to funds 5
Competitive pricing 4
Human resources 4
Assertive or aggressive
marketing 3
Size 2
None 1
Other 8
Refused 3
% 0 10 20 30
Source: PwC Family Business Survey 2010/11
Technical capabilities 4
Procurement skills 1
None 14
Other 10
Don't know/Refused 8
% 0 10 20 30
Source: PwC Family Business Survey 2010/11
Key strengths respondents think they possess Key strengths respondents admire in rivals
But the power of the competition preys competition) – up from 44% three public spending) also keeps some
much less on the minds of respondents years ago (see Figure 13). For all their people awake at nights. Most
than it did in 2007, when 39% cited it professed optimism about the proprietors want a stable regime with a
as one of the top three external prospects for growth, many family- clearly defined five-year fiscal and
challenges they faced. Today, only 26% business owners and managers are monetary policy, so that they can plan
are concerned about losing out to obviously very nervous about the ahead.
competitors, whereas 68% are worried economy. Government policy
about market conditions (other than (including regulation, legislation and
Other 5
Nothing 2
Refused/Don't know 5
% 0 10 20 30 40 50 60 70
Profitability or margins 15
Raw material prices,
supplies or quality 12
Technology 10
Succession planning at senior
management level 6
Family politics 2
Other 1
Nothing in particular 2
Don't know/Refused 7
% 0 10 20 30 40 50
Supply chain/CRM 31
Procurement 30
Finance 23
Other 7
%0 10 20 30 40 50 60 70
Source: PwC Family Business Survey 2010/11
There are also some notable regional for example. Conversely, they’re much and training over the next 12 months,
variations in the anxiety executives more concerned about managing costs compared with more than four-fifths of
express. Executives in the mature and cash flows (see Table 2). This helps their peers in the growth economies
markets are much less worried about to explain why barely two-thirds of (see Table 3).
labour issues and government policy respondents from the mature markets
than those in the emerging markets, intend to invest in human resources
Competition Government policy Cost control & cash flows Company reorganisation
(26%) (31%) (32%) (29%)
Government policy Competition Company reorganisation Cost control & cash flows
(24%) (27%) (29%) (21%)
Source: PwC Family Business Survey 2010/11
No 60
Don't know 5
% 0 10 20 30 40 50 60 70
Figure 18: Most of those who think their companies will change hands over
the next five years expect the business to remain in the family
Flotation/IPO 8
Other 13
Refused/Don’t know 2
% 0 10 20 30 40 50 60
% 0 10 20 30 40 50
Source: PwC Family Business Survey 2010/11
Figure 20: In most companies with succession plans family members are
expected to assume at least one of the key roles
6+ 2
1-5 66
None 11
Refused/ 21
Don't know
% 0 10 20 30 40 50 60 70
Source: PwC Family Business Survey 2010/11
Not 55
been
valued 70
% 0 10 20 30 40 50 60 70 80
Source: PwC Family Business Survey 2010/11
The majority of family-business the financial burden. The first step is to respondents haven’t had their
owners have also failed to assess their get the business professionally valued, companies valued domestically, and
potential tax exposure, even though in order to assess the likely tax liability 73% of those with a cross-border
taxes are rising in the mature if the business were to be sold to an presence haven’t had their companies
economies and planning is essential to external party or transferred to the valued internationally, within the last
realise any opportunities for mitigating next generation. However, 55% of all 12 months (see Figure 23).
57
Aware
17
Domestically
Internationally
Not 37
aware 58
% 0 10 20 30 40 50 60
Source: PwC Family Business Survey 2010/11
Figure 25: Many proprietors are also unaware of the full extent of the
inheritance tax their heirs might have to pay
59
Aware
14
Domestically
Internationally
Not 33
aware 58
% 0 10 20 30 40 50 60
Source: PwC Family Business Survey 2010/11
Challenging job
63
opportunities
Good management
59
techniques
Career progression 57
Work-life balance 51
Other 10
Don't know 2
% 0 10 20 30 40 50 60 70 80
Source: PwC Family Business Survey 2010/11
Annual bonus 61
Deferred bonus 15
Options 5
None of these 24
Other 9
Refused/Don't
know 3
% 0 10 20 30 40 50 60 70
Source: PwC Family Business Survey 2010/11
Figure 29: Disagreements about future strategy are the most frequent cause of dissent
-100 -90 -80 -70 -60 -50 -40 -30 -20 -10 0 10 20 30 40 50 60 %
No tension Some tension A lot of tension
71%
11
Entry and exit provisions
24
14
Performance appraisals
22
2
External council
2
Meetings
1
Other
13
4
Don’t know/Refused
% 0 10 20 30 40 50 60
Mature Emerging
markets markets
However, most executives are much positive (see Figure 34). Forty-eight the crowd; customers often favour
more upbeat about the growing percent of all respondents have already suppliers who demonstrate regard for
emphasis on corporate social made changes to accommodate CSR, the environment. CSR can also help a
responsibility (CSR). Nearly three- while 49% plan on doing so over the business improve its performance by
quarters report that CSR has had a next two years (see Figure 35). These reducing energy and waste disposal
quite or very constructive impact on people recognise that building a costs, coping with new laws and
their companies, and those based in reputation as a responsible business restrictions more effectively and even
the emerging markets are particularly helps a company distinguish itself from developing new products or services.
Negative Impact 4
No impact at all 16
My business doesn’t
undertake any CSR 7
activities
% 0 10 20 30 40 50
Significant 15
changes
14
33
Minor changes
35
51
No changes
50
% 0 10 20 30 40 50 60
Chief executive 48
Owner/proprietor 13
Financial director 14
Other director 10
Other 15
% 0 10 20 30 40 50
Eighty-two percent of the companies in Figure 37: Survey participants by industry sector
our sample have been trading for at
least 20 years. Indeed, 42 per cent have Consumer goods 16
been in business for at least 50 years.
Thirty-one percent employ more than Retail/Wholesale 14
250 people and 28% generated
Construction and civil
revenues of over 50 million euros last 11
engineering
year. More than half (54%) export
goods or services to foreign markets, Manufacturing 16
and 31% trade worldwide. The largest
firms have generally been in business Automotive 5
longest and are more likely to export to
other countries. However, companies Transportation and distribution 5
in the consumer goods and
manufacturing sectors also tend to be Chemicals 2
particularly active overseas; 61% and
81%, respectively, export products or Forestry, paper and packaging 2
services to other territories.
Hospitality and leisure 3
Financial services 4
Agriculture 2
Business services 3
Other 15
% 0 10 20
Europe/rest
54
of the world
USA 16
Asia 18
Worldwide 31
Other 17
% 0 10 20 30 40 50 60
1
“World debt”, The Economist (June 24, 2010),
http://www.economist.com/blogs/buttonwood/2010/06/indebtedness_after_financial_crisis
2
Scotiabank Group, “Global Forecast Update” (September 2, 2010),
http://www.scotiacapital.com/English/bns_econ/forecast.pdf
3
“Bank shares rise after new rules agreed”, BBC News (September 13, 2010),
http://www.bbc.co.uk/news/business-11280993
4
Family Firm Institute, “Global Data Points”,
http://ffi.org/default.asp?id=398
5
Ibid.
6
Twenge, Jean M., Campbell, Stacy M. et al. “Generational Differences in Work Values: Leisure and Extrinsic Values
Increasing, Social and Intrinsic Values Decreasing”, Journal of Management Online First (March 1, 2010),
http://jom.sagepub.com/content/early/2010/03/01/0149206309352246
7
Trading Economics, “Country Ranking by Unemployment Rates”,
http://www.tradingeconomics.com/World-Economy/Unemployment-Rates.aspx
8
“Prepared Remarks of IRS Commissioner Doug Shulman to New York State Bar Association Taxation Section Annual
Meeting in New York City, Jan. 26, 2010”, http://www.irs.gov/newsroom/article/0,,id=218705,00.html
9
“Tax system ‘to be simplified to encourage investment’”, BBC News (20 July 2010),
http://www.bbc.co.uk/news/uk-politics-10691779
10
“How Long Will Stock Market Struggle”, CBS News (August 16, 2010),
http://www.cbsnews.com/stories/2010/08/16/business/main6777317.shtml
Axel Dorenkamp
Global Middle Market Director
+49 541 3304 585
axel.dorenkamp@de.pwc.com
Mike Davies
Director of Global Communications
+44 20 7804 2378
mike.davies@uk.pwc.com
Colette Duff
Managing Consultant at PwC’s International Survey Unit
+44 2890 415216
colette.duff@uk.pwc.com
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