KPMG's annual Barometer, a joint-partnership between KPMG Enterprise and European Family Businesses (EFB), shows confidence levels amongst family businesses continues to be gaining momentum. Now in its sixth edition, the survey received more than 1,100 responses from family business owners across Europe and proved that, despite ongoing challenges, family businesses are confidently moving forward and planning to reinvest their profits into their business as well as seeking new opportunities that will enable them to foster sustainable growth.
Several highlights emerged throughout the reports analysis, including:
- 71% of respondents reported feeling confident or very confident with their economic outlook for the next 12 months. About one quarter remain neutral about their prospects, only 2% felt negative or very negative about the coming year
- 30% of respondents (53% of respondents in the UK) indicated political uncertainty was a top concern
- 56% of respondents indicated that their preference for the future of Europe would include an increase in integration
- 57% of respondents reported increased turnover over the past year, while 27% maintained turnover and only 13% saw a reduction
- 43% of respondents identified the “war for talent” as the most important issue they face. The availability of labor paired with the increasing cost of labor cited by 32% of respondents in putting greater pressure on family businesses
- The need to balance family concerns and business interests was reported as important or very important to their business by 87% of respondents. This issue has grown sharply in significance each year since 2014, when 59% found it very important or important.
- 84% of respondents indicated that preparing and training a successor was important or very important to their business
Please see the final report with a full analysis of the results and trends identified from the companies surveyed.