PWC have launched their 7th survey of family business globally. The key findings show us family business remains resilient and dynamic, with professionalisation and innovation front of mind when considering the future.
- Australian family business seems to be falling behind on closely linked trends; investment in digital innovation, innovative use of capital and managing family conflict
- Sales growth for Australian family business hasn’t been as high as their global peers over the past two year; 53% in Australia vs. 65% globally
- 71% of family businesses recognize the need to adapt in an increasingly digital world, but only 30% are investing in talent to ensure this is at the top of their agenda
- Only 24% of family business plan to pass on to the next generation, a shift of 14% from 2012
Moving forward, PWC identify a culture of innovation to be one of the most important keys to ongoing family business success.
You can view the full research here.
*Image via PWC