The latest European Family Business Barometer has recently been released, revealing that family businesses are optimistic and are preparing for further growth. For many, the next step is the delicate and crucial operation of scaling up their operations.
Additionally, European family businesses preparing to do business on the world stage will have to factor increased global competition into their growth and expansion plans. Undoubtedly, family businesses hoping to expand must continue adapting their offerings and remaining agile.
The study was carried out by European Family Businesses (EFB), a federation of national organizations representing almost 10% of Europe's GDP, together with KPMG Enterprise. More than 1,500 family business executives in 26 countries across Europe were surveyed.
Survey highlights
In the survey, 73% of respondents reported being confident or very confident in their family business's economic prospects over the next twelve months.
However, while confidence is up across Europe overall, the UK was a notable exception. With Brexit negotiations ongoing, British family businesses are looking to the future with caution: their confidence has dropped from 83% in 2017 to 68% in 2018.
The top three priorities for the next years are improving profitability (mentioned by 49% of respondents), increasing turnover (38%), and attracting new talent (27%).
Luxembourg invests in innovation and people
Luxembourg, at the crossroads of Belgium, France, and Germany, has evolved into a leading business center known for being safe and accessible. Over the years, Luxembourg's passionate and advanced business environment has helped family businesses and entrepreneurs evolve and innovate. The country is known for its quality of financial services in banking, fund and wealth management activities, and others.
KPMG Luxembourg's Family Business Services team is made up of experts ready to help you with innovation, diversification, transfers, and other specialized areas. For more information, visit our webpage.
Read the full European Family Business Barometer for more on the current state of family businesses.
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