What was the impact of COVID-19 on sales?
Pre-COVID
55% Sales growth
55% Sales reduction
COVID Impact
55% Sales growth
55% Sales reduction
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The unprecedented, tumultuous events of the past year have presented family businesses with enormous challenges. And although many have demonstrated significant resilience amid the crisis—the rapidly changing state of the world has served as a wake-up call for family business leaders looking towards the future.
In our 10th PwC Global Family Business Survey, we reveal the current thinking—and future outlook—of 2801 family business leaders across 87 territories. Our findings show that it’s no longer enough to rely on values and legacy to propel the business forward. Tomorrow’s family business requires a new approach for lasting success—one based on accelerated digital transformation, prioritisation of sustainability goals and professional family governance.
"If family businesses want to get to the sweet spot where competence and ethics converge, it requires a change of mindset, a rethinking of their priorities and behaviours and a new definition of legacy."
Peter Englisch
Global Family Business Leader, Partner, PwC Germany
Key takeaways
The time to act is now if family businesses want to keep their legacy for future generations. Watch an overview of the key findings from the Family Business Survey 2021.
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Explore the survey themes
The survey and three panel discussions with family business owners and executives, representing a mix of businesses and industries from around the world resulted in the following key themes of the report.
Family businesses demonstrated resilience amid COVID-19 and are prepared to lead the post-pandemic recovery.
Though COVID-19 ravaged many organisations, family businesses proved robust and adaptable amid the pandemic. Through a people-first approach that prioritised the well-being of their employees and communities, 80% enabled staff to work from home and 25% repurposed production to meet pandemic-related demand. Only one-third of family businesses had to cut dividends, and only 20% needed access to extra capital. Such resilience also extends into the outlook for the future, as 80% of family businesses plan to diversify or expand into new products or markets, and 86% believe they will be back to pre-pandemic growth rates by 2022.
For more insights, as well as peer recommendations and tips on how to get started on them, download the full report.
It’s time for family businesses to turn trust into impact and implement an ESG agenda.
The high level of trust commanded by family businesses positions them well to lead on sustainability. But intentions are not enough. Action—and a mindset shift—are needed. Though 55% of family businesses are willing to lead on sustainability, only 37% have a strategy. And although 80% give back through social responsibility activity, only 49% say sustainability is at the heart of everything they do. As pressure increases for businesses to contribute to a better environment and society, tomorrow’s family businesses must step forward, look beyond philanthropy and embed ESG into operating models—and take concrete steps towards goals like achieving net zero in order to avoid punishment by consumers and regulators, and secure long-term stability.
For more insights, as well as peer recommendations and tips on how to get started on them, download the full report.
Most family businesses do not have the digital tools and capabilities needed for a rapidly changing world.
The massive shift to digital services and work-from-home models as a result of COVID-19 has firmly spotlighted the importance of strong digital capabilities. Though digital has been on the agenda for family businesses for years (80% told us they were concerned about technology in our 2018 survey), progress has been slow. Only 39% say their digital capabilities are strong, and only 19% say that their digital journey is complete. How can family business leaders boost their digital capabilities for the future? One resource to leverage is the next generation. Our 2019 NextGen Survey found that younger family members see technology as one of the three most important drivers of change, and 64% felt this was the area where they could add value.
For more insights, as well as peer recommendations and tips on how to get started on them, download the full report.
Family businesses can greatly benefit from a professional, clear structure for conflict resolution.
Relationships are what make a family business strong—but when emotionally charged conflicts arise, they can also be a hindrance to success. Disagreements are to be expected. Only 58% say that all family members share similar views about the company’s direction. So what can family business leaders do when tensions rise? When sensitive topics like succession are on the table, a family business can benefit from approaching internal governance with the same professionalism that’s applied to business strategy and operations. But for many family businesses, there is still progress to be made. Only 28% have family protocols, and just 23% have rules for family employment in place, and even if 77% indicated that they have to deal with conflicts, just 13% have a conflict resolution established.
For more insights, as well as peer recommendations and tips on how to get started on them, download the full report.
Explore the data
Filter the data by territory or region and compare it to the global average.
What are your key priorities over the next two years?
55% Expansion and/or diversification
55% Digital, innovation, technology
55% Evolving/new thinking
55% Sustainability and/or local community
What are your digital capabilities and priorities?
55% Strong, no longer a priority
55% Strong and still a priority
55% Not strong but is a priority
55% Not strong and not a priority
Which of the statements below best describes the way you feel about the role of your family business today?
Delivering sustainable business practices
55% We want to lead the way
55% We are unlikely to lead, but we will play our part when required
Delivering benefits for the planet and human society
55% We need to lead the way
55% It is the role of the government to lead the way
What governance policies do you have in place?
55% Shareholders’ agreement
55% Dividend policy
55% Testament/last will
55% Family constitution or protocol
55% Family employment policy
| Questions and Answers | Global | Australia | Austria | Brazil | Canada | Mainland China | Colombia | Bangladesh | Denmark | Ecuador | Finland | France | Germany | Greece | Hong Kong | India | Indonesia | Ireland | Japan | Kenya | Malaysia | Mexico | Middle East | Netherlands | Nigeria | Papua New Guinea | Poland | Portugal | Romania | Singapore | South Africa | Spain | Sweden | Switzerland | Taiwan | Thailand | Uganda | UK | US | Vietnam | Europe | North America | Central/South America | Africa | Asia Pacific | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q10. Looking back over the last financial year BEFORE THE COVID-19 PANDEMIC would you say your sales have been | |||||||||||||||||||||||||||||||||||||||||||||||||
| Sales growth | 55% | 63% | 61% | 63% | 61% | 65% | 46% | 52% | 66% | 36% | 60% | 56% | 52% | 60% | 50% | 60% | 51% | 67% | 38% | 52% | 47% | 42% | 59% | 49% | 53% | 38% | 70% | 69% | 55% | 49% | 63% | 46% | 77% | 36% | 43% | 39% | 43% | 53% | 63% | 33% | 55% | 62% | 56% | 53% | 51% | ||||
| Sales reduction | 19% | 16% | 22% | 13% | 19% | 19% | 33% | 17% | 13% | 31% | 10% | 13% | 24% | 17% | 15% | 18% | 25% | 9% | 23% | 28% | 29% | 35% | 21% | 12% | 22% | 35% | 10% | 19% | 24% | 21% | 19% | 20% | 7% | 30% | 22% | 31% | 46% | 16% | 11% | 24% | 17% | 14% | 20% | 27% | 21% | ||||
| Q11. And what do you think the impact of the COVID-19 pandemic will be on your sales? | |||||||||||||||||||||||||||||||||||||||||||||||||
| Sales growth | 28% | 42% | 17% | 51% | 31% | 32% | 25% | 43% | 38% | 14% | 20% | 14% | 22% | 31% | 14% | 32% | 15% | 30% | 18% | 22% | 24% | 29% | 22% | 24% | 31% | 12% | 37% | 19% | 36% | 23% | 35% | 18% | 44% | 17% | 38% | 11% | 17% | 32% | 34% | 24% | 25% | 33% | 41% | 25% | 26% | ||||
| Sales reduction | 46% | 32% | 57% | 28% | 47% | 38% | 51% | 31% | 36% | 58% | 47% | 61% | 51% | 48% | 56% | 40% | 60% | 48% | 62% | 48% | 53% | 52% | 56% | 32% | 41% | 65% | 47% | 48% | 33% | 56% | 31% | 64% | 35% | 55% | 41% | 61% | 69% | 46% | 47% | 42% | 47% | 47% | 36% | 47% | 48% | ||||
| Q21. Which, if any, of the following are the company's TOP FIVE priorities for the next two years? | |||||||||||||||||||||||||||||||||||||||||||||||||
| NET: Expansion/Diversification | 82% | 83% | 83% | 87% | 70% | 84% | 86% | 78% | 79% | 92% | 88% | 90% | 79% | 79% | 73% | 85% | 80% | 77% | 87% | 92% | 86% | 87% | 84% | 77% | 88% | 68% | 90% | 81% | 82% | 91% | 80% | 80% | 74% | 79% | 86% | 86% | 71% | 77% | 87% | 79% | 81% | 81% | 87% | 83% | 82% | ||||
| NET: Digital, innovation, technology | 80% | 76% | 91% | 85% | 77% | 73% | 81% | 67% | 83% | 83% | 90% | 77% | 88% | 74% | 74% | 87% | 71% | 78% | 78% | 80% | 90% | 74% | 75% | 76% | 69% | 59% | 80% | 90% | 85% | 84% | 80% | 79% | 74% | 88% | 70% | 83% | 86% | 81% | 77% | 82% | 82% | 77% | 84% | 79% | 77% | ||||
| NET: Evolving/new thinking | 65% | 58% | 57% | 60% | 75% | 54% | 70% | 59% | 62% | 64% | 75% | 73% | 57% | 60% | 58% | 76% | 71% | 70% | 57% | 66% | 69% | 65% | 67% | 60% | 72% | 76% | 77% | 67% | 70% | 84% | 73% | 51% | 67% | 56% | 70% | 72% | 71% | 68% | 74% | 67% | 63% | 74% | 62% | 71% | 66% | ||||
| NET: Sustainability/local community | 39% | 34% | 61% | 35% | 42% | 37% | 35% | 35% | 45% | 36% | 37% | 64% | 39% | 48% | 26% | 33% | 19% | 53% | 20% | 52% | 27% | 42% | 36% | 55% | 41% | 41% | 37% | 65% | 33% | 25% | 36% | 48% | 44% | 37% | 35% | 33% | 29% | 54% | 35% | 21% | 47% | 37% | 36% | 41% | 30% | ||||
| Q28.SUM. We have strong digital capabilities | |||||||||||||||||||||||||||||||||||||||||||||||||
| Digital strong and no longer a priority | 19% | 24% | 13% | 15% | 25% | 21% | 18% | 7% | 26% | 31% | 32% | 26% | 10% | 24% | 20% | 15% | 17% | 19% | 28% | 24% | 8% | 16% | 26% | 23% | 25% | 32% | 20% | 17% | 33% | 13% | 31% | 14% | 12% | 21% | 11% | 17% | 17% | 14% | 26% | 9% | 19% | 26% | 17% | 26% | 18% | ||||
| Digital strong and still a priority | 19% | 21% | 26% | 13% | 16% | 14% | 16% | 31% | 21% | 17% | 27% | 11% | 24% | 17% | 14% | 11% | 8% | 23% | 13% | 24% | 16% | 26% | 18% | 28% | 16% | 6% | 13% | 15% | 21% | 16% | 15% | 33% | 37% | 23% | 16% | 11% | 20% | 35% | 16% | 21% | 24% | 16% | 15% | 17% | 16% | ||||
| Digital not strong but a priority | 33% | 28% | 48% | 40% | 36% | 32% | 39% | 19% | 40% | 25% | 28% | 26% | 51% | 29% | 24% | 46% | 32% | 25% | 28% | 22% | 43% | 26% | 29% | 27% | 34% | 26% | 43% | 48% | 30% | 38% | 24% | 26% | 21% | 42% | 24% | 31% | 46% | 25% | 23% | 21% | 34% | 27% | 37% | 29% | 31% | ||||
| Digital not strong and not a priority | 29% | 28% | 13% | 32% | 23% | 33% | 28% | 43% | 13% | 28% | 13% | 37% | 16% | 31% | 42% | 27% | 43% | 33% | 30% | 30% | 33% | 32% | 27% | 23% | 25% | 35% | 23% | 21% | 15% | 34% | 31% | 28% | 30% | 15% | 49% | 42% | 17% | 26% | 35% | 48% | 23% | 31% | 32% | 28% | 35% | ||||
| Q33a. Which of the statements below best describes the way you feel about the role of your family business today? | |||||||||||||||||||||||||||||||||||||||||||||||||
| There is an opportunity for family businesses like ours to lead the way in sustainable business practices | 55% | 36% | 61% | 56% | 50% | 65% | 82% | 67% | 43% | 81% | 55% | 57% | 51% | 64% | 35% | 68% | 59% | 55% | 60% | 64% | 49% | 61% | 59% | 51% | 53% | 53% | 50% | 63% | 55% | 46% | 68% | 64% | 56% | 53% | 46% | 56% | 77% | 61% | 40% | 45% | 56% | 43% | 62% | 63% | 52% | ||||
| Family businesses like ours are unlikely to lead, but we will play our part when required | 36% | 54% | 26% | 38% | 42% | 29% | 14% | 26% | 45% | 14% | 33% | 33% | 37% | 31% | 52% | 29% | 33% | 40% | 13% | 36% | 43% | 32% | 30% | 40% | 38% | 38% | 30% | 35% | 33% | 48% | 29% | 29% | 42% | 36% | 41% | 39% | 23% | 39% | 41% | 45% | 36% | 41% | 32% | 33% | 38% | ||||
| Q33c. Which of the statements below best describes the way you feel about the role of your family business today? | |||||||||||||||||||||||||||||||||||||||||||||||||
| In order to succeed going forward, our business is going to need to deliver greater benefits for the planet and human society | 53% | 33% | 35% | 69% | 42% | 71% | 77% | 54% | 47% | 61% | 38% | 59% | 40% | 52% | 41% | 68% | 60% | 50% | 62% | 58% | 57% | 61% | 52% | 59% | 69% | 44% | 33% | 75% | 52% | 55% | 63% | 58% | 58% | 43% | 49% | 53% | 49% | 53% | 35% | 30% | 49% | 37% | 69% | 58% | 52% | ||||
| We will play our part, but it is the role of government not businesses like ours to deliver greater benefits for the planet and human society | 30% | 42% | 48% | 18% | 33% | 13% | 9% | 31% | 36% | 22% | 47% | 21% | 36% | 38% | 30% | 24% | 31% | 38% | 12% | 26% | 33% | 13% | 30% | 23% | 19% | 44% | 50% | 17% | 30% | 33% | 27% | 20% | 35% | 38% | 43% | 31% | 43% | 42% | 27% | 55% | 34% | 29% | 16% | 29% | 31% | ||||
| Q15. Which of the following policies and procedures, if any, do you have in place? | |||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholders’ agreement | 47% | 41% | 39% | 58% | 61% | 56% | 33% | 31% | 68% | 36% | 75% | 53% | 9% | 40% | 50% | 32% | 48% | 66% | 27% | 40% | 37% | 48% | 58% | 71% | 28% | 41% | 33% | 25% | 42% | 35% | 57% | 44% | 63% | 62% | 43% | 25% | 57% | 53% | 70% | 39% | 47% | 67% | 51% | 45% | 39% | ||||
| Dividend policy | 37% | 28% | 39% | 42% | 36% | 57% | 37% | 17% | 30% | 25% | 55% | 30% | 36% | 29% | 36% | 30% | 29% | 32% | 15% | 18% | 27% | 48% | 40% | 64% | 22% | 21% | 27% | 33% | 36% | 28% | 45% | 44% | 58% | 46% | 57% | 33% | 17% | 61% | 45% | 18% | 42% | 42% | 40% | 29% | 30% | ||||
| Testament/last will | 34% | 58% | 48% | 17% | 77% | 6% | 23% | 7% | 57% | 8% | 67% | 17% | 62% | 10% | 24% | 17% | 12% | 38% | 20% | 38% | 18% | 35% | 8% | 61% | 13% | 53% | 23% | 4% | 3% | 13% | 72% | 43% | 58% | 42% | 5% | 8% | 17% | 54% | 74% | 6% | 43% | 75% | 18% | 41% | 22% | ||||
| Family constitution or protocol | 28% | 18% | 39% | 37% | 22% | 3% | 40% | 17% | 40% | 31% | 35% | 34% | 32% | 12% | 8% | 27% | 17% | 16% | 7% | 28% | 20% | 35% | 48% | 57% | 9% | 26% | 20% | 42% | 9% | 13% | 23% | 54% | 28% | 40% | 11% | 17% | 9% | 35% | 33% | 21% | 34% | 30% | 37% | 19% | 16% | ||||
| Family employment policy | 23% | 9% | 35% | 32% | 33% | 5% | 37% | 13% | 17% | 25% | 37% | 17% | 31% | 24% | 6% | 13% | 16% | 19% | 5% | 22% | 12% | 32% | 33% | 36% | - | 32% | 10% | 25% | 6% | 8% | 24% | 44% | 12% | 31% | 8% | 17% | 14% | 23% | 45% | 12% | 26% | 41% | 31% | 17% | 11% | ||||
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