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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 Global Family Business Survey 2021 — Thailand Report, we reveal the current thinking—and future outlook—of Thai family business leaders. 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 business agility to the new normal, prioritisation of short term goals, and investment in innovation and skilled resources for sustainable and profitable growth.
“While COVID-19 has presented professional challenges, there is also a unique opportunity here for leaders to seek a plan, formulating and executing proper strategic approaches for sustainability and resilience. This will ensure their businesses today and legacy for the future.”
Niphan Srisukhumbowornchai
Entrepreneurial and Private Businesses Leader,
Clients and Markets Leader,
Tax and Legal Partner,
PwC Thailand
Impact of COVID-19 on family businesses in Thailand
Thai family businesses saw a mixed performance over the last financial year (before COVID-19), with 39% experiencing growth and 31% seeing a sales reduction. Thailand’s situation was worse than the global picture. Globally, 55% of family businesses grew while only 19% shrunk.
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Impact of COVID-19 on family businesses in Thailand
Growth in Thailand was slower than the global average before the impact of COVID-19. Some 61% of Thai family businesses feel COVID-19 will lead to a decline in sales, which is higher than the 46% of global family businesses who feel that.
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Thailand family businesses are much more likely to prioritise survival and expansion into new markets and client segments than global family businesses, who are more likely to prioritise digital transformation.
Issues related to innovation and digitalisation as well as diversification and expansion are the key priorities in Thailand. On the other hand, sustainability issues are lower down the priority list. However, 56% are focussing on survival and protecting their core business.
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Family businesses in Thailand are more likely to have at least one issue related to evolution/new thinking but are less likely to mention a sustainability issue or the local community as a key priority compared with the global average.
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Only 11% of Thai family businesses claim to have a robust, documented and communicated succession plan in place, compared with 30% of global family businesses.
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Contact us
Sinsiri Thangsombat
Entrepreneurial and Private Business Leader, Assurance Partner, PwC Thailand
Tel: +66 (0) 2844 1000