Brexit creates a number of new challenges for UK family businesses, according to the 8th Family Business Survey from PwC, not just at home but in a competitive global market.
A third of UK businesses are reported to worry about its impact, but do not plan to directly address this fear in the short term, with only 34% expecting to actively expand to overseas markets, compared to 54% of family firms outside Britain looking to grow in new geographies.
However, for UK family businesses, this may just be a short-term impact, as they are still predicting growth and sales increases in the next five years. PwC found 94% of UK family businesses anticipated growth and were confident of growing their core business in existing markets.
A long term vision and protecting the family business was a key goal for 68% of respondents; higher than global responses. However, a major challenge to this is that only 13% of UK family businesses told PwC they had a “robust, documented and communicated succession plan” in place.
UK family businesses believed they have some advantages over non-family businesses. Approximately 80 % believe they have stronger culture and values, while seven in 10 felt they were more streamlined, made decisions quicker and with a longer term approach in mind to decision making compared to non-family businesses.