Launch of the European family business report: COVID-19 edition

It is widely recognized that family businesses think in terms of quarter centuries, not the next quarter’s financial results. The importance of taking the long view is embedded from generation to generation and it is one of many distinctive characteristics of family businesses. It has also proven to be a source of their endurance. As businesses of all types across the globe responded to the impact of COVID-19, an extraordinary opportunity presented itself: to witness — in real time — how family businesses were tackling the immediate impact of the pandemic on their businesses while
sustaining their focus on the future and helping to restart the economic engines in their countries. There were many lessons to be learned. With this in mind, European Family Businesses (EFB), the Successful Transgenerational Entrepreneurship Practices (STEP) Project Global Consortium and KPMG Private Enterprise came together to discover how family businesses around the world were responding to the impact of COVID-19. What actions have they taken to stabilize their business in the
short term? What strategies have they adopted to sustain success for generations to come?