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80 pct of Malta's family businesses increase turnover over past year

Xinhua, November 19, 2016 Adjust font size:

Around 80 percent of family businesses in Malta have had an increase in turnover over the past 12 months, according to the family business survey conducted by Pricewaterhouse Coopers (PwC).

The results were published during the Family Business Forum organised by PwC and the Bank of Valletta (BOV).

The PwC family business survey interviews thousands of senior executives from across 50 countries. In Malta, as many as 98 percent of all businesses are small to medium in size, with the vast majority being family run. They currently make up about 80 percent of local employment.

The survey also found that 60 percent of family businesses surveyed generate an average of 24 percent of turnover from overseas markets, and as many as 52 percent of family businesses list the establishment of new entrepreneurial ventures as a key priority.

However, this survey also revealed that only 20 percent of family businesses in Malta have a robust, documented, and communicated succession plan in place. Less than half of family businesses in Malta report that the family and business strategy are completely aligned. This is considerably lower than the global average, which is around 69 percent.

In a government press release published Friday, Malta's economy minister Chris Cardona spoke about the recently introduced Family Business Act.

The minister noted how the new legislation would guide and provide strategic planning and processes that would allow such businesses to explore and expand their ventures abroad. Endit