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Third edition European Family Business Barometer A more confident outlook 
December 2014 
www.kpmg.com/familybusiness
1 
© 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of indep...
2 
© 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of indep...
3 
© 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of indep...
4 
© 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of indep...
5 
© 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of indep...
6 
© 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of indep...
7 
© 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of indep...
8 
© 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of indep...
9 
© 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of indep...
10 
© 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of inde...
11 
© 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of inde...
12 
© 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of inde...
13 
© 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of inde...
14 
© 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of inde...
15 
© 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of inde...
Thank you 
To download the third EFB-KPMG European Family Business Barometer – A more confident outlook, please click here.
© 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independ...
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European Family Business Barometer: A more confident outlook (3rd edition)

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In the 3rd bi-annual European Family Business Barometer, we bring insight into the confidence levels of family businesses across Europe. While the outlook is positive, the pressure on profitability and the war for talent are key challenges.

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European Family Business Barometer: A more confident outlook (3rd edition)

  1. 1. Third edition European Family Business Barometer A more confident outlook December 2014 www.kpmg.com/familybusiness
  2. 2. 1 © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. Contents Selected findings from the survey Page ■Confidence: How do you feel about the economic situation of your family businesses for the next six months? 2 ■Confidence: In the previous six months you company has… 3 ■Challenges and concerns: What are the major issues facing your family business right now? 4 ■Investment strategy: Does your strategic plan include any investments or divestments? 5 ■Investment strategy: Are you thinking about investment opportunities? And if so where? 6 ■Internationalization: Why doesn’t your family business sell to foreign markets? 7 ■Access to finance: In the last six months, has your family business experienced difficulties in accessing finance? 8 ■Financing: Which of the following options do you consider the most attractive in the next six months? 9 ■Regulatory environment: What changes/improvements would you welcome most? 10 ■The future for family business: What would you consider to be the top five key strengths of your business? 11 ■The future for family business: Importance of family issues for the business 12 ■Family business strategy: Are you considering any options for your family business over the next 12 months? 13
  3. 3. 2 © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. Confidence Family businesses are consistently confident about the future 70% indicate a positive outlook for the next six months (up from 54% in December 2013) 25% are neutral about their economic prospects (4% increase since June 2014) Only 5% are negative (a drop from 12% one year ago) As a result – family businesses are increasingly ready to make new investments. How do you feel about the economic situation of your family business for the next six months?
  4. 4. 3 © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. In the previous six months your company has: Confidence 54% have increased turnover (up from 44% in June 2014) 48% have increased staff numbers (up from 40% in June 2014) 72% of respondents are engaged in activities abroad Businesses are more cautious about international expansion and focus on maintaining operations on foreign markets (a rise from 32% to 44% in six months)
  5. 5. 4 © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. Challenges and Concerns What are the major issues facing your family business right now? Decline in profitability - 47% of respondents; cited as major concern twice in a row (+ 9% over a year) War for talent - 42%, rising up to the second most important challenge (up from 23% in a year) Cost of labor has risen from 15% one year ago to 29% now Though there is a drop in political uncertainties (from 33% to 27%) and regulatory changes (from 36% to 26%) in the last six months, businesses still want to operate in a stable and predictable regulatory environment
  6. 6. 5 © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. Investment Strategy Does your strategic plan include any investments or divestments? 86% of respondents are planning new investments as part of their strategic plan (75% in June 2014, 79% in December 2013) Core business is a top investment priority (54%) Investments in internationalization slightly but steadily decline (a drop to 25% from 27% six months ago, and 29% a year ago) Decrease of investments in internationalization may alter the balance between domestic markets versus foreign markets in the future.
  7. 7. 6 © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. Are you thinking about investment opportunities? Investment Strategy 86% of respondents are considering future investments 47% of respondents prioritize investment in their own country 20% plan to focus on European markets Neighbouring markets mseem less risky due to their proximity and familiarity Only one third associate their success with other overseas markets
  8. 8. 7 © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. Internationalization Why doesn’t your family business sell to foreign markets? Respondents have slightly increased activities abroad (from 60% to 63% in six month) Still 37% do not sell abroad 34% among them explain: their products/services cannot be sold externally 24% among them consider domestic business to be sufficient The question is: Are the given reasons for not exporting valid or are companies not willing to make the effort to expand in new markets?
  9. 9. 8 © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. Access to Finance Access to finance can be a key issue and growth inhibitor Positive outlook: 80% have had no difficulties with funding in the last six months – significant improvement from one year ago (49%) Only 20% (compared to 51% in December 2013) still experience difficulties Of those struggling to access finance, 35% note that underfunding can make it difficult to commit to new investments in the future In the last six months, has your family business experienced difficulties in accessing finance?
  10. 10. 9 © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. Financing Which of the following options do you consider the most attractive in the next six months? 75% of respondents use traditional sources of finance, like … Bank financing (47%) Own equity (28%) Family Business try to balance financing needs with the reluctance to relinquish control and desire for privacy, so… Possible solution: to shift attention to other less traditional not less attractive sources of external financing* *Topic is developed further in KPMG Global Family Business Survey ‘Family matters: Financing Family Business growth through individual investors’, September 2014
  11. 11. 10 © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. Regulatory Environment What changes/improvements would you welcome most? Future success of Family Businesses is directly linked to human capital Mostly welcomed are regulatory reforms to support the recruitment of the skilled staff (from 39% to 50% in six months) 49% wait for the reduction of administrative burden Demands for simpler tax rules and for benign tax and administrative arrangements of inter- generational family business transfers have decreased (from 52% to 42%, and 45% to 37% respectively over six months)
  12. 12. 11 © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. The Future for Family Business What would you consider to be the top 5 key strengths of your business? Respondents attribute much of success of their companies to their unique characteristics: Ability to take quick decisions – up from 34% to 46% in a year Private ownership – up from 10% to 41% in a year Long-term perspective – up from 32% to 38% in a year A customer stays in focus for family businesses: 48% indicate ability to win business or customer loyalty 45% focus on customer service
  13. 13. 12 © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. Importance of family issues for the business Family businesses are driven by a series of critical success factors; among the most important: Good governance structure and processes in place (87%) Ability of family business leaders to prepare and train their successor (82%) Maintaining family control over business (81%) Other growing trends: financial literacy amongst family members and philanthropic activities The Future for Family Business
  14. 14. 13 © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. Family Business Strategy Are you considering any options for your family business over the next 12 months? Family Businesses develop their business plans for the coming year – 50% will undertake strategic changes The major steps are: Passing the management to the next generation (24%) Appointment of a non-family CEO but retaining family ownership/control (23%) -– an alternative route that many companies consider in relation to succession Passing the ownership of the business to the next generation (22%)
  15. 15. 14 © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. Methodology The European Family Business Barometer is based on the results of an online survey. In total 878 completed questionnaires were received during the period 15 September to 20 October 2014. This is the third survey of its kind to be conducted measuring trends among family businesses. The responses from the following countries have been analysed: Austria Belgium Bulgaria Cyprus Finland France Germany Greece Hungary Ireland Italy Malta Poland Portugal Romania Spain The Netherlands UK
  16. 16. 15 © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. Country contacts EUROPE Christophe Bernard Partner, Global Head of Family Business T: +33 (0) 1 5568 9020 E: cbernard@kpmg.fr AUSTRIA Yann-Georg Hansa Partner, KPMG T: +43 (0) 1 3133 2446 E: yannhansa@kpmg.at Peter Humer Partner, KPMG T: + 43 (0) 732 6938 2212 E: phumer@kpmg.at BELGIUM Thomas Zwaenepoel Partner, KPMG T: +32 2 708 38 61 E: tzwaenepoel@kpmg.com BULGARIA Kalin Hadjidimov Partner, KPMG T: +359 (0)2 969 7700 E: khadjidimov@kpmg.com CYPRUS Demetris Vakis Partner, KPMG T: +357 22 209 000 E: dvakis@kpmg.com FINLAND Ari Engblom Partner, KPMG T: +358 (0) 20 760 3614 E: ari.engblom@kpmg.fi FRANCE Jacky Lintignat Partner, KPMG T: +33 (0) 1 5568 9036 E: jlintignat@kpmg.fr GERMANY Dr. Christoph Kneip Partner, KPMG T: +49 (0) 211 475 7345 E: ckneip@kpmg.com GREECE Christian Thomas Partner, KPMG T: +30 21 11 815 815 E: christianthomas@kpmg.gr HUNGARY Zoltán Mádi-Szabó Senior Manager, KPMG T: +36 1 88 77 331 E: zoltan.madi-szabo@kpmg.hu IRELAND Colin O’Brien Partner, KPMG T: +353 (0) 1 410 1679 E: colin.obrien@kpmg.ie Olivia Lynch Partner, KPMG T: +353 (0) 1 410 1735 E: olivia.lynch@kpmg.ie ITALY Gianluca Geminiani Partner, KPMG T: +39 071 290 1140 E: ggeminiani@kpmg.it MALTA Anthony Pace Partner, KPMG T: +35 6 2563 1137 E: anthonypace@kpmg.com.mt THE NETHERLANDS Olaf Leurs Partner, KPMG Meijburg & Co T: +31 (0) 76 523 7514 E: leurs.olaf@kpmg.nl Ernst Groenteman Partner, KPMG T: +31 (0) 20 656 7482 E: groenteman.ernst@kpmg.nl POLAND Miroslaw Grabarek Partner, KPMG T: +48 22 528 1091 E: mgrabarek@kpmg.pl PORTUGAL Vitor Ribeirinho Partner, KPMG T: +351 21 011 0161 E: vribeirinho@kpmg.com ROMANIA Richard Perrin Partner, KPMG T: +40 37 237 7792 E : rperrin@kpmg.com SPAIN Juan Jose Cano Ferrer Partner, KPMG T: +34 914 563 818 E: jjcano@kpmg.es UK Gary Deans Partner, KPMG T: +44 (0) 141 300 5811 E: gary.deans@kpmg.co.uk
  17. 17. Thank you To download the third EFB-KPMG European Family Business Barometer – A more confident outlook, please click here.
  18. 18. © 2014 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International Cooperative (KPMG International). Produced by Create Graphics. CRT012558 The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

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