Family businesses weather recession
Family owned businesses are made of strong stuff according to a new survey.
The PwC Family Business Survey 2010/11 found that the vast majority of these businesses survived the recession because of their ownership structure.
The global survey interviewed businesses on a number of operational and financial elements and the results are in some cases quite remarkable. The vast majority of the local respondents were SMEs who were polled between 2009 and 2010.
During this time, 55% of these businesses showed growth with 23% noting “significant” increase in the demand for their product or service.
Another notable finding is that the vast majority of respondents also believe that being a family owned business helped them cope with the economic slump… more