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STEP Project-KPMG Global Family Business Survey Report 2021
STEP Project-KPMG Global Family Business Survey Report 2021
comeback
How family businesses are
triumphing over COVID-19
Global family business report:
COVID-19 edition
March 2021
home.kpmg/privateenterprise thestepproject.org
Table of contents
01 02
Mastering a
comeback Executive summary
50 Methodology
52 Acknowledgements
56 Editorial
board 55 About KPMG Private Enterprise
Mastering
a comeback
T
here is a widely accepted view that family The strategic alliance between the STEP Project
businesses have mastered the art of Global Consortium and KPMG Private Enterprise
resilience, agility and adaptability to overcome allows us to share valuable insights into the key
whatever challenges may come their way. With this issues and opportunities that are affecting family
in mind, and for the benefit of all family businesses, businesses. STEP has successfully bridged family
we wanted to capture the valuable insights and business research and practice for the past 15 years
important lessons learned by family business and both organizations have deep experience in
leaders throughout the world in guiding their working with business families around the world.
businesses through the uncertainties of COVID-19. This has given us the opportunity to develop
a deeper understanding of some of the most
How has COVID-19 affected their businesses pressing questions that are on the minds of family
and their families? What actions have they business leaders. Understanding the impact of
taken to preserve, adapt and potentially even COVID-19 and the actions that family businesses
grow their businesses in such an uncertain have taken in response is just such an opportunity.
environment? Does resilience and agility continue
to be a unique family business advantage? As expected, the insights that we have taken
away are instructive for family firms of all sizes,
The Successful Transgenerational Entrepreneurship sectors and operating models. We are pleased to
Practices (STEP) Project Global Consortium and have this opportunity to share with you the ways
KPMG Private Enterprise came together to find in which family businesses around the world are
the answers to these questions – and many more triumphing over one of the most significant and
– by conducting a special Global family business unexpected events in their families’ histories.
survey: COVID-19 edition. The survey data was
collected between June 2020 and October 2020
and it captured the experiences and insights of
family businesses of all sizes and from a vast
range of industry sectors around the globe.
Throughout this document ‘We/Us/Our’ means KPMG and the Successful Transgenerational Entrepreneurship Practices (STEP) Project Global Consortium.
Mastering a comeback 1
Executive summary
Resilience is in their DNA the business and to plan for the long the STEP Project Global Consortium
term. This futuristic outlook is deeply and KPMG Private Enterprise came
Family businesses play a vital economic embedded in the culture of family together with the Global family
role in most countries worldwide. Not only businesses and it’s amplified by the business survey: COVID-19 edition,
do they make an important contribution family’s strong values and clear sense we had a clear purpose. Our goal was
to GDP, they also employ a substantial of purpose. to uncover meaningful insights that
portion of the global workforce. With such would help family businesses learn
important contributions to the world’s These attributes are built into the from each other’s experiences and
major economies, it is no surprise that DNA of family businesses and are provide guideposts for advancing their
family businesses are primed to be the often seen as unique and striking businesses into the future. We weren’t
engine of the global economic recovery competitive advantages. They are disappointed. As one family business
from COVID-19. the strengths behind the resilience leader described, “One door closed, and
that has made so many family 10 more opened up.”
They are in the best possible position businesses successful in dealing with
to assume this leadership role because the immediate impact of COVID-19, Without question, the global economy
of the unique attributes of family then swiftly turning their attention to is in motion and, as family businesses
businesses, not the least of which is longer-term strategies for steering continue their focus on building for the
their well-known long-term orientation. their businesses and families forward. future, they will likely remain in the
It’s common to hear remarks about driver’s seat of the economic recovery
family businesses thinking in terms of and provide important guideposts for
quarter centuries and not the short-
From initial shock to the
others to follow. We expect that their
term returns for the next quarter. They current reality insights will help to open up many
are focused on building a business more doors of opportunity for family
There have been numerous academic
that will be carried forward by each businesses worldwide.
studies and opinion pieces in recent
generation, which gives them the time
months regarding the impact of the
and patience to think strategically about
pandemic on family businesses. When
2 Executive summary
Actions in the short term Strategies for the long term family businesses were 42 percent
more likely to deploy a business
The impact of the pandemic came as an One of the key differentiators of family transformation strategy than non-family
immediate shock to most businesses. businesses is in how they define success. firms. Many also took the time to look
Family and non-family businesses While profits and dividends are important seriously at ways to streamline their
alike had to act quickly to protect their financial measures, success in family operations, including accelerating the
companies from a sudden drop in sales businesses is defined by both financial implementation of new digital solutions,
and supply chain disruptions. Non- and non-financial objectives, such as and to focus on important family issues,
essential costs were cut during the early control, transgenerational succession, such as succession planning and their
and highly unpredictable months of the social capital, emotional connection to the ownership structures.
pandemic and employment reductions firm and reputation. These non-financial
were necessary in some cases. The (socio-emotional) objectives are important This unexpected gift of time provided
characteristic long-term view of enough in family firms to have a direct the opportunity to rethink, revamp and
family businesses took hold quickly, impact on their decision making and how revitalize their strategies and their family
however, demonstrating once again they measure success. dynamics for the long term. This is
how and why family businesses have particularly the case as environmental,
managed to thrive during one of the The family’s legacy, honoring the social and governance (ESG) factors
most uncertain times in recent history. traditions of previous generations and are becoming key value drivers and
supporting the community in times of underpin the need for NextGen family
Because business families have need all reinforce the socio-emotional members to be involved in shaping the
been so committed to sustaining characteristics of family businesses. future of business. In assessing the
entrepreneurship across the generations, It also explains why, after taking need for new strategic thinking, family
a deeply resilient instinct has been immediate actions to cushion the business leaders typically looked for
embedded in their DNA. With the sudden financial shock of COVID-19, families answers to a few key questions:
arrival of COVID-19, those instincts returned their attention to familiar
triggered immediate financial actions, territory: developing longer-term • Do we have a strategy in place that
such as carefully managing their cash strategies and sustaining the purpose addresses the current reality as
flow and liquidity requirements during a and non-economic value that the family well as the longer-term prospects
period of decreased customer demand derives from owning and managing for the business?
and supply chain disruptions. Many the business. That deep sense of
renegotiated their vendor contracts or purpose was evident in the ways in • Has our strategy been tested?
adjusted payment terms. which business families supported
their communities and a wide range • Does our strategy need to be
Family firms also took several non- of stakeholders from their employees refined or completely overhauled?
financial actions such as family through to customers and suppliers.
members making decisions to step back • Does our strategy account for the
into the business to help solve problems For many family businesses, an changing dynamics of the family?
that the company was encountering, unexpected and positive outcome of the
• Have we tapped into the
maintaining vital relationships with pandemic was the gift of time. With a
knowledge and insights of all
employees, customers, suppliers and slowdown in their business operations,
generations of family members?
communities, and contributing to the several family business leaders found
company’s longer-term plans. they had the time and agility to diversify, • How well is our ESG strategy
to explore ideas for new products, integrated with our business
new markets and extensions of their strategy? Does it support our family
businesses that had been simmering legacy and continue to build on it?
in the background for years. In fact,
Mastering a comeback 3
As family businesses considered these widely dispersed among several Most have put their resilience to the test
questions in the COVID-19 environment, generations who aren’t typically as and emerged from the pandemic with a
their conclusions reflected three involved in the company’s operations. refreshed strategic direction and a long-
dominant strategic frameworks: term view for the future that is energizing
These two factors defined four types of the business as well as the family.
1. Social responsibility: addressing family business firms and to help bring
the impact of the pandemic on the them to life, we have illustrated them There are many lessons that can be
welfare of employees, society as in “personas” as family “Corporations”, learned from all of these experiences.
a whole and the needs of all their “Enterprises”, “Consortiums” and
Now is the time for every family
stakeholders, including customers, “Ventures”. Other characteristics, such
suppliers and local communities. as the age and size of the business and business to apply these learnings
the number of generations who are in evaluating their own actions
2. Business transformation: involved in it, have helped us to describe and to implement the changes
pivoting their businesses what makes each persona unique. that will be necessary to keep
reactively to address the impact
family businesses moving
of COVID-19 and proactively to The personas provide family business
ensure that new business models leaders with an opportunity to explore forward as the engine of
included transformational ESG the strategies and actions taken by family the global economy.
strategies and using resources businesses that have the same defining
responsibly, while also supporting factors and also share characteristics
the growth and adaptability of similar to theirs. It is one way to help
their business in a rapidly changing determine if now may be the time to
external environment. explore alternative strategic options for
achieving their own definition of success.
3. Exercising patience: leveraging
their patient capital to understand
the full impact of COVID-19 on their
Now is the time to look
business and others in their industry, forward … and to act
observing the immediate actions
For family businesses, the first
that many of their competitors were
response to COVID-19 was to protect
required to take. This may give family
the family business and the business
businesses a future competitive
family. The second step was to re-
advantage by being able to seize
evaluate and redesign their strategies in
opportunities that others in the
order to master a comeback. The third
industry may not have the foresight
step will be to triumph as a leader of the
or resources to capture.
global economic recovery.
Family business personas Looking back over the past few months,
there are family businesses that
There are several important factors recognized they didn’t have sufficient
that influence the strategies and contingency plans in place to deal with
specific actions that individual family a major, unexpected event. Others
businesses implement. However, two have realized that succession planning
key features have been identified that is becoming a more urgent priority to
are influencing their current strategic ensure the right leadership is being
roadmaps. The first is whether or prepared to pick up the reins and guide
not the CEO is a family or non-family a new strategic direction successfully.
member. In family businesses led
by a family member, for example, Many now see that younger generations
the family overall is generally more of the family have innovative ideas for
engaged in decision-making and in the the future of the business and they’re
development of long-term strategies. examining the mechanisms that need
to be in place to keep bringing fresh
The second factor is related to share ideas to the surface. Those with multiple
ownership. If the family’s shares are generations of the family involved in the
highly concentrated between a small business – in leadership or operating
number of family members, there is roles, as Board members or shareholders
typically greater family involvement – were 45 percent more likely to deploy
and influence on decisions versus a business transformation strategy
situations in which the shares are compared to single-generation firms.
42%
First
generation
Nationalities
Respondents from 75 countries distributed in
five macro-regions: Europe; North America,
South America & the Caribbean; Asia Pacific; and
the Middle East & Africa.
Second
36% generation
55% Europe
Third Asia
14% generation 20% 9%
Pacific
16%
The
Americas1 Middle East
& Africa
Fourth or subsequent
8%
generations % of family firms
1
North America, South America and the Caribbean
6 Survey highlights
Revenue Government support
Revenue stayed Revenue 76%
the same decreased of firms globally accessed government support programs.
Of those:
22% 69%
Globally
9%
21%
43%
Revenue increased 36%
Social responsibility
42%
of family businesses
were more likely to
deploy a business
Business transformation transformation strategy
than non-family firms.
Exercising patience
20.07 % 4.31 % 3
Mastering a comeback 7
The impact of
COVID-19 on family
businesses globally
I
n total, 3,010 business leaders that their revenues experienced an
completed the Global family business initial decline due to COVID-19.
survey: COVID-19 edition, with 2,493
from family businesses in the Americas, Twenty-two percent of family
Asia Pacific, Europe and the Middle businesses reported that their revenues
East & Africa and another 517 from remained the same, while 9 percent
non-family businesses, for comparison. reported that their revenues were
affected by a revenue boost in the
Since the survey was conducted during wake of the pandemic. This included
the early months of the pandemic, we businesses that did not benefit from an
believed that the first indicator of the increased demand in their products or
impact of COVID-19 on family and non- services due to lockdown measures.
family businesses would be reflected
in their revenue. Uncertainty in the These findings encouraged us to find
markets and the need for government out more about the companies who
restrictions on social interactions and have continued to thrive in such a highly
business operations in most areas of the uncertain environment and the actions
world did, in fact, have a striking impact that others are taking to sustain or
on companies’ revenues. Sixty-nine rebuild their businesses for the future.
percent of family businesses reported
23%
13%
87%
75%
16%
25%
13%
1
North America, South America and the Caribbean
Source: STEP Project Global Consortium and KPMG Private Enterprise Global family business report: COVID-19 edition
Mastering a comeback 9
Sector and
The most significant regional
revenue increases were
reported in companies
impact
that benefited from
the acceleration of
W
e looked first at the initial
technology and the impact in different regions of
surge in e-commerce the world and across a variety
of sectors.
for many traditional
We found that revenue declines varied
retailers. widely among different industry sub-
sectors, some of which experienced
extremely sharp losses, while others
have managed to weather the storm
very well. Not surprisingly, the primary
sectors reporting revenue declines
were those that were affected
immediately by social and travel
restrictions. This included 88 percent
of hotels and restaurants, 83 percent
of education institutions, 71 percent
of those in the transportation sector
who saw a dramatic decrease due
to heightened travel restrictions
and another 71 percent in the arts,
entertainment and recreation sectors.
Education institutions
Human health and social work
Transportation
Mastering a comeback 11
From impact to action
E
ighty-seven percent of family firms we identified several financial and non-
that participated in the survey are financial actions that families have taken
led by family CEOs, which often to stabilize their businesses during the
reflects a high level of family involvement initial shock caused by the pandemic. Their
in decision-making as well. The family’s decisions are also laying the foundation
involvement in the daily decisions of the for their companies’ longer-term growth
business is a unique characteristic of the prospects. In some cases, these decisions
family business model, especially during have led to a complete transformation
times of dramatic change and upheaval. of their business operating models and
The family can be a source of unique product offerings, often with the intent of
and inimitable resources and capabilities making them fit for purpose in the new
that lead to the resilience and agility digital age. In fact, family businesses
with which family businesses are often were 42 percent more likely to deploy a
identified.2 The shock of an unexpected business transformation strategy than
global pandemic provided an opportunity non-family firms.
to see firsthand if they really do have that
“special resilience” in their DNA. A high percentage of family members
throughout the world have not only been
The family’s involvement not only addresses involved in addressing the impact of
the economic goals of the business, it COVID-19 on their businesses, they have
also tackles family-oriented goals, such as also been looking out for the concerns of
sustaining the family legacy. We found that their communities. Most have relied on
this combination of family-oriented and family members to become involved inside
business-oriented goals has affected the the business to overcome the impact of
ways in which families have reacted and the pandemic. Others have also expanded
responded to the impact of COVID-19. their horizons beyond the family business
to make use of the family’s social capital to
From the survey responses, as well as open up collaborative opportunities with
direct experiences with family businesses, their external stakeholders.
Cutting office Cutting office Cutting office Cutting office Cutting office
expenses expenses expenses expenses expenses
Costs/Investments
1
North America, South America and the Caribbean
Source: STEP Project Global Consortium and KPMG Private Enterprise Global family business report: COVID-19 edition
2
Minichilli, A., Brogi, M., & Calabrò, A. (2016). Weathering the storm: Family ownership, governance and performance through the financial
and economic crisis. Corporate Governance: An International Review, 24(6), 552-568.
Mastering a comeback 13
Absorbing
the financial
shock of
COVID-19
B
ecause of the uniqueness of • Hiring freezes were implemented
family businesses and how the by 38 percent of family
family’s involvement translates businesses globally.
into a competitive advantage, it was
our intention to explore, analyze and In some cases, adjustments were
understand the actions that family also made in companies’ executive
businesses took in response to the compensation arrangements, with
pandemic. If there was an unexpected 29 percent of family businesses
shock, what did family and non-family globally reducing executive pay and
businesses do to absorb that shock? 19 percent considering alternative
forms of executive compensation.
Notably, executive compensation
Employee and changes were most prevalent among
executive actions survey respondents from large,
well-established businesses led by
Management reactions to mitigate the
non-family CEOs. Thirty-six percent
impact of COVID-19 on their businesses
of those companies in the survey
was seen primarily in changes in
deferred or reduced executive pay and
companies’ employment numbers.
29 percent have considered incentive
Globally, family business employment
compensation alternatives.
dropped by 8.56 percent from the start
of the pandemic to the completion of the It is important to highlight, however,
survey. By comparison, the employment that the employment changes in family
change for non-family businesses was businesses varied widely across the
10.24 percent. regions. For example, while employee
reductions in Europe were low at
• 46 percent of employees
around 4 percent, the employment
were moved to remote
change in the Middle East & Africa was
working status.
20 percent. Because the location of
• 40 percent reduced the family business appears to be the
employees’ hours. most important factor when it comes
to making employment reductions, it
• 32 percent put employees on is likely that the wide variations may
furlough and as many as 19 percent be related to each region’s economy
implemented employee layoffs. and the different employment law
protections in many countries.
17%
25%
8% Asia
Europe
22% Pacific
11% 64%
75%
9%
Global
13%
22%
3%
67%
84%
Andrea Calabrò
STEP Global Academic Director,
Director,
IPAG Entrepreneurship &
Family Business Center,
IPAG Business School
Mastering a comeback 15
Cost cutting measures renegotiated their relationships with
suppliers, customers and financial
In addition to reducing employment institutions as the impact on their
costs, 41 percent of family revenues led to changes in their
businesses have also implemented economic and financial status.
While more than 80 percent of the
wide-ranging cost-cutting measures,
actions that were taken to overcome such as: • 30 percent renegotiated their
the impact of COVID-19 focused on the vendor contracts,
• 58 percent reduced their
companies’ employees, cost-cutting general office expenses, • approximately one-third
measures and reducing or deferring delayed vendor payments
• approximately half cut and loan repayments,
investments, 12 percent of family
marketing spending, and
businesses found it necessary to close • 24 percent postponed or
their businesses either permanently or • 32 percent reduced cancelled their R&D investments
their inventories to lower and product launches, and
temporarily. While such consequential carrying costs.
actions weren’t required in most family • 26 percent took on additional
Through the survey and experiences debt to finance their operations
businesses, other actions to support
with family business leaders to address revenue shortfalls
the business were necessary. worldwide, we discovered that the and to obtain the capital that
initial impact of COVID-19 on family was required to retool their
businesses was focused primarily manufacturing facilities, develop
Alfredo Valentino on overall cost-cutting measures, new products or implement
STEP Global Research including reducing the companies’ new technology solutions.
Champion, employment expenses, and business
Associate Professor,
ESCE International actions, such as renegotiating While more than 80 percent of
Business School vendor contracts and payment the actions that were taken to
arrangements with customers. overcome the impact of COVID-19
focused on the companies’
Business reactions employees, cost-cutting measures
and reducing or deferring
Beyond the immediate actions to investments, 12 percent of family
absorb the impact of COVID-19 by businesses found it necessary
reducing costs, businesses quickly to close their businesses either
reorganized their internal operations permanently or temporarily. While
to meet new levels of market such consequential actions weren’t
demand. In some cases, this led to required in most family businesses,
retooling their businesses for the other actions to support the
development of new high-demand business were necessary.
products. They also reinforced and
Mastering a comeback 17
Accessing government • 76 percent of family firms globally
accessed government
support support programs. Of those who
Government support programs accessed government support
were introduced in many programs:
jurisdictions throughout the world and
76 percent of family businesses globally • 43 percent acquired
accessed some form of government financial support,
subsidies or other forms of financial
• 36 percent made use of tax
support. Approximately three-quarters
reduction and tax filing
of family and non-family businesses
deferral opportunities, and
made use of the government schemes
that were available in their countries. • only 21 percent received
Family businesses primarily made use government subsidies to
of financial support programs, such as supplement salary losses and
low-cost loan arrangements, and less expenses related to changes in
use of subsidies compared to non-family production capabilities or the
businesses. resources required to enable a
remote workforce.
Mastering a comeback 19
Putting
purpose and
values to work
I
n responding to the impact of was needed from the family. It was
COVID-19, many family members important for the family to re-engage,
have played critical roles as owners especially in those situations in which
of the business to safeguard their management has been entrusted to
financial and emotional investment and non-family executives. In some cases,
to preserve the legacy that has been senior family members have come back
built over multiple generations. into the business to bring a historical
context, while also ensuring that the
In some cases, their response to family purpose and values remain intact.
COVID-19 was to become more
deeply involved in community support Because of their knowledge and
programs and making contributions to exposure to many new technologies,
social causes. Some made use of their younger generations of the family
business expertise and resources to are increasingly being tasked with
manufacture high-demand products, identifying digital solutions to transform
such as hand sanitizers and face masks. the family’s business operations or
Others used the temporary downtime helping to develop new technology
in their businesses to retool and prepare products or service offerings that can
for the reopening of their business and accelerate the business into the future.
its eventual comeback in the market.
In most family businesses, candid and
frequent communications within the
Family involvement family have increased substantially in
and response order to ensure that the family is well-
informed about the performance of
When many family businesses started the business and is able to make quick
to grasp what the pandemic might decisions based on good information.
mean for their companies, they realized Several family business leaders
that more involvement and input
Mastering a comeback 21
pointed out that the frequency of customers, suppliers and other
communication has also increased external stakeholders to diagnose
dramatically, particularly in the underlying problems, develop
first few months of the pandemic, solutions for the business and also
with weekly or bi-weekly update address broader social concerns.
There continues to be a need for an
meetings with family members in
appropriate level of family involvement place of the regular family board Different organizational responses
in family businesses. This is often the meetings that had been held every to COVID-19 were reported
2 to 3 months. across the regions. In Asia, the
case when the business is managed Middle East and Africa, family
by a non-family CEO and the distance There continues to be a need businesses reported that they
between the family and the business for an appropriate level of family worked collaboratively with external
involvement in family businesses. stakeholders (industry and sector
has been widening over time. There This is often the case when the groups, suppliers and customers)
have been many examples in the past business is managed by a non-family to deal with the pandemic, while
several months where the family came CEO and the distance between the in North America, there was more
family and the business has been emphasis on sharing information
“back into the business” to come to widening over time. There have openly and frequently with all of
an agreement on highly consequential been many examples in the past their companies’ stakeholders.
decisions, such as whether or not several months where the family
came “back into the business” to It is interesting to see different
regular dividend payments should come to an agreement on highly organizational responses to
be issued, or if the time has come to consequential decisions, such as COVID-19 across macro-regions.
whether or not regular dividend In Asia and the Middle East & Africa,
appoint a new CEO with a different
payments should be issued, or if family businesses have relied
skill set to meet the challenges ahead. the time has come to appoint a new more on external stakeholders as
The involvement of several generations CEO with a different skill set to meet collaborators in addressing the
the challenges ahead. impact of the pandemic, while in
of family members contributed directly
Europe and the Americas, family
to their firms’ ability to accelerate the businesses have placed more
Managing stakeholder reliance on empowering family
transformation of their businesses.
relationships members and employees to make
decisions and take action.
Family members are also
Tom McGinness collaborating with other business
Global Leader, leaders in their communities,
Family Business,
KPMG Private Enterprise,
Partner,
KPMG in the UK
Mastering a comeback 23
Three key
strategies:
Preparing
for a
comeback
F
amily businesses have identified three
core strategies to respond to the
impact that COVID-19 has had on their
business and family legacies:
45%
Family businesses that have several
generations of the family involved in the
business – in leadership or operating roles,
as Board members or shareholders –
more likely to were 45 percent more likely to deploy
deploy a business a business transformation strategy
compared to single-generation firms.
transformation
strategy
Strategic acceleration
In some instances, a single strategic In many cases, I don’t believe that acceleration in considering external
approach has dominated throughout the pandemic has changed family CEOs because of the need for
the months of the pandemic. For business strategies as much as it a different skill set and range of
has accelerated the implementation experience in the next 20 years
the majority of firms, however, more of some strategies or amplified the compared to the previous 20.
than one strategy has been followed family’s position on changes that
as the months have progressed and they were already considering. If the With more companies looking at
company was performing poorly, the technology infrastructure of
its impact on their businesses has COVID-19 has made it worse. their firms and the acceleration
changed. In many of those cases, all If the family was thinking about of the new digital economy,
three strategies – corporate social changing the CEO and potentially encouraging greater involvement
bringing in a new leader from of younger generation family
responsibility (CSR), pivoting and outside the family, that discussion members may be one of the most
waiting – have been embraced as and decision is being accelerated. important short-term actions
the circumstances of the business family businesses can take.
One of the outcomes of
have continued to change. COVID-19 that I have seen in Dr. Knut Tonne
family businesses is an increase Partner,
in discussions about succession KPMG Private Enterprise,
Andrea Calabrò as well as the involvement of KPMG in Germany
STEP Global younger generations in the family
Academic Director,
Director, business in general. I also see an
IPAG Entrepreneurship &
Family Business Center,
IPAG Business School
Mastering a comeback 25
Strategy 1:
Social responsibility
Mastering a comeback 27
Strategy 2:
Business transformation
While continuing to sustain the family’s firm’s ESG goals, which is recognized as
purpose, values and community a particularly high priority among next-
commitments they began turning their generation family members.
attention to new strategies for pivoting
their business by reacting initially to the Many family businesses were quick to
impact on their business (especially with adopt new technology processes that
regard to the impact on their revenue) completely transformed the efficiency of
in order to survive, followed by a their operations. Others have tapped into
proactive pivot to create new approaches their family’s entrepreneurial mindset to
for adapting and transforming their diversify their businesses by creating a new
businesses in order to thrive in the future. catalog of digital products and technology
services that opened up entirely new
Business transformation is the second markets that weren’t even imagined a few
observed strategic response from family months earlier.
businesses. It embraces the concept of
pivoting and the importance of encouraging
a transgenerational entrepreneurship
mindset so that the business can be
passed successfully from one generation to
another. Actions such as streamlining their
operations and implementing new financial One forward-looking outcome of
measures, and creating new products, the pandemic is the stimulus that it
exploring new markets or adopting new
technology solutions were taken to has created for family businesses to
transform their businesses. These may understand the value of advanced digital
have been changes that the business had technology for their operations and
contemplated in the past, but in responding
to the impact of COVID-19, the family may their growth. Many are now seeing the
have determined that the time to pivot was potential for utilizing managed services,
right in front of them. for example, to make their operations
In some cases, a slowdown in the more efficient and trim expenses.
company’s regular operations or the
pressing need to find new sources of As a new business opportunity,
revenue has provided a window that the appetite for digital technology
was needed to open for the business applications has advanced
to explore new ideas. Family members
from multiple generations spent quickly. Many family businesses
more time together due to necessary are already well underway with
lockdowns which helped them nurture the introduction of innovative
the transgenerational entrepreneurial
mindset that is the fuel for innovation. technologies to meet the needs of
Putting the knowledge and skills of entirely new market segments that
several generations to work made them are only beginning to emerge.
45 percent more likely to accelerate
opportunities to develop and implement
well-planned new ideas as part of the Jonathan Lavender
immediate recovery plan and for the Global Head,
company’s future growth prospects. KPMG Private Enterprise,
This included, strengthening their Partner,
commitment to, and expansion of, their KPMG in Israel
Alan Barr
National Private
Enterprise Leader,
Partner,
KPMG in South Africa
Mastering a comeback 29
Strategy 3:
Exercising patience
3
The third strategy is one in which family same industry that don’t have the family’s
businesses have not taken immediate unique set of resources, which may give
action to address the impact of COVID-19. family businesses a future competitive
advantage in their industry.
This strategy was common in very large
family businesses that have the financial There is an interesting aspect to this
resources to withstand major changes strategy among family businesses that
and challenges to their operations in the were particularly concerned about retaining
short term. We saw from the survey that and taking care of their employees. In
a patient approach was taken at various many of these companies, for example,
stages in the pandemic life cycle as family a decision was made to defer dividend
businesses assessed the longer-term payments for up to 12 months in order to
impact of COVID-19 and were able to take retain the capital for their workforce. This
the time to project a realistic outlook for has generated tremendous goodwill among
the future. They have been able to leverage employees who recognized the level of
their patient capital to observe the impact concern and care that the shareholders
and actions of other companies in the have for their employees’ welfare.
Social responsibility
Business transformation
Exercising patience
1
North America, South America and the Caribbean
Mastering a comeback 31
Making the
strategy choice:
Two key factors
W
e observed a pattern in the the family to direct strategic decision-
strategies that were chosen making while also controlling the assets
among family businesses of the business.
that reflected two key factors:
the leadership and the ownership While the family/non-family CEO
composition of the company. factor and the concentration of family
ownership factors are key, we found
“Is the business led by a family other common characteristics among
member or a non-family CEO?” family businesses (such as the size and
age of the business and the number
“Are the company’s shares highly of family generations who are actively
concentrated among a small number engaged in it) that have also had some
of shareholders or are they widely influence on their strategic choices and
dispersed among multiple family (and actions during the pandemic.
potentially non-family) members?”
When we combined the family/non-
From a global perspective, family family CEO and family ownership
ownership was high among the survey dimensions, we were able to cluster
respondents. On average, more than 90 family businesses into four groups that
percent of their companies’ shares are share other common characteristics. We
owned by the family, keeping control have described these four groups as four
of the business firmly in family hands. family business personas that we have
In addition to the family ownership, named the “Family Corporation”, “Family
companies led by a family CEO are Enterprise”, “Family Consortium” and
exercising the additional authority of “Family Venture”.
4
• Non-family CEO • Family CEO
Mastering a comeback 33
The Family Corporation
Common characteristics of In addition to being among the most
well-established family businesses, the
the Family Corporation other characteristics they share include
Family businesses included in this the following:
persona are generally among the oldest
and largest companies that contributed
to the survey, having been in operation
for an average of 58 years.
CEO The Family Corporation
Characteristics
The company is led by a non-f
The company’s shares are wid
multiple family members.
Multiple generations of the fam
the business.
Many of these companies hav
Employees
> 200
Mastering a comeback 35
Sustaining and protecting
the business
I have been inspired by the behavior as they share a common focus to
of families in business throughout the protect their business and their legacy.
pandemic. From the beginning, they
have behaved in a way that we have Discussions about succession have
come to expect. They understand that been amplified as well. It was a shock
there is an urgent need to protect their to some older generation family leaders
business and their legacy. In many of who realized that they didn’t have a
my discussions with family business plan for the skills that were required
leaders, I have learned that the family to respond quickly to an unanticipated
has chosen to leave more money in the event. As a result, I have seen an increase
business than they would have under in the delegation of responsibilities to
normal circumstances. That includes younger family members, and although
making the decision not to pay dividends that may be helping to make them
in order preserve as much of their capital better-prepared to take on further roles
as possible to sustain the business. in the business, the risk of delegating
poorly or to the wrong person due to
As far as family relationships are haste, should not be neglected.
concerned, COVID-19 has been an
amplifier. If relationships were bad, Vangelis Apostolakis
they became worse. But if they were Deputy Senior Partner,
good, they’ve become even better and Head of KPMG
more constructive, and we are seeing Private Enterprise,
KPMG in Greece
many families coming closer together
Mastering a comeback 37
The Family
The company is led by a non-family CEO.
Corporation
The company’s
Characteristics shares are highly concentrated among a
small number of family members.
The company is led by a non-family CEO.
These
The are
company’s The Family Consortium
primarily first-
shares or second-generation
are widely
multiple family members.
dispersed among firms.
Only one generation of the family is involved in
Multiple generations of the family are directly involved in
the business.
Common
the characteristics of
business. large firms in the “Family Corporation”
persona. As such, they have a relatively Employees
Approximately
the Family
Many one-half
companiesof
Consortium
of these havethese
more companies
than have fewer
200 employees.
small number of employees. ~ < 50
than have 50 employees.
Family businesses included in this
persona were among the older family The characteristics shared by companies
businesses in the survey, however, they represented in the Family Consortium
are represented primarily by small- to persona include:
medium-sized firms, unlike the very
CEO
The Family Consortium
Characteristics
The company is led by a family CEO
Ownership is widely dispersed acro
and multiple generations.
Employees
Two or more generations of the fam
~ < 50 in the business.
The average age of the business is 4
Employees
< 50 It includes small to medium-sized bu
with approximately 45 percent emp
The Family Consortium than 50 employees.
CEO
Characteristics
The company is led by a family CEO.
yees
The company
The averageisage
led
of by
the abusiness
familyisCEO.
46 years.
0 It includes small to medium-sized businesses
The company’s shares are highly concentrated among a
with approximately 45 percent employing fewer
smallthan
number of family members.
50 employees.
These are typically first-generation businesses that are
less than 30 years old.
Only one generation of the family is involved in
the business. Employees
There are less than 50 employees. < 50
CEO
Employees
< 50
CEO
38 Making the strategy choice: Two key factors
Primary COVID-19 measures and by delaying a planned
investment in a small company that
response strategies: supplies material used in the production
Social responsibility, of automobile airbags. There has been
business transformation less attention, compared to other
business personas, on business actions
Companies included in the Family such as closing the business. The family
Consortium have made community is committed to keeping its employees
support a priority, similar to the firms actively employed.
represented in the Family Corporation,
in which the longevity of the business Across the decades, the family members
and the family’s legacy are important. in this Family Consortium example have
However, in the case of Family developed important skills to respond to
Consortiums, they were more likely to a wide range of business challenges. The
also adopt a business transformation family members are creative, adaptive and
strategy, which may reflect their added have learned how to apply the knowledge
agility due to their relatively smaller size. they have gained in one area of the
business to new opportunities.
The story of a They have adopted a combined
Family Consortium social responsibility and business
transformation strategy to use their
Our fictional Family Consortium is a
available resources to protect the family’s
45-year-old, third-generation firm in
reputation in the community, while also
Germany that manufactures component
pivoting their business. To help keep
parts for the transportation industry.
employees engaged, the company
The company has approximately 120
has organized a “volunteer bank” for
employees and the business is led by a
family members and employees to
family CEO.
contribute their time and experience
to support community fundraising
As a family consortium, three generations
programs and participate in a volunteer-
of the family are involved in the business,
led transportation service that assists
including four second-generation family
vulnerable members of the community
members who manage the day-to-day
who require transport to medical
operations alongside the first-generation
appointments and essential errands.
founder who continues to be involved
by providing oversight on behalf of the
At the same time, family members
shareholders. Most recently, four young
have worked diligently to find solutions
members of the third generation have
to soften the financial impact on the
entered the business in production roles
business caused by a slowdown in
in the company’s manufacturing plant.
the production requirements of its
regular customers. The family CEO
The strategic direction of the business is
established a small task team that
the shared responsibility of the founding
includes the first-generation founder
CEO and the family board, with the
to represent all the shareholders’
second and third generations having
interests, the company’s production
operational responsibilities and roles.
manager, and two third-generation
family members. The team’s objective
Perfecting the art of the pivot was to explore several options to build
on the company’s existing strengths
With the family’s extensive and direct and to transform that experience and
involvement in the business, family expertise into an innovative business
members from all three generations have solution while continuing to uphold
been actively involved in implementing the firm’s environmental and social
solutions to address the impact of welfare commitments.
COVID-19 through some cost-cutting
Mastering a comeback 39
40 Making the strategy choice: Two key factors
While similar companies in the auto parts
sector were changing their business
models to manufacture personal
protective equipment for healthcare Key success factors for the
workers, the Family Consortium in this
example recognized that its engineering Family Consortium:
expertise would be best applied to
alternative transport devices. This
choice would also simplify any retooling using the family’s available resources to
requirements that might be necessary.
sustain the family legacy and the business
The decision was made to revamp a
section of the company’s production
facility to manufacture parts for the new
taking non-financial and financial actions to
high-demand patient transfer devices
between hospitals and other healthcare mitigate the impact of the pandemic
facilities. The company applied for and
received a government subsidy to retool a
section of the plant for this purpose. a high level of involvement of family
members in developing solutions to counter
By pivoting their business in this way, the the impact of the pandemic
family was able to remain focused on its
core strengths and capabilities while also
transforming a segment of the business the family’s creativity, adaptability and skill
for an emerging new market. What was in responding to challenges
an initial revenue shock has ultimately
resulted in a positive improvement
in the company’s short-term revenue ability of the family to apply their knowledge
outlook due to its ability to transform the in one area of the business to opportunities
business quickly.
that arise in others
We believe that a combined
social responsibility and business
strong leadership from senior management,
transformation strategy, as illustrated
in this example, is influenced directly including the family CEO.
by the number of family members who
are participating in the business as
shareholders, operators and stewards
of the family’s reputation and ESG
commitments. Essentially, when there is
a crisis, all family members are prepared
to help to protect the business assets as
well as those of the family, including its
reputation in the community. Having a
family CEO also encourages high family
involvement in the firm with a family that
is deeply embedded in the business and
is encouraged to actively contribute to
important decision-making.
Mastering a comeback 41
The company is led by a non-family CEO.
The company’s shares are widely dispersed among
multiple family members.
Multiple generations of the family are directly involved in
The Family Enterprise
the business.
Many of these companies have more than 200 employees.
Common characteristics of non-family CEO, which might suggest
that the complexity of the business
the Family Enterprise requires external experience and
Family businesses included in this expertise in the top management team.
persona are relatively small, young
firms. As such, they also generally The characteristics shared by family
employ a small number of employees. businesses of this type include:
Interestingly, however, they are led by a
CEO TheCEO
Family Corporation
Characteristics
The company is led by a non-family CEO.
The company’s shares are widely dispersed among
multiple family members.
a
Multiple generations of the family are directly involved in
the business.
Many of these companies have more than 200 employees.
Employees
> 200
Employees
~ < 50
Characteristics
The company is led by a non-family CEO.
The Family
The company’s Consortium
shares are highly concentrated among a
small number of family members.
These are primarily first- or second-generation firms.
Characteristics
Only one generation of the family is involved in
The company is led by a family CEO.
the business.
Employees
Approximately one-half of these companies have fewer
Ownership is widely dispersed across
than have 50 employees.
the family
~ < 50
and multiple generations.
Two or more generations of the family are involved
in the business.
The average age of the business is 46 years. The Family Consortium
loyees
50 It includes small to medium-sized businessesCharacteristics
with approximately 45 percent employing fewer The company is led by a family CEO.
than 50 employees. Ownership is widely dispersed across the family
and multiple generations.
Two or more generations of the family are involved
in the business.
The average age of the business is 46 years.
Employees
< 50 It includes small to medium-sized businesses
with approximately 45 percent employing fewer
than 50 employees.
CEO
a 42 Making the strategy choice: Two key factors
The Family Venture
Primary COVID-19 with the development and introduction
of new technology solutions to support
response strategies: the pivoting strategies of restaurants
Social responsibility, and small retailers in their own efforts to
business transformation, respond to the pandemic.
exercising patience It is worth noting that this business does
A dominant strategy is not apparent not have only one strategy to respond to
in the Family Enterprise persona. All COVID-19. In fact, elements of a social
three strategies were adopted equally. responsibility, business transformation
We believe this reflects some of the and exercising patience strategies are all
challenges in governing and managing being applied in various ways. The primary
family businesses that have a non-family owner has, for example, developed new
CEO and a small number of family technology solutions to assist community
shareholders who are also actively organizations in their fundraising efforts
engaged in the business. during the pandemic. In a limited
number of cases, the non-family CEO
has made decisions to defer payments
The story of a Family to selected vendors and he has applied
Enterprise for a government subsidy to support
the development of the company’s new
In this Family Enterprise example, we digital solutions and has secured a special
have created an illustrative 31-year-old government-backed small business loan.
second-generation company in Mexico
that has 18 employees and provides With a high concentration of family
technology solutions to small retailers. ownership, non-family CEOs often have
less control over organizational changes
The company’s non-family CEO has that may be required in times of crisis.
general operational and financial Because more than one strategy is
expertise. One female family member adopted to address the impact of
is responsible for new technology COVID-19 in this family enterprise
developments and she owns the majority example, we can infer that the use of
of the shares. One additional male family multiple strategies could be the result
member has a minority interest but he is of an often-experienced difficulty in
not directly involved in the business. many family enterprises where it can be
challenging for a non-family member to
manage and govern a firm in which the
Seeking support from family shareholders are acutely aware of
outside the business the operations of the business and are
often directly involved.
As with many similar businesses that have
a concentrated ownership structure and
The CEO’s role in this example involves
a small number of employees, employee
identifying new suppliers and making
reductions were not necessary during the
connections into new markets. He has
early days of the pandemic. Even though
demonstrated strong leadership in
revenues have fallen, the firm has been
taking decisive actions to protect the
able to sustain its business by moving to
financial exposure of the business by
a remote workforce, carefully managing
accessing the low-cost loans provided
the workload of the team and identifying
in the government’s COVID-19 relief
opportunities to reduce some of the
program for business. And with the
operating overhead. The business itself
external contacts that were already
has benefited from some modifications
Mastering a comeback 43
Learning from experience
Family businesses are known for their One family business CEO described
ability to use past experiences to face his decision this way, “In leading the
disruptions such as the pandemic. In business for more than 40 years, I’ve
the US, around 650,000 companies managed the impact of at least seven
received small business loans as part recessions and I’ve learned what I
of the federal government’s Paycheck need to do. Cash is king. The loan
Protection Program (PPP). Even though program was a good resource for us.”
there is no exact data, it is likely that a
very large percentage of those loans Ana Gonzalez
were received by family businesses. Assistant Professor
of Management
In the Midwest states, for example, Director, Family Owned
Business Institute
many family business leaders have Seidman College of
said that they applied for PPP loans Business, Grand Valley
because they knew what was on the State University
horizon. They have lived through previous
recessions and have learned from
experience that being prepared is key.
developing innovative products and services that are fit for purpose
Mastering a comeback 45
The Family Consortium
Characteristics
The Family
The Enterprise
company is led by a family CEO. CEO
Ownership
Characteristics The isFamily Venture
widely dispersed across the family
and multiple
The company is led bygenerations.
a non-family CEO.
Common Two or more
shares generations
characteristics
The company’s of the
of concentrated
are highly they family
mayamong aare
not have involved
a clear competitive
small number of family members. model yet. They also may be more family
in the
the Family business.
Venture oriented than business oriented. Their
These are primarily first- or second-generation firms.
The average
Family businesses includedage of the business
in this immediate isreaction
46 years.
is to preserve their
oyees Onlywere
persona one generation of the family
among the smallest and is involved in and emotional investment in
economic
50 youngest It the
in includes
the business. small totomedium-sized
survey. Compared the firm bybusinesses
remaining patient first before
the other with business
family
Approximately approximatelyof these45
personas,
one-half theypercent
companies employing
considering
have fewer mayEmployees
how theyfewer need to
~ < 50
alsothan
tended
haveto have
50 a more
employees.conservative transform the business.
than 50 employees.
response to the impact of COVID-19.
The characteristics shared by companies
These companies generally have fewer represented in the Family Venture
financial and strategic resources to persona include:
implement major changes. Because The Family Consortium
they are relatively small and young,
Characteristics
The company is led by a family CEO.
Ownership is widely dispersed across the family
and multiple generations.
Two or more generations of the family are involved
in the business.
The average age of the business is 46 years.
Employees
< 50 It includes small to medium-sized businesses
with approximately 45 percent employing fewer
than 50 employees.
Employees CEO
< 50
CEO
Mastering a comeback 47
One size
does not fit all
T
he four family business personas array of options for addressing both
that have emerged from the the immediate and longer-term impact
survey confirmed our original of a global pandemic (and any other
conviction. Family businesses have unexpected event, for that matter).
an extraordinary competitive ability
to act and adapt quickly and they do We would welcome your comments
so in a variety of ways. They are often on the report and your personal
resilient and able to make a comeback experiences and insights on the
than non-family businesses – even in actions that you have taken in your
the face of the most challenging of family business. Please contact
times. It was instructive to see the us at [email protected]
variety and combination of strategies or [email protected]
that reflect the sectors and regions in to share your thoughts on the
which they operate, the generational report and your experiences in
composition and involvement of their triumphing over COVID-19 to make
families and their leadership choices. a successful comeback.
48 One
The impact
size does
of COVID-19
not fit all on family businesses globally
Reflections on next steps
We sincerely hope that these • What is the longer-term outlook
insights have prompted some new for your business? Is it time to
considerations as you undertake the recalibrate the business model
next important steps in your own family and adopt new technology
business. We encourage you to reflect solutions? Is a remote workforce
on these questions as discussion a viable, longer-term option?
starters with your business family and
your management teams: • Are acquisitions, strategic
alliances or other opportunities
• How effective have the initial available to diversify your
financial and non-financial products and provide a potential
actions been in mitigating the entry into new markets.
immediate impact of COVID-19
on your business? Did the • Should you consider diversifying
company’s processes and your family wealth?
procedures help to support
• Should the family begin to
these efforts and reduce
play a larger role in the operations
potential risks?
of the company? Are good
• What other actions might you mechanisms in place to facilitate
consider now? the family’s decision-making?
Mastering a comeback 49
Methodology
The Global family business survey, COVID-19 edition relied on a convenient sampling strategy replicated across multiple
countries, regions, and jurisdictions. Each affiliated team identified potential respondents eligible for the project considering
the industry characteristics and the business structure of their own country. The survey was designed by a research team
with more than 10 years of experience in conducting qualitative and quantitative research from the STEP Project Global
Consortium, European Family Businesses (EFB) and KPMG Private Enterprise. Previously validated scales have been used
in the questionnaire to define each question. The questionnaire was firstly generated in English and then translated in to
13 languages. The survey was launched in June 2020 and completed in October 2020. In total, 2,493 family businesses
and 517 non-family businesses completed the questionnaire from 75 countries, regions, and jurisdictions in five world
macro-regions: Europe, The Americas1, Asia Pacific and the Middle East & Africa.
1. Number of respondents: 3. Generations (% of family businesses): 5. Main industry of the family businesses:
Global
Manufacturing 29%
Construction 6%
Primary* 6%
The Americas1
Service 66%
Manufacturing 20%
Construction 8%
Primary* 6%
Service 71%
Manufacturing 12%
Construction 13%
Primary* 4%
1
North America, South America and the Caribbean
* Primary includes agriculture, forestry, fishing,
mining and quarrying.
50 Methodology
6. How the COVID-19 pandemic affected 7. Immediate consequences on the family 8. Actions taken in response to the impact
the revenues of family businesses: business of having a family member on the family business:
affected by COVID-19:
Global Global Global
The family member could not go to the Actions to reduce/eliminate labor costs 36%
Revenue decreased 69%
work place but worked from home 37%
Actions to reduce/eliminate operative
Revenue increased 9% No consequences for the family firm 53% costs or planned investments 41%
Middle East & Africa Middle East & Africa Middle East & Africa
The family member could not go to the Actions to reduce/eliminate labor costs 33%
Revenue decreased 84%
work place but worked from home 40%
Actions to reduce/eliminate operative
Revenue increased 3% No consequences for the family firm 48% costs or planned investments 40%
Source: STEP Project Global Consortium and KPMG Private Enterprise Global family business report: COVID-19 edition
Mastering a comeback 51
Acknowledgements
Our sincere thanks to the 3,010 businesses who generously gave their time to participate in the Family business survey and those
who contributed their time and insights in the planning, analysis, writing and production of the report itself.
We would also like to thank our project managers Arpita Vyas (The STEP Project Global Consortium) and Chelsey Byng (KPMG Private
Enterprise), the STEP Project Global Consortium research affiliates and collaborators, the STEP Project Global Consortium and KPMG
Private Enterprise editorial board and Jesus Casado (EFB), who generously contributed their support, knowledge and insights.
52 Acknowledgements
KPMG Private Enterprise member firms
We would like to thank all of the KPMG Private Enterprise member firms that participated in the development of this report, in
particular, those that contributed to the interviews and case studies.
Mastering a comeback 53
Mexico Saudi Arabia Taiwan (jurisdiction)
Jesus Luna Fuad Chapra Pederson Chen
National Private Enterprise Leader, National Private Enterprise Leader Partner,
Partner, Partner, KPMG Private Enterprise,
KPMG in Mexico KPMG in Saudi Arabia KPMG in Taiwan
T: +52 55 5246 8899 T:+966 503660370 T: +88 6281016666 x 01962
E: [email protected] E: [email protected] E: [email protected]
The STEP Project Global Consortium is a global applied research initiative that explores familyand business practices within business
families and generates solutions that have immediate application for family business leaders. The STEP Project Global Consortium
aims to be a leading global family business research project with an international reputation. The research insights are specifically
drawn to be of relevance to developing new theoretical insights that can offer novel and valuable best practices recommendations
to the business stakeholders and the practice community at large. Having a global worldwide orientation, the STEP Project Global
Consortium offers networking opportunities for researchers, family business owners and consultants coming from five continents.
Visit: thestepproject.org
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To support the unique needs of family businesses, KPMG Private Enterprise coordinates with a global network of member firms
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is inherently different from a non‑family business and requires an approach that considers the family component.
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You know KPMG, you might not know KPMG Private Enterprise. KPMG Private Enterprise advisers in member firms around the
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Visit: home.kpmg/privateenterprise
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Publication name: Mastering a comeback: How family businesses are triumphing over COVID-19 | Publication number: 137333-G | Publication date: March 2021