毕马威-2021年全球家族企业报告（英文）-2021.6-60页_2mb

Summary of "Mastering a Comeback: How Family Businesses are Triumphing Over COVID-19"

Core Content

This document presents the findings of the Global family business survey: COVID-19 edition, conducted by the STEP Project Global Consortium and KPMG Private Enterprise between June and October 2020. It explores how family businesses have responded to the challenges posed by the pandemic and how they are leveraging their unique characteristics to adapt, survive and even thrive in the new economic landscape.

Main Points

1. Resilience and Agility as Family Business Traits

Family businesses are known for their resilience, agility and long-term orientation, which have enabled them to navigate the uncertainties of the pandemic more effectively than non-family businesses. These traits are deeply rooted in their socio-emotional values and purpose, which guide their strategic decisions and foster a sense of responsibility toward the family and the broader community.

2. Short-Term Actions Taken

Family businesses implemented several short-term actions to mitigate the impact of the pandemic:

• Cost-cutting and liquidity management: 41% of family businesses reduced costs or deferred investments.
• Workforce adjustments: 36% reduced the number of employees, hours worked or pay.
• Operational changes: 14% made restructuring or temporary/permanent closures.
• Salary and compensation adjustments: 9% reduced executive salaries or modified incentive plans.

These actions were driven by a need to preserve the business while maintaining the family's long-term vision and values.

Key Strategies

3. Three Dominant Strategic Frameworks

Family businesses adopted three primary strategies in response to the pandemic:

a. Social Responsibility

• Focus on the well-being of employees, customers, suppliers and the local community.
• Emphasize ethical and community-oriented actions to maintain trust and reputation.

b. Business Transformation

• 42% of family businesses were more likely to implement a business transformation strategy than non-family firms.
• This included adopting new technologies, streamlining operations, and exploring new markets or products.
• The transformation often included integrating ESG (Environmental, Social and Governance) considerations into their business models.

c. Exercising Patience

• Family businesses used their patient capital to weather the immediate crisis and assess long-term opportunities.
• This patience allowed them to observe competitors' responses and position themselves for future growth.

Family Business Personas

The survey identified four personas based on two key factors:

• Whether the CEO is a family member or not
• The concentration of share ownership within the family

These personas help family business leaders understand different strategic approaches and how they can align their own business with similar models.

Sector and Regional Impact

4. Top Industries Affected by Revenue Declines

• Hotels and restaurants: 88% reported revenue declines.
• Education institutions: 83% experienced revenue losses.
• Arts, entertainment and recreation: 71% saw significant declines.
• Manufacturing: 71% faced major supply chain issues.
• Construction: 61% reported revenue losses due to cancelled projects and staffing changes.

5. Top Industries with Revenue Increases

• Human health and social work: 21% experienced revenue growth due to increased demand for telemedicine and essential services.
• Information and communications: 13% saw growth from digital transformation.
• Agriculture, forestry, fishing: 11% benefited from increased home cooking and food demand.
• Wholesale and retail: 11% experienced growth, especially in e-commerce and online services.

6. Regional Differences

• Middle East & Africa: 84% of family businesses reported revenue declines, compared to 69% globally.
• Europe: Had the lowest employment reduction (4.31%), indicating a more resilient economic structure.

Survey Highlights

• Total respondents: 3,010 business leaders, including 2,493 from family businesses and 517 from non-family businesses.
• Government support: 76% of family businesses accessed government programs.
• Employment reduction: 8.56% globally, compared to 10.24% in non-family businesses.
• Family involvement: 87% of family businesses were led by family CEOs, showing a high level of family engagement in decision-making.

Lessons and Future Outlook

• The pandemic provided family businesses with a unique opportunity to re-evaluate their strategies and strengthen their long-term vision.
• Succession planning and generational collaboration became more important, with multi-generational firms more likely to deploy transformation strategies.
• The focus on ESG integration and digital transformation is expected to continue shaping the future of family businesses.
• Family businesses are likely to remain a key driver of global economic recovery due to their long-term orientation, resilience and agility.

Conclusion

Family businesses have demonstrated remarkable adaptability and resilience in the face of the pandemic. By leveraging their socio-emotional values, long-term vision and strong family networks, they have not only survived but also found new opportunities for growth and transformation. The insights from this survey provide a valuable guide for family businesses to build stronger, more sustainable models for the future.