PwC launches first edition of Family Business Survey in Romania

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Family Firm: A resilient model for the 21st century

Taking another important step towards supporting entrepreneurship, PwC Romania joined the PwC Family Business Survey global initiative. This year, we launched the first edition of this study dedicated to entrepreneurs and family businesses in Romania. We are hoping to offer family businesses and entrepreneurs not only a platform for sharing opinions and for encouraging constructive debates, but also a foundation for defining their growth and development goals for future generations.

Our report on the PwC Family Business Survey in Romania conveys three central messages:

  • For the economy: entrepreneurs and family businesses bring economic stability and represent an important engine for growth;
  • For entrepreneurs and family businesses: the main challenges refer to the size of the business, the skills of the people (recruitment, retention, training) and succession planning;
  • For the government: it should recognize and acknowledge the role and importance of entrepreneurs and family businesses.

In a very difficult market environment, Romanian family businesses have performed well in the past year, with 71% of respondents indicating an increase in sales. Moreover, family business owners and managers are reasonably bullish about growth perspectives in the next five years, with 61% indicating that they expect their companies to grow steadily, while 13% aim at an aggressive growth, including through mergers and acquisitions.

They are strong and their ambitions have not withered in face of the challenges of economic uncertainty, price competition and increased need to innovate. We have found that they have a solid sense of identity, aware of both advantages and disadvantages of their business model and position in the market. Also, the report is looking at some specific challenges for this sector such as developing internationally, handing the reins of the business to the next generation or handling family issues that could impact the companies.

The PwC Family Business Survey for Romania also shows that entrepreneurs and family businesses feel the need for their role to be recognized both by society and the Government. They wish for support in promoting a stable and predictable legislative and fiscal framework, as well as for higher investments in improving the country’s infrastructure and the quality of the education system, in order to better train future graduates for the realities of the labour market.