Browsing: Family businesses in Africa

The potential for family businesses in driving Africa's economies

Family businesses are an underestimated economic driving force according to the Africa Investment Forum.

Earlier this year, a survey from PricewaterhouseCoopers (PwC), revealed that 17 per cent of Kenya family business owners report having a robust, documented and communicated succession plan in place, compared to 15 per cent globally.

Family businesses are rarely viewed as a sector which could influence economic growth, but the Africa Investment Forum is recognising them as important players on the continent.

In its third edition, a report dubbed the Family Business Survey 2018 by PricewaterhouseCoopers (PWC) noted that digital technology is disrupting businesses; sustainability is becoming key to the conduct of business; winning trust is more important than it’s ever been; and millenials present an enduring demographic change.

The 2018 survey results shows that family businesses in Kenya are in robust health, with revenues expected to continue growing for the vast majority 82 per cent, …