A total 80% of family businesses in Malta reported an increased turnover over the past 12 months, according to the eighth edition of the Family Business Survey held by PwC.

The results were published during the Family Business Forum organised by PwC and BOV, during which the ramifications of the newly published Family Business Act on these businesses was explained by Economy Minister Chris Cardona.

The PwC Family Business study interviewed thousands of senior executives from across 50 countries, including Malta. In the local scene, 98% of all businesses are SMEs with the vast majority being family run, making up about 80% of local employment.

The PwC survey showed that only 20% of family businesses in Malta had a robust, documented and communicated succession plan in place, with less than half of family businesses in Malta claiming that the family and business strategy were completely aligned, considerably lower than the global average (69%).

A total 60% of family businesses surveyed generated an average 24% of turnover from overseas markets, and as many as 52% of family businesses recognising the importance of establishing new entrepreneurial ventures.

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