Succession A Weak Spot of Family Firms

Two-thirds of family-owned businesses around the world have seen their sales grow in the past year and expect an even more ambitious trend over the next five years, a PwC survey says. But the recruitment of skilled staff and the perennial problem of planning for succession will remain key challenges facing family businesses over the long term despite the buoyant prospects.

Sira Intarakumthornchai, CEO of PwC Thailand, said Thai family businesses need to be more proactive and put in place proper succession planning. "Despite the economic slowdown, family businesses are thriving worldwide," he said.

In Thailand, family businesses have played a key role in driving the economy for decades. It's a "resilient" model for the 21st century as its structure offers significant advantages and benefits, he added. In order to keep their companies thriving and relevant, family businesses need to transform themselves and quickly acknowledge the traits essential for them to succeed.

They should be willing to reinvent themselves, not...