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Over 80% of the businesses in Cyprus are family businesses. Research in Europe has shown that family businesses are performing better in terms of sales, growth and profits compared with equivalent non-family businesses. This is mainly due to the passion, the hard work and the knowledge continuation with the family members. On the other hand, it is well known that family businesses do not last for long. Less than 10% globally make it to the 3rd generation (Institute of Family Business) and less than 3% past the 3rd generation.

Most of the time this failure is based on internal than external factors. The family business adds an extra parameter to the business, the family that makes it more complicated as there are a lot of emotions tight with this additional parameter.
Most of the existing companies were founded less than 60years ago after Cyprus was established as an independent country in 1960. Most of these companies are at the crucial 2nd to 3rd generation transition state. The question is how you combine performance with longevity. How can you overcome all the emotional aspects associated with a family business with the rational and corporate governance that will assist in the family producing wealth for the family for many years.

We specialize in assisting families who have already recognized the need for proper governance in setting up the right disciplines in preparing for the next generations. This is ideally done at the second generation (commonly known as the siblings). We go through an extensive scan and prepare a proposal that will assist in taking the family business into a more professionally run corporation. This is not an overnight change and implementation usually takes time but the objective and strategy are clearly outlined. In the project outlined we provide that will take in consideration all parameters and the specific cases of the family, the type of business, the trends in the industry as well founder’s vision. Members of the family will need to take part in workshops and attend recommended trainings. It is an exciting trip for all once the commitment to the change is shared. We can get involved in the full implementation after finalise and agree the strategy behind the transformation and build a working chemistry of common understanding, empathy and communication.

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