PwC’s Family Business Survey 2023 comes at a time of great change. The optimism of a post-covid world has been sorely tested by the geopolitical turmoil caused by the war in Ukraine and its effect on economies around the globe. We live in a world of uncertainty. That’s why this survey focuses on trust.

As family business owners, you understand that your success and your advantage over the competition is, first and foremost, built on trust. But today, the very nature of trust has changed. What was evident from the survey is that you need to be trusted not only by your customers but also by your employees, family members and the general public. Digging deeper, we also see that you are struggling to prioritise the things that are fundamental to building trust with all stakeholder groups — including the general public — and you may be missing the opportunity to explain your company’s mission, values and impact.

There is a new formula for building trust, and the stakeholder groups you need to be trusted by have expanded.

The good news is that trust can be built systematically. In this first report, the results of the survey are presented and describe what constitutes the new trust formula. In subsequent articles, we will look more closely at the three foundational groups that you need to have on your side — your customers, your employees and your family members — and explain how to bridge the trust gap that you have identified, by prioritising what matters most to all your stakeholders.

Our message: transform to build trust. Do that, and there’s every reason to believe in a bright future. 

Click here to read the survey.