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Family firms eye cross-border markets in next five years

Michael Mugasa, PwC Leader for Private Company Services. PHOTO | DIANA NGILA

About 87 per cent of Kenyan family businesses are planning to sell their goods across boarders in the next five years, a survey has established.

The second edition of the Family Business Survey released Wednesday by consultancy firm PricewaterhouseCoopers (PwC) shows that the businesses had a bigger appetite for international markets compared to other family businesses globally, of which only 78 per cent plan to venture into global markets in the period.

The PwC study, which covered 50 countries, shows that 77 per cent of the Kenyan family businesses are currently selling their goods abroad, up from 68 per cent in 2014.

The PwC interviewed 2,802 key decision makers in family businesses cutting across various sectors including manufacturing, textile and education.

Only businesses with a sales turnover of between Sh515 million ($5 million) and Sh103 billion ($1 billion) were included in the survey.

The local chapter of the report was released at the Association of Family Business Enterprises conference held in Nairobi.

“Family businesses in Kenya remain confident that their trades will grow over the next five years,” said Michael Mugasa, PwC Leader for Private Company Services.



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