Approximately three-quarters of Malta’s businesses are family-owned businesses. Despite that, only 30 per cent of these businesses succeed to the next generation.
The discussion held during this year’s SME Week between the Family Business Office and several stakeholders, was a perfect platform to imprint the importance of family businesses and how such entities had to rapidly transform their business models to combat the challenges posed by COVID-19.
“We can look at 2020 as the year of setbacks, or we can define it as a test to adapt, innovate and diversify our strategies,” stated Joseph Gerada, regulator at the Family Business Office.