Family businesses play a major role in the European economy, especially in regional development. They are major drivers of employment and growth and have a distinctive role in the construction of local communities.
Yet, statistics reveal that business succession from one generation of owners to the next can be a life-or-death situation for many companies in Europe, with only 30% of family-owned businesses surviving the transition to the second generation of owners.
Building a regulatory environment that allows family businesses to go through the succession phase successfully will ensure their resilience and competitiveness. Facilitating the long-term success of EU SMEs will support the cohesion of EU regions and ensure that EU SMEs are driving forces of the twin digital and green transitions.
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