The rate of Covid impact on sales (53%) is slightly higher than global family businesses (46%). East Africa family businesses are more optimistic in 2021, with 60 per cent of family businesses expecting to see growth, and very positive from 2022 (91 per cent expecting growth). In Kenya, many businesses, including family businesses, responded to the economic pressure, occasioned by the pandemic, by cutting costs and streamlining operations. This, even as there exists high levels of trust and communication with professionalisation remaining top-of-mind for many family businesses. More so, because family businesses tend to be trusted businesses and, in most sectors, they are very resilient, he adds.

Source: The Star May 25, 2021 12:56 UTC