Family businesses in Greece face succession challenges

Family businesses are a cornerstone of the Greek economy, but many are facing challenges with succession planning, according to Sophia Kounenaki Efraimoglou, President of the Athens Chamber of Commerce and Industry (ACCI).

Speaking at the Fortune Greece CEO Initiative Forum,

Ms. Efraimoglou highlighted the resilience of family businesses, many of which have been operating for over two decades.

However, with the majority still under the control of the first or second generation, she stressed the urgent need for effective succession strategies to ensure their long-term survival.

"Most businesses have been operating for over two decades, showing significant resilience," Ms. Efraimoglou noted, citing findings from a forthcoming ACCI study.

Family businesses account for 8 out of 10 businesses in Greece, employ 45% of the workforce, and contribute 12% to the country's GDP.

To address the unique challenges these businesses face, ACCI is partnering with the NED Club to provide resources and workshops focused on strengthening governance and succession planning. Ms. Efraimoglou emphasized the importance of establishing effective governance structures, such as independent boards and committees, to facilitate smooth transitions and sound decision-making.

Currently, only 12% of Greek family businesses include non-family members on their boards, significantly lagging behind international best practices.

In contrast, nearly 40% of high-performing family businesses in countries like France and Germany are led by independent managers, and over 80% have independent boards.

Ms. Efraimoglou reaffirmed ACCI's commitment to supporting family businesses and announced the creation of a task force to provide expert guidance on governance and succession issues.

In addition to addressing the needs of family businesses, Ms. Efraimoglou also highlighted the important role of startups in driving innovation and digital transformation in Greece.

She emphasized ACCI's dedication to supporting startups and helping them grow and expand internationally.

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Keywords
Τυχαία Θέματα
Family,Greece