The study aims to assist family businesses operating in Cyprus by gathering information on the challenges they face and sharing insights and knowledge to be used in developing relevant solutions. Family businesses are seen as main drivers of economic growth and have a key role in Cyprus’s road to long term recovery. Results will be publically released in the coming months.
In response to the growing demand from family businesses for expertise and thought leadership focused in strategic growth, succession planning and agile management, EY in partnership with the Cyprus Chamber of Commerce and Industry (CCCI) launch a new Family Business Study to gather information and address the needs of family businesses operating in Cyprus. Family businesses are globally recognized for driving growth in economies and CCCI and EY aim at providing more focus and raise awareness on the specific issues and obstacles they face.
EY Cyprus draws on its international EY network to tap into an in-depth pool of knowledge and experience, supporting some of the world’s most successful entrepreneurs and family businesses for the past three decades, and helping them evolve and adapt to the various challenges they face.
Stelios Demetriou, EY Cyprus Transaction Advisory Services Leader, says:
“Family businesses are the oldest and most traditional form of conducting business. Their contribution not only to the private sector, but to the entire economy, is tremendous. The launch of this survey will provide a significant step towards understanding the key issues, problems and priorities, as well as common challenges faced by family businesses in Cyprus. I am confident that our vast EY network of local and global knowledge will be able to navigate local family businesses through best practices and innovative strategies and offer support in streamlining solutions alongside the government to ensure their success.”
According to Marios Tsiakkis, CCCI Secretary General:
“Family businesses constitute the backbone of the Cyprus economy. They provide thousands of jobs in the private sector, and contribute substantially to the high levels of growth and innovation of our economy. The purpose of this survey is to identify and categorize specific issues and or difficulties family businesses face. I strongly support and urge family businesses to participate in this study in order to assist us in taking all the necessary measures so as to ensure that the economic environment they operate in is modern and efficient and provides all the necessary tools for securing their success.”
The survey data will be analyzed by EY and CCCI to produce an in-depth report, which will be released in the coming months with the aim to help family owned companies accelerate growth and succeed for generations.