PwC: Family Business Survey 2023 East Africa Snapshot

This year’s findings include over 2,000 responses from 82 territories, 95 of which were from Eastern Africa. We would like to extend our sincere thanks to all those who participated in the survey.

Trust levels within family businesses in East Africa are slightly higher than globally. Most East African family businesses believe that it is essential to be trusted by customers, employees and family members. However, only 56% and 47% believe they are fully trusted by their customers and employees respectively. Being trusted by suppliers is seen as more essential than being trusted by family members.

Trust has been – and remains – a vital competitive advantage that sets family businesses apart from other businesses. Our survey shows that they are not prioritising what is most important to their stakeholders today. That’s why they need to adopt a new formula for building trust to secure their legacy. PwC research shows a strong correlation between trust and profitability. There’s a new formula for building trust and family businesses will need to transform to ensure they remain trusted by customers, employees and family members.

Other insights from the survey show that growth aims in East Africa are fairly ambitious over the next two years. 75% of East African family businesses expect to see growth (77% globally). In addition, 84% of East African family businesses claim to have a clear company purpose but many do not take action to ensure that it is effective e.g. write it down, communicate it. The key priorities facing East African family businesses over the next two years are expanding into new markets and increasing customer loyalty.

Download the Family Business Survey 2023 here