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Family Firms Account for 45% of All Business Enterprises in Bulgaria
Business | December 2, 2011, Friday // 12:41
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Family firms make up around 45% of all business enterprises in the Bulgaria, according to Olivier de Richoufftz, Executive Director of Family Business Network International. Photo by Sofia Photo Agency
Although family companies started developing only recently in Bulgaria, they represent around 45% of all businesses in the country, said Olivier de Richoufftz, Executive Director of Family Business Network International.
In a Friday interview for Darik radio, he cited a recent survey which found that family firms comprise 60% of all business enterprises worldwide.
According to statistics presented by the CEO of the international non-profit network, around 30% of public companies in Germany and France have a majority stake controlled by one family for years, while the minority shares are traded on the stock exchange.
"I believe that the problem of family businesses in Bulgaria is their infancy. The companies are really very, very new. One of the most important things about our organization is that families help other families. If we stick to your example, in our network we have a hotel in Switzerland that is being developed by a family which supports other families in the hospitality sector. We are trying to assess the opportunities where family business can do best", de Richoufftz argued.
"What is particularly impressive about Bulgaria is that, as far back as five years ago, owners of family firms came and said "Guys, we know that we are very new, but we want to develop a family business in a responsible and forward-looking manner . And we want to tell the government and everybody else that we are a player to be reckoned with," Family Business Network International's CEO explained.
De Richoufftz added that, judging by the results of a recent survey, 45% of all companies in Bulgaria were family businesses, which he said was a good sign.
According to the same survey, family firms generate 1/3 of all job places in the country.
"Family businesses must become aware of their value and their importance. What is more, they must look forward and must go beyond the end of 2012 to a scale of at least Bulgaria 2020. And they must tell that to the government – they must tell it that what they are doing is not all about here and now, but is about the future generations," de Richoufftz concluded.
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