A family business is necessarily inherited from its parents or grandparents
Contrary to what one might think, this varies from country to country. For example, in France, the majority of family businesses involve first-generation entrepreneurs (86% vs 70% on average). Italy, for its part, seems to favor second-generation companies (33%) while Germany stands out with companies inherited from grandparents (11% vs. 4% in France), or even backs grandparents (13% vs 5% on average).
Being an entrepreneur means working day and night
At European level, nearly a third of entrepreneurs (27%) declare that they devote between 41 and 50 hours per week to their professional activity. An average that hides deep disparities: if half of the Swiss questioned confirm this trend, they are however only 17% in France and the United Kingdom.
Extremes persist: if 20% of European entrepreneurs devote less than 20 hours per week to their professional activity, they are also 20% to devote more than 60 hours to it. France confirms these European contrasts: 21% of French entrepreneurs devote less than 20 hours to their professional activity, 26% work more than 60 hours.
Family businesses are less successful than others
This is a misconception! Running a family business can be lucrative. Since the creation of their company, 39% of French business leaders have observed an increase in their income. A positive finding shared by all the European countries surveyed (43% on average). A particularly noticeable increase among German entrepreneurs (63%).
As an entrepreneur, living from your activity is impossible
Misconceptions about entrepreneurs definitely die hard. However, in Europe, only 33% of them have a complementary activity (20% in the United Kingdom and 38% in France). The finding is more nuanced in Switzerland where 43% of entrepreneurs juggle in their daily lives between their family business and another activity.
Succession is assured, no doubt possible
Passing on your business to the next generations is an ambition that few business leaders think they can achieve. In France, only 22% of entrepreneurs believe they can pass the torch to the next generation. And only 7% of them really consider the succession acquired.
A pessimism shared by the majority of European countries: in Italy, they are even 6 entrepreneurs out of 10 (60%) to think the idea improbable.
The United Kingdom, meanwhile, is an exception: half of its entrepreneurs (50%) have a positive view of the next generation taking over.
The French exception
The COVID-19 pandemic has greatly accelerated the digitization of purchasing behavior across Europe and SMEs have had to adapt very quickly to these changes. Family businesses are no exception to this phenomenon. Proof of this is that paying by card is now possible in 91% of French family businesses as in their European counterparts.
However, France is an exception in many payment habits. Indeed, the check remains a means of payment still preferred by many French family SMEs (59%), thus contrasting with the rest of Europe (2% in Germany and 25% in Italy). Another French exception: the electronic wallet (digital wallet). Brilliant by its absence in France, it is only offered by 1 merchant out of 10 (9%). But it is much more widespread in other European family businesses: 40% in the United Kingdom and 35% in Switzerland.