Attendees at KPMG's Irish Family Business Barometer west of Ireland launch in Westport House. Photo: Conor McKeown

KPMG launches family business survey in Westport

Accounting firm KPMG held its west of Ireland launch of a survey on Irish family businesses at an event in Westport this week.

The annual survey – the KPMG Irish Family Business Barometer – examines family businesses across Ireland and Europe. It found that Irish family businesses are significantly more positive in their outlook than their European counterparts. In fact, 91% said they were either ‘confident’ or ‘very confident’ about their business prospects in the next 12 months, compared to the European average of 53%.

The survey also found that innovation was the number one priority for family businesses here. A total of 98% prioritise being innovative ahead of education of their workforce or diversification of their business. The average figure for prioritising innovation in Europe is 72%.

The event, held in Westport House yesterday (Thursday), was attended by many of the west of Ireland’s most successful family businesses. Laurence May, partner and head of KPMG in Galway, spoke on the night, as did Ken McCracken from KPMG’s family business consulting division. Ken has provided advice to family businesses in Ireland and the UK for most of his career.

The highlight was a panel discussion moderated by Laurence May and featuring representatives from three of the most successful family businesses in the region, including Owen Hughes, Portwest, John Concannon, JFC, and Noel Conroy of MJ Conroy.

Speaking after the event, Laurence May said: “The challenges in building and sustaining a successful family business have never been greater. As our Family Business Barometer shows, our clients deal with the complexities of raising finance, entering new markets, growth through acquisitions and succession planning, to name just a few.

“KPMG in the West of Ireland has been helping family businesses successfully navigate these challenges since we were established in Galway in 1980. Successful family businesses are key to the economic development of the west and, therefore, we were delighted to host this event in Westport House. The feedback from participants on Ken’s insights and those of our three panellists has been fantastic and we expect to make this a regular event in Mayo.”