Family businesses are optimistic about Spain’s economic future, but at the same time they are concerned about regulatory changes and advocate greater legal certainty. These are the main conclusions drawn from the survey conducted among five hundred entrepreneurs of family companies within the framework of the XXVII Family Business Congress held in Santander on 21 and 22 October 2024.
The event, organised by the Instituto de la Empresa Familiar, was attended by 100 of the largest family businesses in Spain (Santander, Acciona, Puig, Mercadona, Iberostar, Barceló, Gestamp…) and also by some of the 1,800 SMEs that form part of the Institute.
The meeting brought together more than 650 attendees, reaffirming its position as the most important business forum in the country. It should be borne in mind that the specific weight of the sector is key to the Spanish economy: together, family businesses account for an aggregate turnover equivalent to 30% of GDP.
Optimism for the near future
If we analyse in detail the result of the aforementioned survey, we see how the five hundred family entrepreneurs who participated in it score the current economic situation in Spain with a 5.5 (on a scale of between 0 and 9 points). This is the highest rating expressed by the sector since 2018.
Optimism is maintained in the forecasts for 2025. Fifty-nine percent predicted that the Spanish economy will continue on the path of growth, as it will register a moderate increase in activity with limited net job creation. This is 16% more than at the 2023 congress and the highest percentage since 2017, when growth forecasts reached 82% of the family business representatives consulted.
Family businesses plan to grow sales and generate more employment
Forecasts are even better when it comes to assessing how sales and employment will behave over the coming year in their companies. Sixty percent predicted an increase in turnover (10% more than in 2023), 31% thought it would remain unchanged and only 9% expected a decrease (5% less than last year). This growing optimism is a voting pattern that has been repeated at the last four congresses since the end of the pandemic.
In terms of job creation, 42% of family businesses expect to increase their workforce (5% more than in 2023), another 48% expect to maintain it and only 10% foresee a reduction. Despite this optimism, the sector warns of the difficulty in finding staff as one of the obstacles it usually encounters.
The threat of an ever-changing legal framework
For Spanish family-owned companies, the main threats to their growth are regulatory changes. In this sector, it is considered a priority to guarantee legal certainty that does not jeopardise the positive economic and employment cycle that the Spanish economy has experienced since the end of the COVID-19 crisis.
Enrico Letta expressed himself along the same lines, but more oriented towards the lack of common rules of the game for all. In his speech, the former Italian prime minister pointed the finger at the «great obstacle to EU integration posed by the fragmentation of the regulatory system and the lack of simplification implied by having 27 legal systems applicable to companies».
In this diverse and changing regulatory framework, family businesses need specialised legal advice such as that provided by Confianz.