The backbone of the Maltese economy

Family Business Event

SMEs and family businesses are the backbone of the Maltese economy. This was one of the opening liners from the speeches given to attendees at the Transeo Winter Summit Malta 2023, held on the 12th and 13th of October with the collaboration of the Family Business Office in Malta.

Throughout history, family businesses have played a pivotal role in shaping Malta’s economic landscape, often standing as resilient and dynamic pillars of its economy. Despite many successful family businesses, these enterprises are often vulnerable due to various factors such as the lack of succession planning, interest diversification from one generation to the other, personal conflicts between family members, management transitions, balancing family dynamics with business decision, and more, which in the long run bring challenges to what we associate as a strong business with clear visions and values.

Strategic planning, governance, succession planning, business transfers, business sale, fresh ownership, mergers and acquisitions are all topics that were discussed during the summit to which our associate lawyers Dr Roseanne Sant Cortis and Dr Daniil Kazakov attended.

Family businesses are an integral part of the Maltese economy and have a significant presence in the country. These businesses often span various sectors, including retail, manufacturing, tourism, and services, providing employment opportunities, and fostering economic growth. Many family businesses in Malta have a long history, with some dating back several generations. These businesses have successfully passed down their legacy, knowledge, and values from one generation to the next but like family businesses everywhere, Maltese family enterprises face challenges. The Family Business Office in Malta provides support for family businesses through various initiatives, including financial assistance, training programs, and incentives to promote growth and innovation.

Very often family businesses are complex and carry certain wealth in terms of the business itself and property investments, which often require legal advice when it comes to succession, inheritance, estate and wealth planning, business take over or exit strategies. Should you wish to consult with one of our lawyers do not hesitate to contact us: [email protected].

This article is for information purposes only and should not be construed as legal advice.

Article written by Ms Charlene Sciberras, B.A. (Hons), guest writer, is a marketing and business administration specialist with a special focus on corporate, accounting, and legal matters.

Sciberras Advocates founded by Dr Adrian Sciberras, is a law firm based in Malta. The firm prides itself to be multi-disciplinary, innovative and flexible in order to meet the changing times and any challenges in the local and international legal scenario. No matter what private or corporate complex demands are called for, Sciberras Advocates offers practical and cost-effective legal solutions to achieve your desired results. You may reach Sciberras Advocates by phone on +35627795222 or via email on [email protected].

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