Family business fight against crisis

It does not matter how the family companies were able to respond to the challenges caused by the coronavirus epidemic now, as they account for 40% of the companies in Hungary. The key to survival may have been provided by stable strategic foundations, the pursuit of continuous improvement, and quick decisions, but the gloves were taken up by family companies in many ways against the crisis. This year’s five-year K&H Family Companies Excellence Award rewards exemplary solutions to the challenges of the coronavirus in three categories, and the success stories also want to inspire other family companies to develop, as learning from each other and awareness are becoming increasingly important for companies.

The coronavirus epidemic has thoroughly reversed and fundamentally changed our everyday lives, the first wave of which is slowly beginning to be seen from a little further away, to assess the consequences. However, it was certain from the outset that the crisis was just a situation, even if it was a very difficult situation, it should not be feared, but should be addressed and reacted to immediately, as no decision is the worst option. “Stable strategic foundations, the pursuit of innovation and, at the same time, a rapid response are key to surviving the crisis and continuing to operate successfully. The solutions and answers given by the family companies to the challenges are decisive in the long run, as 40 percent of the Hungarian corporate sector consists of these companies. Therefore, this year we award the K&H Family Companies Excellence Award for exemplary solutions to the challenges of the coronavirus epidemic in three categories, because we believe that success stories can inspire other family companies in Hungary to further develop, ”said Ákos Ékes, Head of K&H Family Companies.