Family businesses are vital to Malta’s economy, accounting for over 70% of SMEs. These enterprises, often run by multiple generations, involve various roles such as family owners, employees, and external professionals. While they offer stability and long-term growth, family dynamics can complicate decision-making and governance. Many lack formal boards or include only family members, leading to conflicts of interest and reduced accountability. Effective corporate governance is often missing, especially in smaller setups. Addressing these challenges is key to ensuring transparency, fairness, and future success. Even small family-run businesses can benefit from practical governance solutions tailored to their size and needs.
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