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Monday 28.05.2018 | Name days: Vilhelms, Vilis
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Growth of Latvia’s most successful family businesses reached 25% last year

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUNearly 40% of enterprises in Eastern Europe and Latvia will change hands in the next five years, because businessmen who launched their businesses in the 1990s are already preparing to retire. Latvia’s 15 most successful family businesses had developed surprisingly fast last year. Their estimated growth rate is 25%.

According to a survey by Forbes, the secret of success in a family business is cautiousness during times of economic growth and lighter decision making in regard to development during periods of economic stagnation. All companies listed in the TOP 15 Latvia’s most successful family businesses have one clear trend in common – children have been the main catalysts in exploration of exports and foreign markets in the past several years.

The total turnover of companies on the TOP 15 list reaches EUR 860 million, which is equal to Latvia’s healthcare and culture budgets combined. These results motivate them to develop their business, pay taxes and keep their businesses from being sold to foreigners. Half of companies on the list are engaged in traditional sectors – manufacture and construction.

Paskausku family remains an undisputed leader of the rating. This family has created the second largest local capital-owned business in Latvia, with more than EUR 270 million turnover in agriculture. Out of all families in this rating, this particular family has managed to involve the most of its relatives in business. On top of that, three generations of members of Paskausku family have been engaged in business over the years. Each member of the family is responsible for their own part of business.

The Paskausku family is followed by Peskovi family with that banking business Baltikums Bank, which shows the largest revenue for the second consecutive year – EUR 8.5 million. The Milovi family has experienced the most growth over the years. The family’s owned LNK has managed to double its revenue recently. In the last two years, LNK and its partners around Latvia have signed contracts worth more than EUR 90 million.

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