Another blast to the past but this article still remains relevant today. Family firms the world over are significant contributors to the global economy and this translates locally to jobs, investment, income and philanthropic endeavours too.
Family firms are the very fabric of the society in which we live today and whilst there may be unique challenges due to the 'family factor' they continue to impact us on a daily basis - through the news we read, food we eat, way that we travel.
As these businesses continue to pass down the generations, the balance between running a sustainable and successful family firm and the growing needs of the family members requires careful handling!
Founding dynasties run, or wield significant clout at, some of the world’s largest multinationals, from Walmart to Mars, Samsung to BMW. Half a century ago management experts expected the hereditary principle to fade fast, because of the greater ability of professionally-run public firms to raise capital and attract top talent. In fact, family firms have held their ground and, in recent years have increased their presence among global businesses.