Family firms are the backbone of most countries around the world, have been for generations and will undoubtedly be so for generations to come too.
A great insight into what makes them special, why they work and how they survive as a business model.
Undoubtedly there are 'are pluses and minuses to the family business structure' but when the going gets tough family companies tend to survive due to trust and a desire to batten down the hatches and come out stronger on the other side.
Family businesses are undoubtedly a force to be reckoned with!
What do these mega-corporations have in common: Walmart, BMW, Tyson, Samsung, Kohler, Christian Dior, Mars, Ford, Berkshire Hathaway, Roche, Maersk, Comcast? They’re all family businesses, although they are not typically thought of that way. Harvard Business School professor Tarun Khanna recalls that when he first started researching family firms 25 years ago, colleagues told him, “You shouldn’t bother to study family businesses, because they are transient phenomena. As the world modernizes, they’ll go away.” But today, they are in “pretty much every country around the world,” Khanna says.