Family firms are generally seen as good employers, trusted and respected businesses, even more so when the family name is above the door and the business has been around for generation. The benefits associated with being a family business can be great. These benefits can even result in the family business deriving competitive advantage as a result.
It is great to see successful family firms embrace their heritage and values, to use their very status as a point of difference and to reap the positive benefits that are associated with being a family business too.
The obvious thing that makes family businesses stand out from their non-family counterparts is the ‘family factor’ and this is something that can be used to the competitive advantage of the business if harnessed in the right way. Sadly, all too often family business is portrayed as ‘small business’ rather than the reality that those in the know understand: family firms can be big business, take JCB, Wal-Mart, BMW, ALDI and many others and the myth has been blown away, but fundamentally it is more important that family firms are recognised for the positive values they bring to the economies and communities in which they operate.