Continued Growth In Family Owned Businesses
The statistics are clear: family-owned businesses create and contribute a vast amount of wealth in local economies and around the globe; and yet their survival rates remain dismal and declining over successive generations.
With such a powerful economic engine at stake, this white paper sets out to discover the causes of these failures or failures of succession. This paper’s central concern is discovering new best practices in leadership and innovation to combat or prevent succession failure and ensure the longevity and continued economic impact of family-owned businesses.
Using in-depth industry research and analysis, the following sections will develop an overview of family-owned businesses—their various forms of operation, stories of inception, economic impact, trends, and risks; a global view of family-owned businesses, and their cultural practices, in different countries; anecdotal evidence of emerging innovations that have sustained and enlivened family-owned businesses and prevented succession failure; and ultimately to recommend the specific practices that business leaders should adopt or eschew.
The overall hope is to teach and spread proven methods of leadership, problem-solving, succession planning, training, and innovation so that family-owned businesses remain intact, independent, and impactful.