How Family Businesses Create Lasting Success

A pillar of the world’s economy, family businesses account for more than two-thirds of all…

Georgia (May 28, 2015)A pillar of the world’s economy, family businesses account for more than two-thirds of all companies globally, and provide between 50 percent and 80 percent of all employment, according to research by Family Firm Institute, Inc.

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http://www.forbes.com/sites/russalanprince/2015/05/26/how-family-businesses-create-lasting-success/

What makes them succeed? And what serious threats do they face? To answer these questions, EY recently teamed with Kennesaw State University’s Cox Family Enterprise Center to survey 25 of the largest family businesses in the 21 top global markets.

The resulting report, Staying power: how do family businesses create lasting success? highlights success factors for these businesses, as well their primary risks.

Overall, the companies surveyed are both innovative and patient. As a group, these businesses report having a firm handle on succession; more than 87 percent of survey respondents have clearly identified their next-in-line leaders. These businesses’ ironclad cohesion can be attributed to clearly defined roles and open paths of communication.

“Vibrant family businesses around the world know the limitless value of connecting their families to their stakeholders in messaging and all elements of image,” says Joe Astrachan, Professor of Management and Entrepreneurship, Kennesaw State University.

 



A leader in innovative teaching and learning, Kennesaw State University offers more than 150 undergraduate, graduate and doctoral degrees to its approximately 38,000 students. With 13 colleges on two metro Atlanta campuses, Kennesaw State is a member of the University System of Georgia and the third-largest university in the state. The university’s vibrant campus culture, diverse population, strong global ties and entrepreneurial spirit draw students from throughout the region and from 92 countries across the globe. Kennesaw State is a Carnegie-designated doctoral research institution (R2), placing it among an elite group of only 6 percent of U.S. colleges and universities with an R1 or R2 status, and one of the 50 largest public institutions in the country. For more information, visit kennesaw.edu.

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