In today’s fast-paced and progressive world, corporate organisations are often considered the most successful business structures. International conglomerates such as Virgin Group, Textron, and Time Warner have all attained global success based on their corporate business models. While the achievements of these multi-national organisations is inarguable, family-owned companies are also excelling in the business world.
Once considered an undesirable phrase among the corporate heavyweights, the term ‘family business’ is now a positive business indicator. While many young entrepreneurs start out on their own with a single great idea, other people embark on work ventures with their relatives. Samsung, Mars, and Wal-Mart are all international family-owned enterprises — dispelling the myth that these types of companies only ever reach small to medium size.
In fact, family firms have a range of valuable attributes that are often not found in other organisations. According to the Institute for Family Business, more than three million companies in the UK are owned by families: this demonstrates their integral contribution to the economy. Furthermore, in a world that is increasingly computerised and impersonal, many consumers welcome the sense of loyalty and familiarity that is associated with family enterprises.