7 Things in a Family Firm that are Essential to Success

Interesting observations.

Market World News

There is no clear evidence to suggest that family firms outperform non-family firms. However, there are clear advantages to family firms that not many non-family firms can boast of having. A few successful family firms include the retail and supermarket giant that is Walmart (owned by the Walton family), and Ford Motor Company. The success of these companies was not necessarily down to the fact that they were family run, however, they did possess a few characteristics that stimulated astronomical growth.

  • Commitment

Family enthusiasm and family ties can develop added commitment and loyalty under one shared goal or objective.

  • Knowledge

Special ways of doing things in the business can be coveted and protected within the family.

  • Flexibility in time, work and money

This ensures putting work and time into a business when necessary and taking money out when the business can afford it rather than according to the dictate of…

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