8 Things You Should Know About The World's Most Successful Family Businesses

The importance of family businesses to the global economy is undeniable. They account for more than two-thirds of all companies around the world and 50%–80% of employment in most countries. This begs the question, what does it take to cultivate a flourishing family business?

EY recently partnered with theKennesaw State University Cox Family Enterprise Center to survey 525 of the world’s largest family businesses. The results revealed that succession planning, integrating women in leadershipand achieving staying power are all top of mind for the world’s most successful family business leaders. Their achievements support the claim that having a firm grasp of these three pillars is vital to building and maintaining a lasting legacy.

As I reflect on these survey results and our work with the world’s leading family businesses, these 8 key findings stand out:

1.       87% of the world’s most successful family businesses have clearly identified who is responsible for succession

2.       55% of the largest and most successful family businesses believe entrepreneurship is very important when preparing the next generation of leaders

3.       Outside work experience is not necessarily key to effective family business succession

4.       Family business succession planning often overlooks the importance of attracting great outside talent

5.       70% of the top family businesses are considering awoman for their next CEO

6.       55% of the world’s largest, longest-lasting family businesses have at least one woman on their board

7.       The world’s leading family businesses average about five women in the C-suite and four women being groomed for top leadership positions

8.       The world’s longest-lasting family businesses maintain a robust entrepreneurial climate

I’m confident that these key findings will remain front and center in the minds of the world’s most successful family business leaders in 2016.

Tell me: what do you think family business leaders should focus on to achieve lasting success?

Sourced- Forbes


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