Family-owned firms reported their largest growth increase in 15 years according to the 11th PwC Global Family Business Survey, carried out across 82 countries between October 2022 and January 2023. Strong values, employee communication and digital capabilities are among the traits shared by top-performing family firms. PwC Global Family Business Survey Homepage image: Jonathan […]
Succession and family vision
Succession is the most critical challenge faced by family businesses since it touches the very heart of family and firm: its foundational bricks and future legacy. It’s difficult because it affects people – predecessors and successors, the company and the owner family – as well as complex since it can impact all three different spheres […]
Other things that tend to happen in family firms
In my previous post, I highlighted two of the most common mistakes in family businesses. To avoid going on about mistakes, I’ve decided to entitle this post “Other things that often happen in family firms.” To be sure, lots of good things happen in family firms. My colleague, teacher and friend, Prof. Miguel Ángel Gallo, […]
Juste Group, strategic renewal in the family business
Inés Juste presides the Juste Group, a chemical-pharmaceutical company founded by her great-grandfather more than a century ago. In its fourth generation, the firm is a global reference thanks to its entrepreneurial spirit, innovative character and vocation for continuity between generations. The Juste Group was established in 1922 by my great-grandfather Rafael Juste Castán. A […]
The power of women in family business
Today is March 8, International Women’s Day. On this day, the world comes together to shine a spotlight on the social, economic, cultural, and political achievements of women, as well as the obstacles that continue to undermine gender equality in the workplace and other critical domains. First, some good news: there have been significant strides […]
Family enterprises are outstripping the global economy
According to the 2023 EY and University of St.Gallen Family Business Index, the largest family enterprises are growing faster than the global economy: 10% compared to the world’s 6%. Once again, the Index highlights the huge contribution of the world’s largest 500 family enterprises as a global economic driver. How the largest family enterprises are […]
Why Building Trust Benefits Your Company
Trust has been the crux of economic exchanges since the creation of the world’s first marketplaces millennia ago. While several research studies have focused on trust in bilateral relationships, less is known about its broader social and economic ramifications and the specific role of family businesses. In this Forbes article, IESE Prof. Jeroen Neckebrouck shares […]
Two of the most common mistakes made by family-owned firms
In my last post, I offered five strategies that family firms should follow if they have hopes of long-term survival. Today, the focus is on two of their most common mistakes, which can also make life much more complicated for their top leaders. (1) Bringing family members into the fold It’s not unusual for founders […]
Family or firm: which comes first in family business?
This isn’t a very useful question in my view. It’s one that can lead us down the wrong path and even to erroneous decisions that generate conflicts that could have been easily avoided. It reminds me of another inane question that I’ve seen adults pose to young children: Who do you love more, Mom or […]
5 strategies for a new model of family business
As Heraclitus said more than two millennia ago, “Nothing is permanent except change,” yet the very nature of change has shifted dramatically in today’s volatile, hyperconnected and fast-paced world. Family firms are generally better equipped to weather the storm thanks to their comparatively longer-term perspective and financial resilience. Yet other traits aren’t as positive, says […]
The ripple effect of trust and the family firm
When searching for a new supplier, investor or manager, what’s your number one criterion? Industry reputation? A core metric? Economic cost or benefit? While all relevant criteria, there is another that trumps them all: trust. Defined in academic literature as the willingness of one party to be vulnerable to the actions of another, trust has […]
