Why family business is big business
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There is a huge misconception around the term “family business”. The words seems inextricably linked to the idea of small business; of Mum and Dad toiling round the clock in a corner shop or the reluctant son pressed into service as an apprentice butcher.
By Steve Benger, Managing Partner, Accelerus
Yes, there are millions of SMEs run by families, but the reality is that family-run businesses are amongst the biggest and most successful in the world.
A recent report by Center for Family Business at the University of St.Gallen, Switzerland, reveals the true scale of family business across the globe.
The 500 top firms in their Global Family Business Index employ nearly 21 million people and produce a combined annual sales of $6.5 trillion, enough to be the third-largest economy in the world. Firms like Walmart, VW, BMW, Ikea and Aldi are all family businesses with the majority of shares being held by members of the family, or in the case of Ikea 100 per cent.
Barclays Bank says Brita...
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