In January of 2018, Deloitte launched a Report called “Global Perspective for Private Companies.” The purpose of this international survey was to understand some of the key differences in priorities between family businesses and non-family businesses. Nearly 2000 private company leaders were contacted in order to compile the report. Some of the most important findings included:
- Internationally, family business executives seem to have just as positive an outlook as executives in non-family private businesses.
- Family businesses may analyze risk, their workforce, and how to approach family growth in different ways than non-family private businesses, and plan their strategies accordingly.
- A large advantage that family businesses may enjoy is confidence in their workforce. Family businesses tend to be very confident that their employees are fiercely loyal to both the family and the company.
Do you agree with these assessments? Are there drawbacks to family businesses you can see? Other important advantages worth mentioning? Let us know with your comments!