familyownedblog

According to Family First Institute, family businesses account for two-thirds of all businesses around the world. Impressively, an estimated 70 to 90 percent of global GDP is also created by family businesses. Some of the world's largest corporations are family owned enterprises. For example, Walmart boasts a market cap of over $240 billion.

Whether you have your eye on a billion-dollar prize or just want more flexibility in your work, running a family owned and operated business has its advantages. You get to spend the day with people you love and admire. And when conflict arises, you already have a history of hammering out issues and resolving conflict together. Need more? Here are four reasons to recruit your top talent at your next family reunion:

 

Longevity

Not all family run businesses make it to the second generation. But some make it to the tenth. The Nolet family has been running Ketel One Vodka since 1691. And they're not just running the distillery in name only. A member of the Nolet family personally approves every final production run to ensure its signature crisp flavor.

Think of your family owned business as a legacy to pass on to other family members. Wrapped up in your success lies your priorities and values from flexibility and freedom all the way to producing an excellent product or service.

Flexibility

When you're working with family, it's easier to lay out the ground rules for flexibility and accountability. Family members can support each other coming in late and leaving early to be with their kids, as long as the work gets done and extra hours are tackled on weekends.

Flexibility can also mean the ability to conduct the work and design your business model as your family sees fit. Candy manufacturer Mars is a family owned and operated business that made a deliberate choice to avoid buy-outs and remain family focused. One of Mars' five principles is freedom. The corporation believes growth and prosperity can be achieved while remaining a family run business instead of trading their freedom. For Mars, that means avoiding restrictive debt, selling controlling shares of stocks and focusing on freedom as a requirement for doing business.

Better Talent

According to a study in the Harvard Business Review, family run businesses retain better talent than their competitors. Large, family owned brands reflect these findings. Cosmetics juggernaut Este Lauder fosters career and talent development. The company builds an ongoing, sustainable business and workplace based on principles such as integrity and fairness.

But you don't need an Este Lauder-sized revenue to retain top talent. Harvard Business Review's findings show that family owned businesses look to create a culture of commitment and purpose. They also avoid layoffs and promote from within to show their dedication to their team.

Personal Values

When your family bands together to run a company, you can focus on your own unique set of values that sets you apart. Walmart's company culture values customer service, respect for the individual, excellence and acting with integrity. Every Walmart associate is expected to live out these values.

Writing out your values may seem like lip service, but not when you put action behind them. What do you want your family owned business to say about your family?

 

 

Susan Finch is a freelance writer with a passion for travel and helping small businesses find their online voice through content marketing, blogging and beyond. She is an eclectic writer with more than 10 years of experience contributing to guidebooks, magazines, iPhone apps, online publications and more. Susan can be found at BySusanFinch.com.

 

<p>According to <a href="http://www.ffi.org/?page=globaldatapoints">Family First Institute</a>, family businesses account for two-thirds of all businesses around the world. Impressively, an estimated 70 to 90 percent of global GDP is also created by family businesses. Some of the <a href="http://www.businessinsider.com/the-worlds-21-biggest-family-owned-businesses-2015-7">world's largest corporations are family-owned</a> enterprises. For example, Walmart boasts a market cap of over $240 billion.</p>   <p>Whether you have your eye on a billion-dollar prize or just want more flexibility in your work, running a family-owned and operated business has its advantages. You get to spend the day with people you love and admire. And when conflict arises, you already have a history of hammering out issues and resolving conflict together. Need more? Here are four reasons to recruit your top talent at your next family reunion.</p>   <h3>Longevity</h3>   <p>Not all family-run businesses make it to the second generation. But some make it to the tenth. The Nolet family has been running <a href="http://www.ketelone.com/production/" target="_blank">Ketel One Vodka</a> since 1691. And they&rsquo;re not just running the distillery in name only. A member of the Nolet family personally approves every final production run to ensure its signature crisp flavor.</p>   <p>Think of your family-owned business as a legacy to pass on to other family members. Wrapped up in your success lies your priorities and values from flexibility and freedom all the way to producing an excellent product or service.</p>   <h3>Flexibility</h3>   <p>When you're working with family, it's easier to lay out the ground rules for flexibility and accountability. Family members can support each other coming in late and leaving early to be with their kids, as long as the work gets done and extra hours are tackled on weekends.</p>   <p>Flexibility can also mean the ability to conduct the work and design your business model as your family sees fit. Candy manufacturer Mars is a family-owned and operated business that made a deliberate choice to avoid buy-outs and remain family focused. One of <a href="http://www.mars.com/uk/en/about-mars/the-five-principles-of-mars.aspx">Mars' five principles</a> is &ldquo;freedom.&rdquo; The corporation believes growth and prosperity can be achieved while remaining a family-run business instead of trading their freedom. For Mars, that means avoiding restrictive debt, selling controlling shares of stocks and focusing on freedom as a requirement in doing business.</p>   <h3>Better talent</h3>   <p>According to a study in the <a href="https://hbr.org/2012/11/what-you-can-learn-from-family-business">Harvard Business Review</a>, family-run businesses retain better talent than their competitors. Large, family-owned brands reflect these findings. Cosmetics juggernaut <a href="http://www.elcompanies.com/Pages/Our-Culture.aspx">Est&eacute;e Lauder fosters career and talent development</a>. The company builds an ongoing, sustainable business and workplace based on principles such as integrity and fairness.</p>   <p>But you don't need an Est&eacute;e Lauder-sized revenue to retain top talent. Harvard Business Review's findings show that family-owned businesses look to create a culture of commitment and purpose. They also avoid layoffs and promote from within to show their dedication to their team.</p>   <h3>Personal values</h3>   <p>When your family bands together to run a company, you can focus on your own unique set of values that sets you apart. <a href="http://corporate.walmart.com/our-story/working-at-walmart">Walmart's company culture</a> values customer service, respect for the individual, excellence and acting with integrity. Every Walmart associate is expected to live out these values.</p>   <p>Writing out your values may seem like lip service, but not when you put action behind them. What do you want your family-owned business to say about your family?</p>

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