Family Business Success Modest Money4 Comments

In today’s culture where the hottest businesses are seen to be the nippy little startups led by beer and pizza-fuelled college grads, the idea of strating a family business can seem dour and dated. Such companies are regarded by many as being unprofessional and unsustainable – the stat that only 30 percent of family businesses survive into the second generation is often cited.

Family businesses are certainly traditional and steeped in history, but this isn’t necessarily a bad thing. As Professor William O’Hara, the pre-eminent expert on the theme of family business writes in his book Centuries of Success:

‘Before the multinational corporation, there was family business. Before the Industrial Revolution, there was family business. Before the enlightenment of Greece and the empire of Rome, there was family business.’

Today, those family businesses that have got passed the second and third generation appear to be some of the strongest and most resilient companies around. Family Business Magazine cites the construction company Kongo Gumi as the oldest known family business in the world, currently in its 40th generation and dating back to the year 578, when Prince Shotoku brought members of the Korean Kongo family to Japan to help construct lavish…

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By : Adam | 4 Jul 2014
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