Ernst & Young (EY) - KSU Global Family Business Survey
Joseph H. Astrachan and Torsten M. Pieper
The EY-KSU Global Family Business Survey, the first-ever global investigation of its kind, is a comprehensive study that identifies, analyzes and benchmarks the competitive advantages and challenges facing large entrepreneurial family businesses around the world. Toward this aim, we surveyed the largest family businesses in each of the top 21 global markets (n=1,000), through phone interviews in the respective country language conducted by a professional survey firm, and we uncovered the sources of their everlasting success. What we found is that these companies optimize both family cohesion and profitable business growth. If too much emphasis is placed on one over the other, both are likely to suffer. More specifically, we were able to identify several key strategies that contribute to striking this delicate balance. The most successful family businesses actively nurture harmonious family relationships; they consciously brand themselves as family businesses; they invest in sustainable business practices; they focus on the future, preparing the next generation to enter the business; they use governance mechanisms to keep the family involved in the business (not to shut it out); and they value and actively encourage women leaders. Overview
12 | Business Engagement
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