Are you part of a family business? A new study, Staying power: how do family businesses create lasting success?, has some good news. The research, from EY, revealed several key facts that contribute to the success of family businesses. In an analysis, Harvard Business Review noted:
The study revealed several keys to family-business success, including preparing the younger generations for succession; considering women for the CEO’s office; budgeting for spending increases on cybersecurity; and shoring up relationships among family members through philanthropic activities and family-business branding.
Indeed, family-business branding builds trust: Seventy-six percent of companies surveyed report that they refer to themselves as a family business in their marketing materials to establish a strong identity, differentiate, and build trust with customers and employees. Family-business branding is on prominent display at companies such as German brewery Warsteiner: “Family Tradition Since 1753.”