Family-owned businesses have suffered along with everyone else, but are able to leverage a competitive advantage to ensure they survive and prosper
Family-owned businesses have been hit by the economic downturn like many others. But while they have suffered along with everyone else, they are able to leverage an inherent competitive advantage to ensure they survive and prosper despite the poor business and financial climate.
According to Randel Carlock, Professor of Family Business and Berghmans Lhoist Chaired Professor in Entrepreneurial leadership at INSEAD, this advantage encompasses committed owners, long-term strategies, industry knowledge accumulated over generations, and values such as trust, stewardship and longevity.
[This article is republished courtesy of INSEAD Knowledge, the portal to the latest business insights and views of The Business School of the World. Copyright INSEAD 2024]