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Invent, Reinvent, Thrive: The Keys to Success for Any Start-Up, Entrepreneur, or Family Business by Lloyd Shefsky

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9

Silver Spoons: Why Do Some Tarnish While Others Shine?

FAMILY BUSINESSES ARE NOT JUST “MOM AND POP” CANDY STORES. Some of the world’s largest companies are family businesses—Walmart, Ford, SC Johnson, Cargill, Koch, Hallmark, American Greetings, Samsung, ArcelorMittal, Gallo, CitizensBank, First SK Group, BMW, Hyundai, Gerdau—to name a few easily recognized names.

Family businesses account for the biggest part of the U.S. gross domestic product. In some countries, family businesses account for 70 percent—80 percent even—of the nation’s gross product. Large family businesses are significantly more profitable than comparable publicly owned businesses. Research by my colleague Professor John Ward and others show that those family businesses have ...

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