Carole Howorth and Nick Robinson
Depending on the definition used, at least half – and in many countries three-quarters – of firms are family controlled businesses (IFERA, 2003; Howorth et al., 2010). The Institute for Family Business estimates that in the UK, family businesses represent two-thirds of all firms, that they contribute 47% of private sector employment, and 25% of GDP (IFB, 2017). One third of Fortune 500 firms are family controlled. Family businesses thus represent the dominant business ownership model across the world (IFERA, 2003).
Family firms tend to survive longer than firms under other models of ownership (Wilson et al., 2013). ...