Family businesses are a “major component” of the global economy – and it is the responsibility of today’s leaders to nurture those of tomorrow, writes Peter Englisch for Strategy+Business.
Last year, the world’s 750 largest family businesses boasted combined revenues of US$9 trillion and employed approximately 30 million people, according to research conducted by Family Capital with the support of PwC. To put that figure in perspective, global GDP is estimated to be approximately US$86 trillion, according to the World Bank.
Family, in business as in life, is important. The future success of these family businesses depends on the next generation – “NextGen” – of leaders, who are more often than not family members.