Here are 5 characteristics that family-owned businesses rely on to secure their longevity:
a recession than their peers. Here are 5 characteristics that family-owned businesses rely on to secure their longevity.1. A History of Higher Employee Retention, family businesses retain talent better than their non-family peers. Why? Because these companies “focus on creating a culture of commitment and purpose, avoiding layoffs during downturns, promoting from within, and investing in people.”
The value that family-owned businesses place on their employees leaves them far more prone to go to extraordinary lengths to retain individuals—even amid a recession. Without the encumbrances of a complicated corporate structure, this may involve coming up with unorthodox solutions that ensure employees are taken care of.
With their name on the building and/or product, family business leaders are far less likely to take the kinds of risks that leave companies vulnerable to sudden economic downswings. In many cases, most of the family’s wealth tends to be tied up in the business. Family business leaders act as custodians of that wealth for their generation.
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