NEW YORK, April 30, 2015 /PRNewswire/ -- The world's most successful family businesses integrate practicality and innovation, strategy and strong commercial acumen, along with nurturing and care, to create a lasting legacy of entrepreneurial success, long-term growth and family unity. This is according to the EY and Kennesaw State University report Staying power: how do family businesses create lasting success?, which surveyed 25 of the largest family businesses in each of the 21 top global markets.
The importance of family businesses to the global economy is undeniable. This report provides insight on their impact by focusing on seven success factors that make family businesses tick: succession; women in leadership; governance; communication and resolving conflicts; branding; corporate social responsibility, philanthropy and sustainability; and cybersecurity. Findings show family businesses are fit and strongIn the survey, carried out together with Kennesaw State University's Cox Family Enterprise Center, respondents said they remain entrepreneurial and committed to innovation, even into their second generation and beyond. And they aren't complacent — most have their eyes on growing by investing in new talent, increased production and better systems. The report provides insight into the noteworthy practices, characteristics, and success factors that make these family businesses successful and long-standing. Carrie Hall, EY Americas Family Business Leader said: "Overall, the companies surveyed manage to remain entrepreneurial and committed to innovation. Even the oldest family business surveyed, in its ninth generation, does so. What's more interesting is that these companies honor their legacies without being stuck in the ways of the past. Given 64% of the family businesses predict expanding into other markets in 2015, it is apparent they are hungry for growth. To accomplish it, they are investing in new talent, increased production and better systems."