Family Owned Construction Business
Are you discounting the fact that you have a family owned business? You shouldn't be. At least according to this research report by EY that was recently highlighted in this Harvard Business Review article.
The study found that many clients prefer family based construction companies. They feel these companies will be around for the long haul - they don't feel like family owned businesses will try to grow too fast or suddenly sell off their business.
Employees around the globe often prefer family owned businesses as well.
In addition to marketing and branding themselves as family owned businesses, the study found these additional keys to success in the businesses they studied:
- 90% have a board of directors
- 90% have regular family or shareholder meetings to discuss business issues
- 81% engage in philanthropic activities
- 76% refer to themselves as a family business in their branding
The study and article mentioned above also explored issues related to business succession - an importance and sometimes delicate issue for family businesses. Among their findings were:
- 87% have clearly identified who is responsible for succession
- 70% are considering a woman for their next CEO
- 44% of the time, the board of directors is responsible for succession
The study contains plenty of other facts and insights about family owned businesses - you can download a copy for yourself here.