Family-owned firms are the backbone of the world’s economies, but only a third survive to the second generation. In much of the world, family and firms are perhaps the two most important institutions, and these are often intertwined. The creation, growth and longevity of family businesses are critical to the success of the global economy. Indeed the majority of businesses in the world are family controlled – and these range from unsung, modestly-sized firms to commercial giants such as Ford, Samsung and Hyundai.

Family-owned firms are the backbone of the world’s economies, but only a third survive to the second generation. In much of the world, family and firms are perhaps the two most important institutions, and these are often intertwined. The creation, growth and longevity of family businesses are critical to the success of the global economy. Indeed the majority of businesses in the world are family controlled – and these range from unsung, modestly-sized firms to commercial giants such as Ford, Samsung and Hyundai.