Family Businesses and the Lindy Effect

By | March 17, 2017|Family Business|

Could something called the Lindy Effect help to understand why family businesses often survive for so long? Possibly - but one thing is for sure, the Effect offers an intriguing explanation for why some businesses survive longer than others. The Lindy Effect says that the observed lifespan of a non-perishable item like a business is [...]

Planning to lead the family business

By | March 13, 2017|Family Business|

PwC Family Business Survey Being the ‘boss’s child’ throws up some unique challenges for the next generation of family business leaders.  There are a number of ‘gaps’ that the next generation face: the generation gap between their experience and expectations, and those of their parents’; the credibility gap, which they have to surmount if they’re [...]

There’s business, and then there’s the family business

By | March 13, 2017|Family Business|

Family businesses form the backbone of the Irish economy, accounting for more than 40 per cent of all private sector employment. The benefits of families working together, with uniquely intimate closeness and trust, have provided a foundation for a proven business model. Family business leaders often demonstrate a heightened emotional connection to the success of [...]

National — a family business where ‘time and truth travel together’

By | February 23, 2017|Family Business|

Lynda Smith Swann is the president and owner of National Wholesale, a women’s apparel business, started in 1952, which is now celebrating its 65th year of business. Although Lynda grew up at National, she went into counseling after receiving her undergraduate in psychology and her master’s in education from the University of North Carolina. From [...]

Six Key Issues Millennials Should Consider Before Diving Into a Family Business

By | February 22, 2017|Family Business|

Joining a family business isn’t for everyone. It’s a risky decision that needs a lot of careful consideration. You might build a successful dynasty that grows into a Fortune 500 company, with generations of family continuing to lead the business. Or, like the vast majority of family businesses in the U.S., your business might not [...]

The Wallenbergs: where money meets Swedish science

By | February 22, 2017|Family Business|

The Wallenberg family’s main philanthropic vehicle, the Knut and Alice Wallenberg foundation (KAW), which celebrated its 100th anniversary this year, is the second-biggest backer of basic scientific research in Europe, having distributed SKr24bn or $2.7bn in its lifetime. As much as the foundation has done for science in Europe, and specifically in Sweden where it [...]

Ping’s new president John K. Solheim talks about leading his family’s business

By | February 13, 2017|Family Business|

Since the company's inception in 1959, Ping has been a family-run business. The recent elevation of John K. Solheim, the oldest son of Ping chairman and CEO John A. Solheim, and grandson of company founder Karsten Solheim, to the next president of Ping maintains that continuity for the foreseeable future. John K. - who served [...]

Lee Family Business is in Full Swing

By | February 13, 2017|Family Business|

Just like in any sport, gymnasts need a place to train. However, these places require a monthly payment for training, competing and much more. For MaJe Lee, University of Utah gymnast Kari Lee’s mother, instead of writing that check every month for her five kids, it made more sense just to run a gym herself. [...]

Family Firms Are More Innovative Than Other Companies

By | January 27, 2017|Family Business|

Family firms aren’t typically thought of as particularly innovative. More often, they’re viewed as risk averse, traditional, and stagnant. However, many family-owned businesses are among the most innovative in their industries. Consider Herr’s Potato Chips and Enterprise Rent-A-Car. There are countless other examples of family firms that have brought innovations to market. We wanted to [...]

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