A family business or a family owned business may be defined as any business in which two or more family members are involved and the majority of ownership or control lies within a family (source: inc.com).
80% of all Canadian businesses are family-owned. But did you know that family businesses financially outperform non-family businesses?
One of the main reason why family businesses have better result, is the long-term vision. Family owned businesses management tend to value more long-term metrics and vision. They are more focused on the survival of the company to the “next gen” while other businesses leaders are focused on short term goal. (source: Credit Suisse Research Institute)
Here are some interesting facts about family business in Canada:
If you want to know more about family businesses, how to manage tangible such as tax and estate planning and the not so tangible family dynamics, please #ASKFL or register to our newsletter.