As mentioned in the Financial Times, even though the family-owned business model is not praised in modern economies, it is worth noticing how these companies outperform their competitors in adverse circumstances, whether we talk about the mom-and-pop shop or large multinationals like Mars, Ferrero or L’Oréal. In order to overcome turbulent periods, two distinctive characteristics of family businesses – resilience and adaptability – play a key role, together with a long-term vision, financial prudence, a strong connection with the local area and a solid link between the owners and their businesses in terms of loyalty and values. These particular entrepreneurs combine in-depth knowledge of the market and their business structure with other overlooked yet fundamental assets which have an equally important impact.
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