Tricks to prolong the family trade's success

IT may seem innocuous, but branding yourself as a family business gives firms an edge. Which may be why 76 per cent of the 25 largest family-owned businesses in 21 global markets refer to themselves as a family business in their advertising, websites, social media, press releases, and other promotional materials.

It is not just family pride that influences this strategy, according to the report, Staying power: how do family businesses create lasting success?, which was launched by EY and Kennesaw State University's Cox Family Enterprise Center. Such branding also sets family businesses apart from competitors and improves the reputation of these companies with their customers given that family businesses are generally seen as more trustworthy than other types of businesses.

"Vibrant family businesses around the world know the limitless value of connecting their families to their stakeholders in messaging and all elements of image," says Joe Astrachan, professor of management and entrepreneurship, Kennesaw State University. "It's even better for business success and family health when the family gets engaged in shaping the message and delivering it personally."