So you’ve decided to start a family-owned company, or you’ve joined an existing family-owned business. This is an exciting and important step for all members of the family
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When establishing or joining a family-owned business, it’s important to think long, hard, and creatively about planning the activity of the family-owned business and how to ensure its success over the long haul.
Many people are afraid of combining family with business because each of these comes with its inherent complexities and sensitivities. Therefore, there is a natural concern when the two are merged.
Nonetheless, it’s impossible to ignore the many advantages inherent in a family business. There’s a good reason why one finds, in any global market, many outstanding family businesses in a wide range of sectors – small, medium-sized, and large. Similarly, the decision to establish a new stock exchange index – The Tel Aviv Family Index – designated to family businesses in the economy, strengthens and embeds the above-mentioned advantages of a family-owned business.
The many advantages that make family businesses unique cannot be achieved in businesses that aren’t family-owned. Among the many advantages are the special relations of trust among family members and the informal family relations that can provide added value to business clients as well as many other benefits.