A new study offers good news for family businesses, especially in the construction industry. The new research report, Staying power: how do family businesses create lasting success? from EY, revealed several key facts that contribute to the success of family businesses. In an analysis, Harvard Business Review noted:
The study revealed several keys to family-business success, including preparing the younger generations for succession; considering women for the CEO’s office; budgeting for spending increases on cybersecurity; and shoring up relationships among family members through philanthropic activities and family-business branding.
Indeed, family-business branding builds trust: Seventy-six percent of companies surveyed report that they refer to themselves as a family business in their marketing materials to establish a strong identity, differentiate, and build trust with customers and employees. Family-business branding is on prominent display at companies such as German brewery Warsteiner: “Family Tradition Since 1753.”