Family-owned businesses play a crucial role in the economy . It ' s estimated that 80 % of South African companies are family-owned and provide jobs for 90 % of the workforce . In a country with such high unemployment , the success and endurance of family-owned businesses are vital . However , as these businesses mature , so do the founders . Whether it ’ s a family member or non-family member poised to take over the reins , having the right structures , a strong culture , and purpose in place is key . McKinsey identifies four mindsets common to all family-owned businesses that give them a competitive advantage and are crucial to their success . These include a focus on purpose beyond profits , a long-term view with an emphasis on reinvesting in the business , a conservative and cautious stance on finances , and processes that enable efficient decision-making . Coincidentally , millennials share similar mindsets when considering their career choices . Their focus on outcomes , purpose , and goals , valuing both the customer and employee , being risk-averse , disliking bureaucracy , and preferring a less rigid corporate structure make them well-suited to working in a family-owned business . One family-owned business that embodies these four mindsets and has millennial leadership in place is Bed King . Founded 25 years ago by owner and MD Mervyn Ewertse on a shoestring budget , Bed King now boasts 16 outlets nationwide , with its 17th store opening in Johannesburg this April . Thanks to Mervyn ’ s enterprising spirit and ability to identify an opportunity in a sea of sameness , where every other bed shop was selling the same products and competing ruthlessly on price , he has positioned Bed King as the leader in sleep innovation in South Africa . Building his reputation on integrity and compassion , Mervyn made his mark on the bed industry early on . “ The mattress industry is notoriously cutthroat , with salespeople pushing brands to close deals without a real understanding of their clients ' specific comfort and support needs , other than price . When Mervyn first started Bed King , he sold the same brands as other stores , focusing on price and volume . But he soon realized this approach wasn ’ t aligned with his values and purpose . He was genuinely interested in how his customers slept at night and felt he could offer much more than what other bed brands could ,” says Carla Myburgh-Ewertse , the operations director at Bed King . She joined the family business in 2017 07 , after working in logistics and distribution .. Fed up with the egos and price wars , Mervyn knew it was time to put purpose ahead of profit . Mervyn ’ s genuine interest in his customers , their sleep patterns , and how they chose a mattress led him to venture overseas in 2018 to explore the latest sleep trends . He found that people were struggling to find a mattress that was both comfortable and offered personalized support . He wanted to make it easier for them . This is when he discovered pressure mapping technology , originally used in the healthcare sector to help patients find comfort in wheelchairs and hospital beds , now being applied in the mattress industry . “ It was on his return that we launched the Comfort Solutions Lab , available now in every store nationwide . Offered free-of-charge , it only takes five minutes and can map a person ’ s sleep positions . The bed has 1600 built-in pressure sensors to target the body ’ s pain points , creating the optimal sleep code . This is then matched to three of twelve different mattresses , all designed and manufactured locally by Bed King , to complement each sleep code in three price ranges .”