Yet , familial ties are not only beneficial for exporting . They can be key to your business growth and longevity overall ! It is perhaps no coincidence that family-owned firms make up 80-90 % of firms worldwide .
U . S . economy . In fact , statistics from the U . S . Census Bureau continue to show that these firms are twice as likely to export , six times more likely to transact business in a foreign language , and three times more likely to generate 100 percent of its revenues from exporting than non-minority firms . More simply put , many firms owned or controlled by minorities have family and cultural ties in foreign countries which provide a unique advantage for exporting .
Yet , familial ties are not only beneficial for exporting . They can be key to your business growth and longevity overall ! It is perhaps no coincidence that family-owned firms make up 80-90 % of firms worldwide . It is perhaps no coincidence that household names such as Wal-Mart , Ford , and Tyson , have grown over many years to reach the prominence they enjoy today . The mere idea of a family business may not be popular , as many think they would never go in business with family to avoid the potential tension and stress . Yet , with a change in mind set
Yet , familial ties are not only beneficial for exporting . They can be key to your business growth and longevity overall ! It is perhaps no coincidence that family-owned firms make up 80-90 % of firms worldwide .
and careful preparation and management , it could be the best decision you ’ ve ever made !
If you are contemplating opening a family business , going into a family business , or bringing some other family member into your business , consider three beginning tips : 1 . Define and distinguish your Family System from your Business System 2 . Remain firm on policies of Fair
Compensation and Work Load
3 . Take seriously Succession and Inheritance Planning The advantages to a family business can be great — offering freedom , independence , and control ; leading to unforeseen financial rewards ; it may even help improve some family relationships . Stay open-minded , for your family could be your hidden key to substantial business growth !
Candace Shiver , Esq . is CEO & Managing Partner , Shiver & Associates , a strategic government relations and business development firm with offices in Columbia , SC & Washington , DC .
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