A Relational Model for Family Business

By Matt Spackman, Ph.D., Malcolm Heard, M.A., Yinka Akinyemi, M.B.A.
Reproduced with permission from Talent Plus.

From the local to global scale, family businesses play a critical role in today’s economy. They pay 62 percent of all wages in the U.S., account for 50 percent of the country’s gross domestic product, and create 78 percent of all new jobs (Johnston, 2004). Contrary to popular assumptions, family businesses are not restricted to mom-and-pop operations. In fact, 37 percent of Fortune 500 companies are family owned, and 60 percent of publicly listed companies are family controlled (Johnston, 2004).  Family businesses do have some peculiarities that allow for challenges and opportunities which require special attention. For example, the failure of family business transfers, the “handing down” of the business to the next generation, is well documented; about 30 percent of family businesses survive to the second generation, and fewer than 13 percent survive to the third (Jurinski and Zwick, 2002).

Join your peers and IAPSP members for The Inaugural Leadership Conference for the Private Service Industry.  Fairmont Hotel, Dallas, Texas, 9-11 October 2009.

September 16, 2009 – The International Association for Private Service Professionals (IAPSP) has released the completed schedule and lineup for its inaugural conference “The Secrets of Service” 9-11 October 2009.  Executive-level domestic staff members across all disciplines of Private Service will convene in Dallas, Texas for the event that is designed as an educational, leadership and networking conference; promoting professionalism, superior management skills and service expertise.