Features

In a world where public trust in businesses and other institutions is rapidly declining, family-owned companies are in a unique position to communicate and capitalise on their brands and values. Alexandra Newlove reports

Warren Buffett famously said: "It takes 20 years to build a reputation and five minutes to ruin it”. These days, given the influence of social media and direct consumer feedback, the smallest issue can have widespread consequences for businesses. Not surprisingly, a survey by the Reputation Institute revealed that reputation is a top priority for 65% of business leaders. However, only 16% felt their organisation had the capability to manage their reputation comprehensively.

In our new series, FB Academy, giving practical ‘how-to’ advice to families, Andrew Keyt, clinical professor at Chicago’s Loyola University, likens bringing on a non-family leader to Thanksgiving.

The traditional model of family business succession is built on a parent passing leadership of the family company to one of their children. As the Millennial generation comes of age, family businesses are increasingly turning to non-family members to lead their family companies.

“Is India a Teflon-coated economy?” That is a question on the minds of most following the recent 7% gross domestic product (GDP) growth for the last quarter of calendar year (CY) 2016.¹ Did the long queues outside of the ATMs and the disruption to daily life last November and December as an aftermath of demonetisation, affecting nearly 87% of currency, only impact GDP growth by 50 bps?²