Family Assets

Abstract

Family firms have a strong sense of identity, which forms the foundation of their business strategies and sets them apart from non-family firms. It’s tempting to assume that every family firm has its own unique culture, but in fact we find it more useful to generalize. Family contributions are surprisingly similar from one country to another — these family assetsare the glue that holds the family and the firm together in a powerful collaboration. The assets that underpin family firms in Japan, India and Hong Kong resemble those in the US and Europe — regardless of the cultural or national setting, they are powerful generators of success. Much of the value is specific to the family, and without their ownership or management it would be lost. Family assets are different from other types of assets that are of comparable value for every business owner — whether they operate a standardized machine, make cars or own a patent.