Whether emerging from a global pandemic or navigating the accelerating pace of change, family businesses are rich in the qualities that help companies thrive in times of upheaval. The current drivers of change in family companies are structural, cultural and generational, all complicated by the impact of the COVID-19 global pandemic. Even so, family businesses stand ready to thrive in an unpredictable world.

That’s excellent news, considering the economic impact of family businesses. According to Tharawat Magazine, family businesses generate 70-90% of global GDP annually. Ernst and Young reports the largest 500 family businesses constitute the third largest economic contribution in the world by revenue (after the US and China) and employ 24.1 million people worldwide.

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