Taking steps to brand a private company as a ‘family business’ results in a significant and powerful reputational premium. Family firms are scoring a serious own goal if they do not make family ownership part of their brand.
- How do stakeholders and the wider public view family businesses?
- Is giving visibility to next-gens an important step for succession?
- Why should businesses be transparent about family ownership?
- What experience can next-gens bring to a family business?
In Q1 2021, Transmission Private conducted a survey to both quantify the impact of branding a private company as a ‘family business’ and uncover hard evidence about the best way to communicate during challenging succession events.
Selected findings and recommendations
- Taking steps to brand a private company as a ‘family business’ results in a significant and powerful reputational premium
- 66% of people would think more positively of a family business if they are made aware of the fact that multiple generations of a family were active in its management
- When planning for succession, companies should give visibility to next-gen family members within the business as early as possible
- A quarter of people feel more negatively about a business if a next-gen family member was suddenly appointed CEO, with no visible previous active involvement in the business
Plus, more raw data from our survey of 2,000 members of the public... and practical, hands-on suggestions on how to manage your risk and respond to potential issues. Download the full report below.