Entrepreneurial start-ups through time tested fifth generational (and older) family firms have been interviewed worldwide, with South African families making up 120 of the almost 2,400 family businesses surveyed. Respondents included family members who manage their businesses, as well as CEOs external to the family who have been brought in to manage the businesses on the family’s behalf.
This year's survey suggests that the new economic pressures are forcing many family businesses to re-think their strategies and make some tough decisions. This is sharpening the tension already inherent in the family business model between family concerns on the one hand, and business objectives on the other: what you might call ‘heart’ and ‘head’.
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