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Article: Tales from the Family Crypt Are you guilty of believing any of these widespread myths about family businesses?(five facts to dispute family business myths)
- Article from:
- Financial Planning
- Article date:
- October 1, 2002
CopyrightCOPYRIGHT 2002 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The world's oldest continuously operated business, Japanese temple-builder Kongo Gumi, began in 578. After all that time, a few myths about family business are bound to crop up. And, in fact, family business is probably dogged with more than its share of Loch Ness monsters, crop circles, Bigfoots and similar myths. Here's my attempt to debunk several of these myths about family business.
Myth #1
Family businesses are all kitchen-table, mom-and-pop operations.
* Fact. Ford, Campbell's Soup, Cargill, Siemens and Mars are all essentially family businesses, and all are multi-billion dollar enterprises, among the largest on the planet. Wal-Mart, more ...