All the world’s a stage for these family businesses

Some of the most recognised companies and brands across the world are family businesses — Walmart, Reliance, Ford, BMW, Tatas. According to the EY Family Business Yearbook 2017, the top 500 family businesses had revenue of $6.8 trillion and employed 24.1 million people. But odds are stacked against their future. Just one-third are handed to the next generation and a mere 12% to the third. Yet there are family businesses that beat the odds, notes Mark A Weinberger, EY global chairman. He says, "Their higher purpose is to build stronger and more resilient businesses." Innovation, keeping pace with disruptive technologies and openness to external ideas and professionals are key to survival. ET takes a look at some of the star family businesses internationally...