What are the unique resources your business family has because of the impact of “family”? What are the constraints or difficulties you face because you are a business family? Do your advantages outweigh your constraints? Have you actually analyzed the advantages and challenges you have because you are a business family? Have you capitalized on those advantages and minimized the constraints?
According to UBC Sauder School of Business, Canadian family businesses contribute to 60% of the country’s gross domestic product, and according to the Richard Ivey School of Business, Canadian family businesses employ 50% of the country’s workforce. While it was previously said that 70% of family businesses will not make it to the second generation and 90% won’t make it to the third, research shows that family businesses have more chance to survive than non-family corporations.