Family businesses are inspiring, to say the least. Those are a magnificent example of how people can collaborate, work together, create something inspiring and change their local communities. In fact, it’s the small business that changes the economy, makes depressed areas prosperous and gives more power and money to the people.
People are used to seeing family businesses as small and local, but that is not always so. There are huge companies that now are famous worldwide, which were just small family businesses back then.
Yes, you’re right, that store you go to practically daily, that large beast taking away clients from smaller local groceries was once a family business. Sam Walton created his innovative idea that changed the retail industry forever in 1962 in Arkansas. Wal-Mart was the first business which implemented low prices together with high-quality service. This business (still partially family owned, as 50% of shares belong to the Waltons) now gives jobs to more than 2 million people. Quite impressive.
- Sun Pharmaceutical.
This is the biggest drug company in India, which was founded with $160. Its founder, Dilip Shanghvi, had to borrow some money from his father to establish the company, but now it successfully paid back, making him one of the richest people of India. The company is still considered to be a family business, with the original founder owning about 40% of shares.
Actually, Facebook is also considered a family business, especially now when Mark Zuckerberg brought his family into his business. His father owns company just partially after Mark gave shares to him as a present for supporting the company in the very beginning. His sister was a manager, but then she left to start her own company. Yet, she still owns a small percentage of shares.
It’s a Swiss company that is well known for its cancer drugs. This company gave hope to millions of people all over the globe and its market cap is $254 billion. The heirs of the original founder own a bigger part of the company, though its already partially owned by other people. The family is actually quite a successful one, as it includes 8 billionaires, who are involved in the pharma industry.
This company was created after two drug businesses Sandoz (founder – Edouard Sandoz, established his business in 1886) and Ciba-Geigy merged together. Heirs of Edouard still own a big portion of Novartis’ shares. They are also on its Board of Directors, so his descendants actually rule the company up to these days.
Those are not the only big family businesses out there. You have probably heard of Phillips 66, Samsung or Volkswagen. Those are family businesses too. It’s useful to remember that those giants as Facebook or Ford had their ups and downs and yes, they were not there forever.
It’s sort of inspiring to see those companies who started with borrowing money, $160-worth of investments and people struggling to make profits, taking risks and thinking ahead of time made it to the top. It means that if your services or your product is good, people will notice it and you will rise above it all. Those family businesses that became top ones give hope to many emerging companies.