A range of factors inherent to family businesses give them “the edge,” a natural set of competitive advantages over non-family business. Included among these:

• Values embedded over generations
• Generations of accumulated knowledge of their business and the industry in which the operate
• Agility within rapidly changing markets derived from interaction of family, management, and ownership
• Desire to protect the family name and reputation translating into high product/service quality and higher returns on investment
• Next-generation ingenuity helping the family business maintain touch with emerging technology and the youth market
• Concentrated ownership structure leading to higher overall corporate productivity
• Longer-term commitments that stabilize investments in people and innovation

A first-generation family business that recognizes these advantages up front is better positioned to develop a far-seeing vision and empower the business’ growth into a multi-generational enterprise.