Families setting up and passing on their business to subsequent generations is a global habit that has been practiced for over a millennium. The oldest existing business in the world is a hotel and spa in Japan founded in 705AD. Nissiyama Onsen Keiunkan is a family-owned and run business, one of a small group of businesses over 1,000 years old called the Shinise. They say the reason for their success is three-fold:
- They put their employees first, ahead of growth and shareholders.
- They find an industry with stability – which is needed by society – and apply flexibility.
- They dedicate themselves to service, focusing on the community they work and live in – their core customers.
Globally, more than 30% of all companies with sales of over $1 billion are family businesses – names such as Walmart, Porsche, Volkswagen, Nestle, Aldi, the Roche Group, L’Oreal, Ikea, and Heineken.
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