According to McKinsey, in emerging economies, Family Business account for approximately 60 percent of the private-sector companies with revenues of $1 billion or more, compared to less than one-third of the companies in the S&P 500. A Harvard Business Review article argued that Family Businesses tend to be more frugal and enter the recessionary period with leaner cost structures. However, in the midst of the crisis, research has shown that family business remains a strong and resilient force which helps propel the economy.
The Global economic landscape is still recovering from the prolonged crisis which has significantly affected consumer’s buying power, hit commodity prices, as well as hampered growth in general.
