Did you know that family businesses are the most dominant form of organization throughout the world — including North America and Europe?
We had the privilege to learn more about such companies during a lunchtime presentation by Isabelle Le Breton-Miller on the theme:
Lessons in Competitive Advantage from Great Family Businesses
Top performing, market leading family companies which have been in business for generations include Corning, Michelin, Estée Lauder, Ikea and Bombardier, to name but a few. These and similar family companies have been a focus of Professor Le Breton’s research program over the last 10 years, and she shared some of her findings in the course of her recent presentation.
She spoke about the unique sources of the competitive advantage of family businesses – practices very different from those embraced by current management theories – and encapsulated in her “4 C” model.
What Every Small Business Can Learn From Great Family Firms: The 4C Advantage
The 4Cs are continuity, community, connection and command, and constitute the pillars that with different degrees of emphasis support competitive strategies such as brand building, innovation, quality craftsmanship, and operations excellence.
For more information:
Managing for the Long Run: Lessons in Competitive Advantage from Great Family Businesses