The values of the family are often instrumental in creating a strong sense of identity for family businesses. These values are regularly foundational to running family firms.
In an international survey of 336 middle-market family firms, nearly three out of four senior level family member executives reported that there are clearly identifiable family values determining the way the business is managed. Moreover, nine out of ten of these family members say that these values were crucial to the economic success and other achievements (e.g., charitable efforts) of their family businesses.
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