While large public corporations were taking severe financial hits since 2008, family firms were affected to a lesser degree and, indeed, we can even say that family-owned businesses are in a better position than their larger publicly traded counterparts to face the future right now.
At the outset of the financial crisis, most people thought that large public corporations would be prepared to withstand the blow. But they were wrong. Rather, it was the very special characteristics of firms run by one or various families that enabled these family firms to ride out the storm. Here are the reasons for their success: