Successful Family Owned Businesses
by On February 15, 2017
There are a lot more family-owned businesses than you might think. Some of today’s largest companies are owned and operated by families. In fact, over 30% of businesses with sales over $1 billion are family run. However, working with family members isn’t always easy. Companies that are successful got to that point because of hard work and determination. Some say that it shows great maturity if you’re able to work with family. Interestingly, more and more women are taking over family owned businesses. Traditionally, the first born son would take over the business. In this week’s blog, we’ll take an in-depth look at some of the most successful family owned businesses.
First, Walmart may be the most well-known family business there is. It was founded by Sam Walton in 1962 and is still run by the Walton family today. The growth was incredible, and within the first five years, Walmart went from one store in Bentonville, Arkansas to 24 stores all across Arkansas. In addition, Walmart has become one of the top retailers with sales well into the billions.
Nike was founded by Phil Knight in 1964 and was originally known as Blue Ribbon Sports. The company grew into one of the most successful athletic apparel and accessory businesses in the world. In the beginning, employees sold shoes out of their cars. However, in 1966 Nike opened it’s first brick and mortar store and that was no longer a job requirement. Additionally, the very famous Nike swoosh was first used in 1971. Throughout the companies ups and downs, Phil Knight was the chairman until 2015 when he announced he would be stepping down. To keep the family legacy alive, his son Travis Knight will be taking a seat on the board.
Secondly, we’ll take a look at the German automaker, Volkswagen. The company has been around since the 1930’s, a time when most vehicles being produced were luxury cars. Therefore, the majority of germans were unable to afford vehicles. On the other hand, Volkswagen (with the help of Adolf Hitler) encouraged people to save money every week until they could afford a car. Currently, Volkswagen is the largest automaker in the world and ranked seventh on the Fortune Global 500 list.
Next, the Ford Motor Company has been around since 1903 and was founded by Henry Ford. The company was the first to introduce large-scale manufacturing for vehicles using assembly lines. Also, Ford has been family run for over 100 years. Unfortunately, the 2008 financial crisis lead to hard times for the business. But, the company has and continues to make a strong comeback.
The Comcast Corporation is widely known for being one of the largest telecommunications company in the world. The Roberts family have had the controlling stake since 1963 when it was known as American Cable Systems. Despite having a reputation for not so stellar customer service, Comcast has continued to grow. In fact, the CEO is one of the highest paid executives in the U.S.