Family histories are an integral part of multigenerational continuity; stories of triumph, defeat, and overcoming adversity allow family members to learn from the past and maintain family values. According to Communications Strategist, Mai El-Kinawi, family histories also represent an opportunity to connect with others through relatable experiences – for family and non-family members alike.
Concentrated in sectors that generate liquidity, particularly distribution and the food industry, Moroccan family businesses display a remarkable resilience to market fluctuations, allowing them to survive over generations. With Dari, Dr. Habba and Dr. Allioui present a case study of one such family legacy.
Experience shows how legacy can inspire innovation and entrepreneurship. Coming up in the family business, Abdulrahman AlBassam took inspiration from his great grandfather, Abdulaziz Ali AlBassam, who founded and then led AlBassam and Sons for over half a century.
Historically, family businesses in the UAE have taken advantage of opportunities in the growing market and ventured into sectors that played an essential role in developing the economy. Since joining Grant Thornton in 1999, Hisham Farouk has seen UAE family businesses’ contribution to the region’s workforce and economy.
Alexander Nehme did not intend to write a book when he set out to capture his family’s history and values through the entrepreneurial journey of his father. However, it soon became apparent that putting his family’s legacy into print was more than just an act of preservation.
Family enterprises dominate economic development around the world. Dr. Dennis T. Jaffe found that factors that differentiate families that own legacy businesses, as well as those that have shared assets and investments organised in family offices — can be defined in two fundamental ways.
Historian and political scientist Dr. Frauke Heard-Bey believes the Gulf’s unique tribal makeup has helped spread the benefits of industrial growth among local interests. She concludes that these same forces that have shaped the region over the last century will play a critical role in the future of family business.
How to Address the Family Business History You Would Rather Forget – Insights from Germany’s Private Sector
Family businesses carry their history with them and it impacts their present and future decision-making. According to Dr. Andrea Schneider-Braunberger many family businesses have learned how to leverage the power of their narratives. And yet, there exists the expectation of historical authenticity, which – if undermined – can lead to devastating consequences, most notably reputational damage.