Edelman’s annual Trust Barometer reported earlier this year that worldwide, business was the only institution – not government, not NGOs, not media – that was trusted by the 32,000 respondents from 28 countries. (Trust was defined as 60-100% trusting that sector.)
The trust in business generally was led by people’s support of family businesses. Fully 67% trusted family-owned businesses to do what’s right, compared to 58% for privately held companies, 55% for publicly traded firms, and just 50% for state-owned companies.
Family Business magazine’s editor-in-chief Amy Cosper recently provided some reasons she thought that was the case. To begin with, she said the fabric of family businesses is built on deeply ingrained values, unwavering commitment and doing the right thing.
Other trust-builders in family business include:
Stability: Family businesses often adopt a long-term perspective, focusing on legacy and generational continuity.
Authenticity: Family businesses thrive on personal relationships and genuine connections. Most are unapologetic and crystal about what they stand for.
Values: Family businesses are guided by core values and principles established by founders and embraced by generations and branches of a family tree.
Employee focus: Family businesses prioritize employees’ well-being, considering them a part of their extended family.
Community: Family businesses have deep-rooted connections within their local communities.
These attributes are why FBA believes public policy in California and elsewhere should support strong and healthy family businesses, not continue to make it harder for them to survive and be passed along to the next generation.
You can read Cosper’s full commentary here. https://bit.ly/3pocRSi