The problems faced by any organization and company; developing successful leaders, mitigating decision-making hierarchies and consolidating company tradition with new generational ideas, are undoubtedly issues that can be magnified in the setting of the family business.
More than 80 per cent of businesses in the Middle East are family-run or family-owned, with an estimated $1 trillion expected to be handed down to the next generation within the upcoming five to ten years, and with family businesses controlling over 90 per cent of commercial activity in the region, as opposed to 65 to 80 per cent in other parts of the world, the dynamic and effect of their progression and
development is huge.
However, with studies showing that historically, family businesses are eventually run down after three generations, we may be at a point where many family businesses will need to start looking around for exit strategies or even welcome new turnaround ideas to keep them afloat.
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