Managing for the Long Run: Lessons in Competitive Advantage from Great Family Businesses

Managing for the Long Run: Lessons in Competitive Advantage from Great Family Businesses

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Fidelity, Hallmark, Michelin, and Wal-Mart are renowned industry power-houses with long leadership track records. Yet these celebrated companies are united by another factor not generally equated with competitive success: They are all family-controlled businesses. While many view the hallmarks of family businesses--stable strategies, clan cultures, and unencumbered family ownership--as weaknesses, Danny Miller and Isabelle Le Breton-Miller argue that it is these very characteristics that create formidable competitive advantages for many such firms. Managing for the Long Run draws from a worldw...