espite the fact that family businesses are very much the backbone of the economy, the typical challenges facing family businesses are often overlooked. As a result, only around 30% of them survive past the first generation, while only 3% continue until the fourth or fifth generation. Family businesses grow and sustain across generations when they are able to successfully address these typical challenges such as governance issues, succession planning, ownership and management structures, transparency and disclosure, finance structures and innovation. The 2023 edition of Business Forward ‘s #IMovedMyBusinessForward campaign engaged with family businesses of all sizes to present their stories and share their working knowledge and insights on how they address these challenges. The campaign was powered by PwC who shared our commitment to raise the much needed awareness through disseminating expert knowledge and best practices to assist business leaders in achieving family business growth and sustainability across generations.
The campaign closing event engaged participating family businesses in insightful and experience-based discussions of the dynamics of the family business. Watch the closing event here:
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Jury-selected companies for family business best practices
Nahdet Misr Group
The pioneering learning company has evolved into a regional icon of knowledge over the past 80+ years, as their leaders explain how they have successfully managed to develop employees from within the family across multiple generations by empowering them with ongoing responsibilities and implementing important family business values from a very young age. Find out more from them plus employees of later generations in the video.
Founded in the 1940s, the siblings of the home appliances company talk about the importance of everyone being equal and goal-oriented together as they spearhead the company from one generation to another. This involves passing on all known practices and regulations to ensure that future employees are fully equipped and even better than those before them. Find out how they do this in the video.
Al Manar Group
The leading import company was established in 1975 and have the sons of the founder to thank for their ever-growing business. The two sons discuss how easy it was to follow their father as well as the importance of balancing family needs with business needs, the policies that must be followed and the key to a smooth inter-generational transition. Find out how that all ties in and reflect on business achievements in the video.
Audience most voted for family business stories
J Padel, the Padel club, was co-founded by Ahmed Seddik and his son Ismail Seddik, who talk about the challenges that their generation gap presented and how they tackled them using particular tools, strategies and tactics. Watch the video to find out who they are and how important it is to have fully engaged family members for business continuity across generations.
Members of the Alexandrian pharmaceutical company discuss the positive and negative aspects about working with your relatives. Family etiquette plays a huge role while preparations for the future are constantly on the minds of all involved. Watch to find out more from the founder and his descendants on how he turned them into employees.
Monginis’ employees give their personal perspectives on how the company was developed from a simple patisserie in India into the multinational pastry and bakery chain it is today. The foundation of such excellent growth was due to superb guidance from the first- and second-generation individuals down to the later generations. Appointing successors is seen as a crucial mission – find out how they do so in the video.
Contributing inspiring family businesses
Data Electric is one of the top power management companies in Egypt, which has grown continuously since 1979. Mahmoud Hegazy, CEO at Data Electric, talks about how his father passed down knowledge onto him, but with freedom for innovation, plus how fundamental it is to have particular values and common goals that all the family must share. Find out more about his experience in the video
Aboul Fotouh Group
Established over 30 years ago, Aboul Fotouh Group is one of the largest automotive companies in Egypt. The Chairman, Hossam Aboul Fotouh, along with his sons and daughter discuss how they work together with one family mindset for business growth. The many pros of working with family members are thoroughly discussed and how it helps avoid issues that show up in other businesses, such as administrative problems. Find out more in the video.
Pharco Pharmaceuticals is one of the most dominant players in the pharmaceutical industry across the MENA region spanning across three generations. Sherine Helmy, CEO of Pharco, deliberates what important values he learned from his father, the high standards the company holds everyone to and how employees of each generation complement each other by boasting one vital trait that is needed for continuity into the future. Find out what they are and more in the video.
Mahmoud Salama Industries
Mahmoud Salama, the founder of the pioneer company for industrial products, and his upbringings elaborate how he pushed them hard from a young age so that they shared the same strategy, vision and plan for the future plus the determination to continue their father’s name and legacy. A huge emphasis is placed on continuous learning along with the secret ingredient to running a successful family business. Find out what that is and more in the video.
Nilco is a top toy and game manufacturer in Egypt who was founded by Magdy Hassan in 1987, who explains how it was always his ambition to raise his children in a manner that would fully prepare them to work within the Nilco business. Watch the video to find out his and his son’s perspective on the role he played to ensure successful inter-generational transition.
George Youssef and his daughter discuss their working relationship when operating together for Luna, a leading brand in skincare products and makeup in Egypt. Having a strong rapport is what creates the foundation for the brand to flourish now and to pave the way for future success – this involves governance management and succession plans. Find out more about them in the video.
Established in 1993, Tradeline was one of the first companies to introduce Apple-authorized resellers in the Egyptian market. Feelings of inevitability are conversed, however, the superiors of the company offer warnings and advice to all who want to successfully shift their family business from one generation to the next. Find out more in the video.
Hovig Kozobiokian, the Managing Partner at Dekerco Foods and Processing, asserts how imperative it is to professionalize a family business with constitutions and systems in place, as they provide the base to handle any generational conflicts that may arise. Individual limitations, roles and responsibilities are also discussed. Find out how he learned everything from his father and uncles in the video.