What’s the first thing that comes to your mind when you hear the phrase “family-owned business”?
Most probably, a nice small restaurant in a friendly neighborhood—where mom, dad, a happy family—serves its happy customers.
A no-corporate feel is something that we all have come to associate with a family owned business.
But, the matter of fact is, we can’t be any more wrong in our perceptions.
For some of the world’s largest public companies, started as—and remain to date—family-owned operations.
These are the mega successful family owned businesses and here are their stories…
Ford
With a dream to build a cheap motor car, so cheap “that no man will be unable to own one”, Henry Ford started his own automobile company, Ford Motor Co., in June 1903.
After more than 110 years, today, the company is run by fourth and fifth generation Fords, making it one of the most successful family business stories of the last century.
Tyson Foods
What started as a small-scale poultry farm in 1931, before Donald Tyson joined in, to help his father scale it into a diversified food company, and shape it into the Tyson Foods as we know it today.
Currently, John H. Tyson, son of Donald Tyson, serves as the Chairman of Tyson Foods.
Sun Pharmaceutical
Founded by Dilip Shangvi in 1983, after he borrowed a sum of $160 from his father, since its inception, Sun Pharmaceuticals has grown to be India’s largest pharmaceutical company.
To date, the Shanghvi family remains the firm’s largest shareholder, with the company having a market cap in excess of $36 billion.
Gap Inc.
With a simple idea, “to make it easier to find a pair of jeans”, husband and wife—Donald and Doris Fisher—opened the first Gap store in 1969. The company has now grown into an international brand. The Fishers still own 40% share in the company, making them the largest shareholder.
Campbell Soup Company
Originally incepted as Joseph A. Campbell Preserve Company, in 1869, the company initially sold canned tomatoes, minced meat, jellies and condiments. It all changed in 1897, when Arthur Dorrance hired his 24-year-old nephew, Dr. John T. Dorrance. John was a chemist and it was him who invented condensed soup. This invention retraced the company’s history forever, with the Dorrance family still leading the business operations.
About Manal Haddad
Manal Haddad is a business consultant having more than 25 years of experience working with top organizations in different roles. He runs his own blog to educate aspiring business leaders, entrepreneurs, and marketers on what it takes to be successful in their endeavors.
