Family Businesses Crucial to Israel's Fabric, Says Globes Publisher
Globes publisher Alona Bar-On stated at the fourth annual Family Businesses Conference, held at the Tel Aviv Stock Exchange, that family businesses and families play a significant role in sustaining the State of Israel. The conference focused on "Heritage and Identity," and Bar-On emphasized that the business sector, particularly family-run enterprises and families themselves, creates a vital fabric that ultimately supports the nation.
Bar-On elaborated on the concept of intergenerational transfer, explaining it extends beyond just business ownership or assets. It can encompass professional knowledge, values, identity, and the narrative of a family or company. She highlighted that preserving this heritage requires conscious effort, including choosing how to tell the story and ensuring its continuation through values and identity, whether in business, entrepreneurship, or national life.
Citing KPMG projections, Bar-On noted that the percentage of family members in management roles in family businesses is expected to decrease by 2030. She suggested that succeeding generations often carry forward not just the business itself, but the founding idea, strong values, a sense of mission, and a unique worldview. The longevity of a business, she argued, depends on the institution itself rather than a single individual, especially as many businesses founded post-World War II enter their fourth generation.
Concluding her remarks, Bar-On shared insights from family business owners, including a fourth-generation owner from Canada who stressed maintaining resilience and core values, and a Swiss owner who linked family well-being to company success. She urged attendees to protect their heritage, maintain focus, and continue improving their businesses, noting that successful fourth-generation leadership in century-old companies demonstrates the enduring strength of the "we."
Bar-On drew a parallel between the evolution of a family into an intergenerational business, characterized by ownership, rules, and culture, and the development of a nation. She posited that for the collective "we" to expand from family to country, it requires laws, symbols, national memory, and a shared understanding of how to ensure continuity across generations, a question she believes should concern everyone.
