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New businesses/entrepreneurs look for trustworthiness and sincerity in the people they hire or collaborate with – apart from skills. Family firms need that too. This author argues that family companies and capitalism go hand in hand and are not mutually exclusive. He talks about the importance of these firms in the making of modern capitalism. One of my favourite chocolates is manufactured by a family firm – Ferrero Rocher. The author defines family firms not only as those that comprise only family members but also as those companies (founder-owned businesses) such as Google and Facebook that are not made of only family members. Besides discussing public firms versus family firms, this writer also discusses the issues that family companies face or why these companies will become the dominant force in the near future.

http://www.economist.com/news/special-report/21648171-far-declining-family-firms-will-remain-important-feature-global-capitalism

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