When you hear the phrase 'family business,' you might think of the backstabbing Roys of 'Succession' or the dysfunctional Duttons of 'Yellowstone.' But while TV's family companies are entertaining, their real-life counterparts may be even more compelling. Around the world, family businesses produce about two-thirds of all economic output and employ more than half of all workers. And they can be very profitable: The world's 500 largest family businesses generated a collective US$8.8 trillion in 2024. That's nearly twice the gross domestic product of Germany. If you're not steeped in family business research ' and even if you are ' their ubiquity might seem a little strange. After all, families can come with drama, conflict and long memories. That might not sound like the formula for an efficient company. We are researchers who study family businesses, and we wanted to understand why there are so many of them in the first place. In our recent article published in the Journal of Management, we set out to understand this different kind of 'why' ' not just the purpose of family firms, but why they thrive around the world....

Kaleon will debut on the Paris and Milan exchanges at '4 per share, giving the business a '56.5m valuation. The proceeds will support a plan to transform the islands and surrounding estates into a luxury tourism and business hub able to compete with nearby Lake Como. Giberto Borromeo, vice chairman of Kaleon, said the region remains underdeveloped internationally despite its potential. He described the listing as a step toward building a wider platform capable of managing additional heritage sites in Italy and Switzerland. The company is already in talks with owners of historic properties in the Veneto region and across the border in Switzerland. Kaleon intends to operate its portfolio through long-term lease agreements rather than direct ownership, focusing on preservation, maintenance, and cultural experience. Property owners may have the option to become shareholders in the listed company. The Borromeo family has shaped the Lake Maggiore area for centuries. Its holdings include palaces, gardens, and several islands, such as Isola Bella. The family has continued to restore landmark sites, including the Cannero Castles, which sat idle for 500 years before their rehabilitation last year....

The move marks a major expansion of the family's private markets strategy. Alessandro Benetton, who will chair 21 Next, said the aim is to triple assets under management to '10bn within five years. Tages co-founder Panfilo Tarantelli will lead the firm as chief executive. Edizione will commit '500m of seed capital to the new platform. Benetton said private capital is undergoing a structural transition, noting that the days of buyout firms relying on leverage to deliver returns are over. He said that delivering value now requires deeper operational expertise, an area in which Edizione has long experience. The merger comes as private capital firms across Europe seek scale and consolidation opportunities. Benetton said 21 Next plans to expand both organically and through further acquisitions as technology disruption and AI reshape value creation in the industry. The Benetton family has reoriented its 60-year-old business away from retail and towards infrastructure over the past two decades. Its assets include motorways in Latin America, the US, and India, along with airports such as Rome Fiumicino and Nice Cote d'Azur. After the 2018 Genoa bridge collapse, the family exited Italy's motorway business and restructured its infrastructure arm, now named Mundys....

Headquartered in Liverpool, the company operates popular e-commerce brands Very and Littlewoods, serving around 4.2 million customers and generating more than '2bn ($2.6bn) in annual revenue. Adjusted earnings rose 16% to '307m in the most recent financial year. The takeover comes as the Barclay family continues to unwind its former business empire following mounting debts tied to its media and retail holdings. The family had earlier lost control of the Telegraph Media Group, seized by Lloyds Banking Group in an effort to recover '1bn in loans. The deal underscores Carlyle's continued interest in established consumer platforms with digital growth potential. The firm said its ownership will allow Very to accelerate innovation and improve customer engagement in a rapidly evolving online retail market. Subscribe to our Newsletter to increase your edge. Don't worry about the news anymore, through our newsletter you'll receive weekly access to what is happening. Join 120,000 other PE professionals today....