ABSTRACT
In this chapter, the authors pick up some of the threads alluded to earlier and examine what contributes to the success of longstanding family firms. They draw on historical perspectives because an understanding of the past provides us with valuable insights into the present and some indication of the future. Longevity is a balancing act between continuity and change. History examines continuity and change in relation to context, and business historians can provide us with useful insights into family business longevity. For family businesses to achieve longevity, it might be assumed that innovation is crucial. Some family firms produce traditional products but are innovative in their marketing and branding. Family business owners take personal and collective pride in their company, an attitude that is often not shared by non-family firms, whose interest can be transient and opportunistic. Success for family businesses can be calculated against many measures: financial gains and wealth, market position, invention, innovation, generosity, longevity, reputation, and survival.
