About the Institute
The Family Business Institute, officially launched at Ted Rogers School of Management (TRSM) in 2023, is a platform for family business expertise and collaboration at the Ted Rogers School and across Toronto Metropolitan University. It is a hub for research, education and engagement partnerships with TMU students, alumni, faculty, as well as the international global community of family business academics, service providers and business families.
Family businesses are the most prominent form of business worldwide. In Canada, family businesses generate almost half of the private sector real GDP and account for over 63 per cent of all private sector companies and nearly 47 per cent of private sector employment. (Source: The Economic Impact of Family-Owned Enterprises in Canada. The Conference Board of Canada, September 10, 2019.)
Given the complex interface between family and business that often prevails in these firms, family businesses face unique challenges around issues such as succession, governance and leadership development. On the other hand, due to their propensity toward a collective culture, pursuit of non-economic goals, and an emphasis on the long-run, family businesses also encounter unique opportunities that provide competitive advantages relative to their non-family counterparts. The field of family business as a distinct academic discipline only emerged in the past few decades. Although research has yielded significant, important questions remain unanswered.
49%
of Canadian private sector GDP comes from family businesses (The Conference Board of Canada (opens in new window) )
47%
of Canadian private sector employment is attributable to family businesses (The Conference Board of Canada (opens in new window) )
70%
of family businesses have an ESG strategy
66%
of ‘next gen’ leaders prompt companies to grow their ESG commitment