The world’s biggest business is still family controlled
Just to reiterate the point that family businesses come in all shapes and forms, the world’s biggest company in terms of revenue continues to be the family-controlled, massive retailer Walmart. The Fortune 500 list confirmed its gargantuan size this week in its annual list of the top businesses in the world. With annual revenues of $485.1 billion, Walmart is more than twice the size of its nearest family business competitor, Volkswagen, which has revenues of $236.6 billion, and is seventh on the Fortune list.
Most family businesses get tax reprieve in Germany
The German parliament has passed a law that means most family businesses will not have to pay inheritance tax, although the full exemptions are only for businesses with annual revenues of below €26 million. Companies with revenues between €26 million and €90 million will see their exemptions reduced, and family businesses with revenues of more than €90 million will have no exemptions. Here’s some more information - in German - about how the exemptions will work.
Descendant of chocolate dynasty launches new business
Here’s a great example of next gen entrepreneurial spirit. James Cadbury, the great-great-great-grandson of John Cadbury, who founded the iconic British chocolate brand and company, has launched a mail-order chocolate delivery company called Love Cocoa. Cadbury Schweppes, the descendant of the company John Cadbury set up way back in 1824, was sold to the American food group Kraft (now known as Mondelez International) in 2010. Here’s an article Family Capital wrote on another Cadbury, Sir Adrian Cadbury - one of the great post-World War II businessmen - shortly after his death last year.