家族财富：南非；蓬勃发展的家族企业

The ‘4+5’ formula for FOB successIn line with global trends, South African FOBoutperformance may be driven by a winningcombination of four mindsets and five actions.We call this the “4+5” formula.According to thismethodology, FOBs have the mindsets, structures,and best practices required to weather economiccycles, capitalizing on upswings and enduringbetter in downturns.Successful FOBs have a strong focus on purposebeyond profits, take a long-term view and reinvestin the business, are more likely to be financiallycautious, and have efficient decision-makingprocesses in place. These four mindsets aretypically combined with five strategic actions thatset FOBs apart: consistently diversifying theirportfolios, reallocating resources to strategicbusiness areas, investing efficiently, relentlesslyfocusing on talent retention and attraction, andregularly reviewing governance mechanisms toensure strong performance across generations(Exhibit 2).Like their global counterparts, FOBs in South Africaare using this winning formula to get ahead andsustain their success. But more than that, the bestof South Africa’s FOBs match or outperform theworld’s outperforming FOBs on some best-practicepurpose and governance metrics. For example, 64percent of outperforming South African FOBs havemechanisms in place to drive purpose (comparedwith 41 percent globally), and close to 100 percenthave a formal forum that meets regularly to discussfamily and business issues (versus 84 percentglobally). Further, when it comes to documentationand guidelines on roles and responsibilities, almost100 percent of outperforming South AfricanFOBs have these in place (versus 95 percent ofoutperforming global FOBs).“The secrets of outperforming family-owned businesses: How they create value—and how you can become one,” McKinsey, November 28, 2023.“The secrets of outperforming family-owned businesses: How they create value—and how you can become one,” McKinsey, November 28, 2023.Economic profit spread is the difference between a company’s ROIC and its weighted average cost of capital.McKinsey analysis using data from the McKinsey Value Intelligence Platform.The secrets of outperforming family-owned businesses: How they create value—and how you can become one,” McKinsey, November 23, 2023.Family fortunes: South Africa’s thriving family-owned businesses Family-owned businesses(FOBs) in SouthAfrica, as in the rest of the world, are settingthe benchmark for performance, resilience, andadaptability. Defined as companies in whichfounders or their descendants hold significant sharecapital or voting rights, FOBs have long playedan outsize—and often underacknowledged—rolein the global economy. With a knack for survivingand thriving over decades, FOBs account formore than 70 percent of global GDP and about60 percent of global employment, and they play acritical role in supporting education, healthcare, andinfrastructure development around the world.Theyalso consistently outperform businesses that arenot family-owned.Recent McKinsey research compared theperformance of 600 publicly listed FOBs with 600listed non-FOBs between 2017 and 2022. The studyfound that, on average, FOBs delivered 17 percenthigher ROIC, 14 percent higher TSR, and 33 percenthigher economic profit, though the extent anddrivers of this outperformance vary.Additionally,we interviewed leaders of more than 20 FOBsand surveyed another 600 primarily private FOBsworldwide, including in South Africa, to uncoverwhat these businesses are doing differently andhow they have created superior value over decades.South African FOBs’outperformance by the numbersOur analysis finds that, regardless of size, SouthAfrican FOBs outperformed non-FOBs between2017 and 2022 across all key metrics, includingTSR, ROIC, and economic profit spread (Exhibit 1).South African FOBs generated 7 percent higherROIC and 14 percent higher TSR than non-FOBs asa result of stronger operating margins and bettercapital efficiency. They also had higher operatingEBITA margins (12.1 percent weighted average,compared with 11.4 percent for non-FOBs) andmaintained more-stable and resilient balancesheets, generating a 66 percent higher economicprofit spread. Differences among South Africa FOBsWhile there is a clear performance gap betweenFOBs and non-FOBs in South Africa, our researchshows that performance among FOBs rangeswidely. The best-performing FOBs in South Africafare more than ten times better than FOBs at thebottom of the sample, based on average economicprofit spread. Diverse portfolios, agile reallocationof capital, and operational excellence, along withgood governance and decision making, ensureoutperforming FOBs have stronger margins andefficiencies. In fact, South Africa’s outperformingFOBs have two to three times greater operatingmargins, use three times less working capital, anduse more than two times fewer capital-intensiveExhibit 12017−200204060Family-ownedbusinesses (FOBs)Non-FOBsExhibit <1> o