Top 100 family businesses in North America

Family businesses are alive and well in the US, with the top 100 generating approximately $1.6 trillion to America’s $14.6 trillion GDP in 2010. Just under half of the top 100 are owned outright by the family, a higher proportion than in Europe, where Campden’s top 100 family business for the region found that less than a third were fully controlled by the family.

This may be because many North American family businesses are very regional – often with operations only in a few states – and consequently unlikely to use public markets to grow the business outside of their region.

Walmart dominates the list with revenues, on which the ranking is based, of just under $420 billion in 2010. The world’s biggest supermarket chain, still more than 40% owned by the Walton family, continues to expand and is focusing increasingly on emerging markets. Nearly a fourth of the size of the supermarket chain is second place Ford, with revenues of around $129 billion last year. Of course, Walmart and Ford have a publicly-listed part of their business. The top fully private family- controlled business on the list is the agricultural commodities giant Cargill, closely followed by Koch Industries.

The first Canadian company on the list is the retailer George Weston, controlled by the Weston family, which had revenues of $32 billion last year. But a number of family-controlled Canadian businesses were not included on the list because of a lack of transparency on revenues, ownership or both. These included the big mining and oil companies like the Mancal Group and JD Irving – the latter is likely to have revenues of more than $30 billion but it is impossible to quantify from any source. Other secretive Canadian family-controlled companies likely to have made this list include Kingsmill Foods and Cara Operations.

Another noticeable trend on the list is the large number of family businesses in the food sector – these include retailers like Publix Super Markets, C&S Wholesales Grocers and HE Butt Grocery, and producers like Tyson Foods and Perdue. Media family dynasties are represented by the likes of News Corporation, controlled by the Murdochs, Cox Enterprises, and Thomson Reuters.

The table lists the company, the family/families controlling the 25% or above of capital, the country where the company is based, revenues for 2010 and 2009, and how much of the company is owned by the family/families/family-controlled foundations. Many of the 2010 revenue figures were estimates because a chunk of corporate America has yet to report its results.

There are many difficulties in compiling a list like this, not least that families often channel ownership through diverse vehicles and might have multiple shareholding structures, but through our detailed research, including direct contact with many of the businesses, CampdenFB was able to compile the list.

To be included in the list, businesses must have met all the criteria listed below:
• At least one representative of the family or kin is formally involved in the governance of the company;
• Publicly-listed companies meet the definition of family enterprise if the person who established or acquired the firm or their families or descendants possess 25% of the decision-making rights mandated by their share capital; and
• The share capital controlled by the family is at least in the second generation or beyond.

Campden would like to acknowledge the help of John Ward, professor of family enterprise at Kellogg School of Management, in compiling the list, which was ranked solely on revenues and makes no judgement on the success of the companies included.

+ Estimates
* Fiscal year
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