Close to 80 FBs were listed on the JSE over the research period. The exact number was difficult to determine given that numerous restructurings, mergers and acquisitions took place during the past 25 years. However, the small sample confirms prior research, which shows that very few FBs go public (Miller & Le Breton-Miller 2021). Most of the identified FBs have survived past the second generation, during which time most FBs are said to fail (Baron & Lachenauer 2021). Several of the older FBs, such as Anglo American and Grindrod, have grown into multinational companies.

As shown in Table 1, more than 40 families founded and served on the boards of companies that were listed on the JSE over the research period. Whereas most of the founding families have Jewish roots (Ackerman, Cohen, Chiappini, Ellerine, Hersov, Jowell, Kantor, Koseff, Levy, Lewis, Menell, Oppenheimer, Sacco, Saltzman, Susman, and Wapnik), the legacy of the Afrikaans-speaking Rupert, Mouton and Wiese families should not be underestimated. In most instances, second-generation family members represented the family’s interests in the boardroom. Many families tried to maintain control of the strategic direction and cultural identity of their business by creating pyramid structures (Hasenfuss 2008, 2016). Most of these structures have been dismantled to comply with corporate governance codes (Dos Santos et al. 2024; Viviers 2022). Fewer family members are also being appointed as chairpersons and CEOs.

Most of the identified FBs operate or operated as retailers. The Lewis Group is one of the oldest in this category and was established by Meyer Lewis amid the Great Depression in 1931 (Lewis Group 2024). Although this furniture and appliance retailer was still listed on the JSE at the end of the research period, it no longer has any Lewis family members on its board. In 1958, Meyer’s son, Stanley Lewis, acquired a controlling stake in The Foschini Group (TFG). The Lewis family maintained control of TFG through a pyramid holding company, which was established and listed in the late 1960s. While the Lewis family disposed of most of their shares in this clothing retailer when they moved to London in the late 1980s, Stanley Lewis stayed on as chairperson (Anon 2006). When he resigned from the TFG board, his son, Michael, became chairperson – a position which he still held in 2024 (TFG 2024).

Another well-known clothing and food retailer, Woolworths Holdings, is also an FB. While the Susman family is synonymous with Woolworths, this FB was actually founded by Max Sonnenberg and his son, Richard, in 1931 (Anon 2015). They were part of a growing group of Jewish families who established the clothing industry in South Africa. Three years later, brothers Elie and Harry Susman bought their first shares in the company, ushering in an eight-decade-long relationship with the retailer. Third-generation family member Simon Susman dedicated 37 years of his life to Woolworths. During his 10 years as chief executive officer (CEO), the company’s share price rose from R2.60 to over R26. Simon Susman retired as chairperson in 2019 (Crotty 2019). Other FBs in the retail industry sell furniture, luxury goods, cars, pharmaceuticals and electronics.

A large percentage of FBs listed in Table 1 did business in the real estate industry. Property tycoon Eric Ellerine, for example, co-founded Ellerine Holdings with his brother, Sidney, in 1950 and took the company public in 1969. The company was acquired by African Bank Investments in 2008 and subsequently delisted from the JSE (Momberg 2009). When Eric Ellerine’s involvement in the retail industry ended in 2000, he started making long-term investments through Ellerine Bros and the Eric Ellerine Trust. His daughter, Dionne, and son, Kevin, are board members of these and other businesses in the Ellerine fold.

Sharon Wapnik is another prominent woman in the real estate industry and is regarded as one of the five wealthiest businesswomen in the country (Africa 2017). She is a non-executive director of Octodec Investments, one of the two property concerns founded by her father, Alec Wapnick, more than 60 years ago (Green 2013). Her brother, Jeffrey, is the managing director of both FBs. As elsewhere in the world (Chang & Noguera 2016), family-controlled real estate investment trusts (REITs) are on the rise in South Africa and include HYP, NRL, HET, SAR, EXP and OCT, among others.

Several FBs were also established in the metals and mining industry. According to historians, the Anglo American Corporation, which Ernest Oppenheimer founded in 1917, was the largest and most powerful company in South Africa during the 20th century (Mohamed 2020). In 1990, this diversified mining company restructured and moved its primary listing to London. In 2011, the diamond powerhouse, De Beers, delisted from the JSE after Anglo American bought the Oppenheimer family’s 40% stake in the company (Anon 2011a). The Menell, Hersov and Sacco families were also instrumental in founding and growing businesses in this industry. In 1991, the infamous Brett Kebble teamed up with his father, Roger, to acquire Rand Leases Gold Mining. In the years that followed, the Kebble duo acquired Randgold and Exploration and JCI, one of the oldest mining houses in the country (Wiener 2015).

Some of the most successful JSE-listed FBs operate or operated in the financial industry with the Mouton family’s empire (Capitec Bank Holdings, PSG and Zeder Investments) playing a prominent role.

An important characteristic that distinguishes FBs from their non-family counterparts is the desire to hand over family control to forthcoming generations and to achieve transgenerational success (Gómez-Mejía, Patel & Zellweger 2018; Swab et al. 2020). The food producer, Crookes Brothers, which is one of the oldest JSE-listed FBs, is a prime example of an FB that has achieved transgenerational success. Samuel Crookes established the business in 1860 after arriving in Port Natal from England (Crookes Brothers 2024). In response to significant market expansion and growth in the sugar cane, banana and macadamia nut sectors, the business went public in 1948. From very early on, the Crookes family demonstrated a strong social consciousness. Samuel’s son George, grandsons Vernon and Charles, and great-grandson Dudley have all been very involved in healthcare in Kwa-Zulu Natal. After almost a century of having Crookes at the helm, a non-family member was appointed as chief operating officer (COO) in 2006. In 2024, two of Samuel’s great-grandsons, Tim Crookes and Richard Chance, served as non-executive directors of this FB.

The logistics and freight group, Grindrod, is another JSE-listed FB that was founded more than a century ago and still bears the family name (Röhlig-Grindrod 2024). Non-executive director Walter Grindrod is the great-grandson of Captain John Grindrod who established a clearing and forwarding agency in Durban in 1910. Over time, this agency became a global company that listed on the local bourse in 1986. Two decades later, in 2018, Grindrod spun off its shipping business to focus on its core operations. This restructuring resulted in the listing of Grindrod Shipping Holdings (GSH) on the NASDAQ (National Association of Securities Dealers Automatic Quotation System) and the JSE. Grindrod Shipping Holding has since delisted from the JSE (Mahlangu 2021). Many FBs and NFBs delisted from this bourse in recent years, citing the lack of financial visibility, high compliance and high transaction costs (Nikani & Holland 2022) as reasons for their delisting.

Family influence and control play an important role in FBs, given the family’s emphasis on creating and preserving SEW (Ballal & Bapat 2020; Berrone et al. 2012; Swab et al. 2020). As a result, these businesses often appoint family members as managers and directors (Ballal & Bapat 2020; Swab et al. 2020). Care is also taken to ensure that successive generations stay in control. Recent examples include Dis-Chem Pharmacies and Italtile, where second-generation family members have taken over from their parents. Whereas Saul Saltzman has taken over the reins of Dis-Chem Pharmacies from his parents as an executive (Khumalo & Gous 2023), Luciana Ravazzotti-Langenhoven is serving as chairperson of the tile retailer Italtile Group that her father, Giovanni, founded in 1969 (Italtile 2024). She is one of a handful of daughters who are following in the footsteps of their fathers, while others include Elizabeth Bradley (née Wessels), Suzanne Ackerman-Berman, Dionne Ellerine and Sharon Wapnik.

Previously, families used pyramid structures to preserve control and thwart hostile takeover bids (Hasenfuss 2008). Examples include the Ackerman family, whose Pick n Pay Holdings had controlling interest in Pick n Pay stores until 2016 (Hasenfuss 2016). The Jowell family similarly controlled their container leasing group Trencor through Mobile Industries before unbundling the two companies in 2011 (Anon 2011b). Another example is that of the Cohen and Chiappini families who owned the frontrunner of the Mr Price Group through a listed pyramid structure, which consisted of Speciality Stores and Storeco (Anon 2000). As mentioned previously, most of these structures have since been dismantled.

Family businesses have a more complex set of emotions and affections than their non-family counterparts. Although emotions play a role in any type of business, they are more prominent in FBs (Ballal & Bapat 2020). The FB is often an avenue through which family members can satisfy their emotional needs of belonging, cohesion and security (Razzak, Bakar & Mustamil 2019). The literature suggests that the attachment of family members to their business influences their decisions (Gómez-Mejía & Herrero 2022; Naldi et al. 2024) and drives them to make a success of the business (Basly & Saunier 2020).

However, the challenges associated with maintaining harmony across generations (e.g., between a father and son) and among members of the same generation (e.g., between siblings or cousins) are well documented (Caputo et al. 2018; Qiu & Freel 2020). The situation becomes even more complex as more family members join the ranks. Whereas most of the identified FBs only had one or two family members on the board, there are a few exceptions, notably Famous Brands. In some years, as many as four board members were related to the founder of Famous Brands, George Halamandres. In 2004, they were John Lee, the founder’s son, and three of his nephews, Panagiotis (aka Peter), Periklis and Theofanis Halamandaris. The nephews’ surname differs from that of the founder as an immigration officer made a clerical error when their father came to South Africa in the 1950s (Famous Brands 2024). George opened his first Steers® restaurant in Johannesburg in 1960. In 2023, only John Lee Halamandres and Nik Halamandaris were still directors of this highly successful quick service and casual dining restaurant chain, which includes Debonairs, Wimpy, Fishaways, MilkyWay and Mugg and Bean. Other FBs where family members represented more than a third of the directorate in some years include Crookes Brothers, Octodec Investments and Sabvest.

In 2001, brothers Faan and Dirk van der Walt founded WeBuyCars (WBC). This buyer and seller of pre-owned vehicles listed on the JSE in April 2024, with both founders serving as executive directors (Fraser 2024). Other brothers who co-founded JSE-listed companies include the Levy, Kantor and Mophatlane brothers. Second-generation brothers who took over the reins from their parents include those at Pick n Pay (Ackerman), Omnia (Marais) and Trencor (Jowell). In line with the literature, some incidents of sibling rivalry have been observed among the identified FBs (McLeod 2015; Ryan 2005). Now that more is known about JSE-listed FBs and the value of conducting research on these firms, the focus shifts to the research agenda. Research on local FBs, both listed and unlisted, should be encouraged to promote knowledge advancement, economic growth and the prosperity of these businesses.

Corporate governance codes are designed to improve managerial oversight that should, in turn, according to the agency theory, protect shareholder value (Giráldez & Hurtado 2014; Jebran & Chen 2023). Bowing under shareholder pressure to improve compliance with the King reports on corporate governance in South Africa, virtually all JSE-listed FBs have dismantled their pyramid control structures to date (Dos Santos et al. 2024). The opposite is observed among some listed European FBs, such as Heineken and LVMH. The families of these FBs make no excuses for maintaining control through pyramid control structures and even publicly confirm their purpose. For example, the legal structure of Financière Agache, the family holding company of LVMH, was changed in 2022 to a joint-stock partnership to ‘ensure family control over LVMH in the long term’ (Anon 2022). Chief Executive Officer Bernard Arnault explained that the family’s holding company would henceforth be controlled by Agache Commandite SAS, an entity equally owned by his five children.

Compliance with the successive King reports on corporate governance in South Africa has also resulted in many JSE-listed FBs replacing family members in key managerial and board positions with non-family members (Dos Santos et al. 2024; Viviers 2022). Given the long-term focus and commitment that family members bring to the upper decision-making echelons of FBs (Zona, Quarato & Cambrea 2025), the following research questions could be pursued:

If FBs are managed well, wealth is not only created for the family but also for employees, customers, suppliers, government and local communities (Gamble, Clinton & Díaz-Moriana 2021; Heino et al. 2020; Seaman & Bent 2022). Acting in a socially responsible manner and creating value for stakeholders are important for the long-term survival and prosperity of JSE-listed FBs. Possible research questions could thus be:

Given that South Africa is regarded as the most unequal country in the world (World Bank 2022), scholars could investigate the efforts of JSE-listed FBs to address the status quo. Suggestions to improve the impact of FBs will not only contribute to the limited body of knowledge but could also inform corporate policies and management practices. King III, for example, mandated all listed South African businesses to produce integrated annual reports since 2010. Since the introduction of this mandate, practitioners and academics exploring integrated reporting throughout the world have remarked that this type of reporting is an effective trigger of transformative organisational change (Churet & Eccles 2014; Stubbs & Higgins 2014). However, little research has been done to interrogate this bold claim (Rodríguez-Gutiérrez, Correa & Larrinaga 2019; Stubbs & Higgins 2014).

In addition, the B-BBEE Act (No. 53 of 2003) was promulgated in 2003 with the express purpose of empowering black people, including women, workers, the youth, people with disabilities and those living in rural areas, to manage, own and control businesses and productive assets (Krüger 2011). However, family ties between owners, managers and employees in FBs are likely to result in further resistance towards B-BBEE, given that family and non-family ties have been shown to be stronger, more intense and more enduring than in non-FBs (Stasa, Ouzký & Machek 2024). With the exception of Mashele (2021), past research on B-BBEE compliance has mainly focused on SMEs (Van Niekerk 2019) and JSE-listed companies in general (Dreyer, Viviers & Mans-Kemp 2021). To address this knowledge gap, the following research questions could be pursued:

Although some research has been conducted on unlisted Greek, Indian and black FBs in South Africa (e.g., Adendorff & Boshoff 2011; Bawa 2006; Gomba & Kele 2016; Jithoo 1985; Kupangwa et al. 2024a, 2024b; 2023a, 2023b; Mahomed & Mtembu 2021; Matchaba-Hove 2020; Ntari & Deliwe 2024; Petersen & Charman 2018; Ssekitoleko & Du Plessis 2019), more insight is required, from a cultural point of view, into the reasons why so few of these FBs opt to go public. Possible research questions could include:

In line with international developments in the FB literature (e.g., Chen et al. 2018; Maseda et al. 2022; Urban & Nonkwelo 2022), local scholars could also map women’s involvement in JSE-listed FBs, especially in the upper decision-making echelons of these businesses. Attention could be given to gender issues in choosing successors (Aldamiz-Echevarría, Idígoras & Vicente-Molina 2017; Remery, Matser & Hans Flören 2014; Vera & Dean 2005). Other research questions to consider and pursue in the future could include:

The international literature highlights several potential avenues for FB scholars to explore in the innovation theme (Aparicio et al. 2021; Baltazar et al. 2023; Comin, Oro & Caravalho 2022; Suman & Das 2020), including:

Some of the topics that have been investigated among unlisted FBs in South Africa, such as the nurturing of non-family employees, brand image and brand reputation, perceptions and measures of financial and non-financial outcomes, could also be examined among JSE-listed FBs. In addition, it is important to compare JSE-listed FBs with their unlisted counterparts in which family ownership and control play no role. Local researchers should include the delisted FBs identified in Table 1 in their samples to avoid survivorship bias. In line with international scholars, the role of demographic variables, such as industry association, age of the business and the generation in control, could also be compared (Ahrens et al. 2025; Sonfield & Lussier 2009). The reasons that some listed FBs excel, while others fail in the same industry could furthermore be examined.