The Science Of ...

Meet Martin Cassidy of Truco, one of South Africa's oldest family businesses

There are only four shareholders...

Martin Cassidy, Truco

You have to run the business on the same fundamentals you’d run any business.

Martin Cassidy, Truco

A “family business” refers to a commercial entity owned and managed by one or multiple generations of a family.

Family business is the oldest and most common model of economic organisation.

The vast majority of businesses throughout the world — from corner shops to companies with hundreds of thousands of employees — are considered family businesses.

About 44% of the richest 400 people in the world derived their fortunes through their membership of, or in association with, a family business, according to Forbes.

Some of the world's largest family-run businesses are Walmart (United States), Samsung Group (Korea) and Tata Group (India).

The Money Show’s Bruce Whitfield interviewed family business Transvaal Rubber Company (Truco) Managing Director Martin Cassidy for his weekly “The Science Of” feature.

Listen to the interview in the audio below (and/or scroll down for more quotes from it).

We’re the largest rubber hose manufacturer on the Continent.

Martin Cassidy, Truco

We’ll seldom bet the house on anything.

Martin Cassidy, Truco

The three most important rules in business are, ‘never run out of cash’, ‘never run out of cash’ and ‘never run out of cash’.

Martin Cassidy, Truco

You have to look at it not as a family business, but as a business owned by family.

Martin Cassidy, Truco

We have a policy to protect the company from pressure from outside shareholders.

Martin Cassidy, Truco

Private equity scares me…

Martin Cassidy, Truco

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This article first appeared on 702 : Meet Martin Cassidy of Truco, one of South Africa's oldest family businesses


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