Building Together: Partnership Capital as a Growth Catalyst for Midcap Founder- and Family-Led Businesses

Dated 24 April 2026 on the cover, by Balagopal Vissa, Stanislav Shekshnia and Daphne Teh, combining a quantitative dataset of 19,327 founder- and family-led enterprises with interviews; Appendix C gives per-metric counts against that dataset including revenue 19,157, employees 17,624, firm age 19,317 and EBIT only 7,161. The nine countries in the quantitative sample are Indonesia, Malaysia, Singapore, Italy, Austria, France, Germany, the United Kingdom and the United States, three of them Southeast Asian. The governance argument is that minority partnership capital in a family midcap is governed through a strong independent chair rather than through control rights, that the design objective is to "normalise disagreement" with reserved matters and exit options as safety valves, and that the generational transition is the moment when family councils, boards and advisory boards get built.