Family businesses face the same challenges as every other business, plus dealing with the unique issues created by the link between business and
family. That link also provides magnificent opportunities.
More than 90% of all businesses are family businesses. They take every size, shape and form, and they pervade most industries. Even within the Fortune 500, 37% are still family-owned
businesses. LIFE clients include numerous smaller companies, large entities such as Anheuser-Busch, Harley-Davidson, and Mass Mutual, along with many national and regional trade associations.
Here are some facts:
- Family businesses employ one in every two workers. More then three-fourths of all new jobs are created by family businesses.
- In this decade, virtually all family businesses will lose their primary owner, resulting in the transfer of the largest amount of wealth ever in the United States.
- Fewer than half of family businesses have a written succession plan. Many owners don't even have a recent, signed will.
- On a per-employee basis, small and family-owned businesses contribute more to their communities than their larger, public counterparts.