Family Business Survey

Insights on the future of family businesses
  • Explore key findings and data related to family businesses.
  • Support the growth and sustainability of family businesses.
  • Take advantage of our repository of family business resources.

Explore Key Themes and Questions Featured in the Family Business Survey

First Bank is striving to be a thought leader by educating and inspiring current and future family business members. Our main objective is to gain a better understanding of the current state of U.S. family businesses to inform, educate, and strengthen our diverse community.
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1 Key Performance Metrics

Is your family business meeting enough to discuss success metrics?

The 2024 Family Business Survey responses show a correlation between "success" definition changes and meeting frequency. The more a generations' definition of success has changed, the more frequently they meet to discuss performance metrics.

Third generation family members have the highest frequency of "success" changes and the highest frequency of meetings, with 40 percent noting they have weekly meetings to review metrics. While first generation responders are the lowest in both aspects. 
 
Download the full survey results to learn more about how family businesses are defining success and measuring key performance metrics.
Family Business Resource Center
The Impact of Key Performance Metrics on Family Business Succession
Family Business Resource Center
How Does Your Family-Owned or Privately-Held Business Define Success?

2 Non-Family Member Success Metrics

How do non-family member employees of family businesses define "success"?

During our 2024 Family Business Survey, we asked non-family member employees how the family business they work for defines success. Profitability was the top answer for this segment; however, the second answer may shock you. It’s not continued succession, wealth generation, or family legacy building. Instead, non-family respondents place higher importance on business-oriented factors, such as employment opportunities and scalability.

2024 Family Business Survey Key Finding: Business priorities for 2024 include employee satisfaction and engagement - this rose 12 points from 2023 to 2024.

Download the full survey results to learn more about how family businesses are defining "success."
Family Business Resource Center
Understanding What Success Means in Family Firms
2023 Family Business Symposium
Defining Success in Family Businesses

1 Success Barriers

What are your biggest barriers to growth and success in your family business?

We asked our first, second, and third generation family business owners to name the biggest barriers to success and growth for next-gen leaders. Key takeaways show that first generation family members see committing the necessary time and effort as the biggest barrier, while other groups note having the desire and motivation to assume a leadership role as the biggest barrier for success.
 
Download the full survey results to learn more about success barriers, growth, and the evolution of family businesses.
Preparing the Next Generation
Is it really necessary to work outside of the family firm?
Family Business Resource Center
Why Next-Gen Leadership Transitions Fail

2 Growth Priorities

What are the top business growth and evolution priorities for second-generation family business members?

The 2024 Family Business Survey touches on insights regarding how family businesses plan to grow and evolve over the next year. Our second-generation participants revealed that improving tech and digital capabilities is a top priority for their business. In addition, increasing sales and marketing investments, expanding into new markets, and hiring more staff are other top priorities for second-generation participants.
 
Download the full survey results to learn more about priorities for business growth and evolution in family businesses.
Family Business Resource Center
2024 Family Business Survey Findings: Expansion Into New Markets is a Highly-Ranked Strategy

1 Decision-Making

Who decides which causes your family business supports?

We asked our 2024 Family Business Survey participants, and the results showed family members employed by the business are most frequently involved in determining philanthropic causes. With succession, there are progressive increases in family member Board of Director involvement.

Download the full survey results to learn more about philanthropy and community involvement of family businesses.
Family Business Resource Center
How Charity Can Benefit Your Family and Society When It’s Time to Sell Your Business

2 Philanthropic Support Initiatives

Which generation is most active in philanthropic support initiatives?

Our 2024 Family Business Survey revealed philanthropic differences between the first, second, and third generation with results showing, overall, G3+ respondents have more philanthropic and/or community support initiatives than any other generation. Making charitable donations is the overall top approach.

Download the full survey results to learn more about philanthropic support initiatives of family businesses.
Webinar
Doing Good at Work: How Acts of Social Purpose Drive Success and Wellbeing

1 Family Business Branding

What are some of the ways a brand strategy can highlight being a family business?

The results of our 2024 Family Business Survey identified many generational differences on whether businesses include being family-owned in their branding strategy. For those that include it, telling the backstory/history ranked highest. The second-highest ranked strategy is highlighting the business is family-owned in the company's mission/vision statement.

Download the full survey results to learn more about how family businesses are utilizing brand strategy to position themselves in the market.
Family Business Branding
Here's Why Family Businesses Need Branding
Webinar
Building a Brand Legacy: Marketing Strategies for Family Businesses
Review the results from the inaugural Family Business Survey in 2023.
2023 Family Business Survey Results
The Truth About Family Business Succession
Business Growth & Evolution
Expansion Into New Markets is a Highly-Ranked Strategy
2024 Family Business Survey Findings
What Legacy Will Your Family Business Leave?
Philanthropy & Community
A New Beacon is Illuminating the Path to Success
2024 Survey Key Finding: Employee Engagement

Explore Our Family Business Resources and Live Events

Like-minded in our collaborative efforts to help family businesses thrive, the First Bank Center for Family-Owned Businesses looks forward to continuing to provide relevant webinars, articles, in-person events, and roundtable discussions based on the results of the Family Business Survey.
Commitment to Family-Owned Businesses Mike Dierberg
Our multi-generational family history uniquely positions us to understand the needs and challenges.