Written by Jenny Dinnen, Co-Owner & President, MacKenzie Corporation
Family businesses are built on strong values, deep-rooted traditions, and a genuine passion for what they do. But are public perceptions aligned with these realities?
A recent national study conducted by MacKenzie and Next Gen Collaborative surveyed over 1,300 U.S. adults to understand how family businesses are viewed today. Along with their strengths and differentiators, the findings revealed key perception gaps that could be affecting brand reputations, workforce attraction, and overall competitiveness.
One of the biggest takeaways is related to the traits that are most - and least - associated with family businesses. While frequently associated with values-based traits such as honesty (57%) and dedication (55%), connections were much lower for community-based traits such as social responsibility (29%) and being charitable (26%). With the increasing demand for businesses to have a purpose-driven identity, these findings highlight an opportunity for family businesses to examine how they communicate their philanthropic contributions and community engagement efforts. Through storytelling and impact-oriented messaging, public perceptions can be reshaped to better align with family business realities.
This study also uncovered a belief that family businesses are more susceptible than non-family businesses to common operational challenges – particularly in the areas of change management (84%), technology (82%), and leadership (79%). Despite many family businesses being agile, innovative, and forward-thinking, the stereotype of being stuck in tradition can be a disadvantage. Addressing these misperceptions requires a proactive approach to brand-building that highlights adaptability, showcases long-term ambition, and demonstrates a commitment to ongoing improvement – qualities have helped build the family business sector into an economic powerhouse.
Looking beyond customer and community relations, survey insights revealed a perception gap within the workforce as well. Despite offering personalized career paths, leadership development opportunities, and strong workplace cultures, only 27% of respondents view family businesses as top employers for career growth – compared to 33% for private businesses and 40% for public companies. This misperception can deter job seekers who prioritize professional growth and upward mobility, which ultimately affects family business’ capabilities, competitiveness, and growth potential. To address this, leveraging employee testimonials, leadership success stories, and professional development programs can help attract and retain top talent by positioning family businesses as the growth-minded employers they are.
Understanding public perceptions and their business implications are a great place to start in addressing gaps and strengthening competitive positioning. Family businesses can influence how they are seen through strategic storytelling, employee engagement, and community visibility.
By owning the narrative and proactively shaping perceptions, family businesses can build stronger connections, attract top talent, and reinforce their value in the modern marketplace.
To learn more about the First Bank Center for Family-Owned Businesses, our offerings for family and privately held businesses, or to engage in a conversation about positioning your business for long-term success, contact the First Bank Center for Family-Owned Businesses or visit www.first.bank/familybusiness.
For more insights and a detailed analysis of this study’s findings, download the full report here: 2025 Family Business Perception Report.
Family businesses are built on strong values, deep-rooted traditions, and a genuine passion for what they do. But are public perceptions aligned with these realities?
A recent national study conducted by MacKenzie and Next Gen Collaborative surveyed over 1,300 U.S. adults to understand how family businesses are viewed today. Along with their strengths and differentiators, the findings revealed key perception gaps that could be affecting brand reputations, workforce attraction, and overall competitiveness.
One of the biggest takeaways is related to the traits that are most - and least - associated with family businesses. While frequently associated with values-based traits such as honesty (57%) and dedication (55%), connections were much lower for community-based traits such as social responsibility (29%) and being charitable (26%). With the increasing demand for businesses to have a purpose-driven identity, these findings highlight an opportunity for family businesses to examine how they communicate their philanthropic contributions and community engagement efforts. Through storytelling and impact-oriented messaging, public perceptions can be reshaped to better align with family business realities.
This study also uncovered a belief that family businesses are more susceptible than non-family businesses to common operational challenges – particularly in the areas of change management (84%), technology (82%), and leadership (79%). Despite many family businesses being agile, innovative, and forward-thinking, the stereotype of being stuck in tradition can be a disadvantage. Addressing these misperceptions requires a proactive approach to brand-building that highlights adaptability, showcases long-term ambition, and demonstrates a commitment to ongoing improvement – qualities have helped build the family business sector into an economic powerhouse.
Looking beyond customer and community relations, survey insights revealed a perception gap within the workforce as well. Despite offering personalized career paths, leadership development opportunities, and strong workplace cultures, only 27% of respondents view family businesses as top employers for career growth – compared to 33% for private businesses and 40% for public companies. This misperception can deter job seekers who prioritize professional growth and upward mobility, which ultimately affects family business’ capabilities, competitiveness, and growth potential. To address this, leveraging employee testimonials, leadership success stories, and professional development programs can help attract and retain top talent by positioning family businesses as the growth-minded employers they are.
Understanding public perceptions and their business implications are a great place to start in addressing gaps and strengthening competitive positioning. Family businesses can influence how they are seen through strategic storytelling, employee engagement, and community visibility.
By owning the narrative and proactively shaping perceptions, family businesses can build stronger connections, attract top talent, and reinforce their value in the modern marketplace.
To learn more about the First Bank Center for Family-Owned Businesses, our offerings for family and privately held businesses, or to engage in a conversation about positioning your business for long-term success, contact the First Bank Center for Family-Owned Businesses or visit www.first.bank/familybusiness.
For more insights and a detailed analysis of this study’s findings, download the full report here: 2025 Family Business Perception Report.