To stay apprised of the specific needs and challenges of family businesses, we again commissioned the expert assistance of market research firm MacKenzie Corporation, a second-generation family business in Orange County, California, to conduct our 2024 Family Business Survey. Read more about three optimistic findings from this year's results.
Family businesses are a major economic driving force in America; unfortunately, sparse data, research, and resources for them are available. In addition to the lack of accurate representation of the family business sector, misinformation is often used.
Whether for a first-generation entrepreneur or an established family business, an inventive spirit is at the core of building and preserving a long-term legacy. Some of the world’s most iconic and enduring companies began simply by combining ingenuity and determination to improve the quality of everyday life of their customers.
When most people think about family businesses, transformation and innovation are probably not the first things that come to mind. Doing things the same way as the prior generation did them is how most people probably think about family businesses, and perhaps it is even part of the lore of the family businesses.
If small businesses are credited as the engine of the U.S. economy, family-owned businesses generate the power. According to the U.S. Census Bureau, approximately 90 percent of American businesses are family-owned or controlled.