Value of Family Businesses
Great Contributors To Communities They Do Business In
Long Term Strategic Planning
Decisions Are Focused On The Future Versus Short Term
Total Compensation And Salaries Are Higher Versus Non-Family Businesses
Last Employer To Lay People Off In An Economic Down Turn
Family businesses are critical to the foundation of our economy. Over 60% of all businesses in the United States are family owned. Family owned business are significant contributors to the communities they do business in. And, given that family owned business are generational, decisions made by family owned business are made with the long term future in mind and are made in the interest of creating sustainability.
Most family businesses also support strong cultures. Businesses with a strong culture typically have happier employees who are better compensated. In addition, turnover is lower in family owned business and they are the last to put people out of work when the economy is suffering.
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