If we were to modify President Coolidge's quote, "The business of America is business", we might say the business of America is family business. The family firm is the backbone of the American economy. Researchers Russ Alan Prince and Karen Maru File estimate that there are about 23.3 million non-farm businesses in the United States. Of those, 99% are identified as "small businesses" that is, those with fewer than 500 employees. Small businesses employ 53% of the private work force, contribute 47% of all sales in the country, and are responsible for 51% of the private gross domestic product. New businesses have been growing at about 3% annually in recent years making the United States economy the envy of the world. It goes without saying that the majority of those start up companies, which have contributed to our explosive expansion, are family and closely held businesses. As the statistics demonstrate, family business is big business.
The latest book written by Wayne Rivers and the Family Business Institute team covers topics such as:
Family Stages
Business Stages
Understanding Family Business Owners
The Male Aging Process
A Model for Change
The Ten Most Common and Costly Estate and Succession Mistakes Made by Family Business Owners
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