We’ve recently been researching small business statistics and what we realized is that a large number of the stats were centered around family-owned businesses. I think at times we think “There can’t be that many families in business together out there and why on earth would I do it?” Well my friends, these numbers and stats are going to blow you away.
- Family businesses generate 60% of the country’s employment and 78% of all new job creation.
- The average life span of a family-owned business is 24 years.
- The number of family businesses run by women have grown 37% in the past five years.
- 35% of Fortune 500 companies are family companies.
- Family businesses comprise 80 to 90 percent of all business enterprises in North America.
- Only 40% of family owned businesses survive to the second generation, 12% to the third, and 3% to the fourth.
What’s crazy is that this is only skimming the top of the stats we’ve come across. We just wanted to give you a taste before we throw more at you in the coming weeks. We really wanted to touch on all of this because of the overwhelming emails we receive from people (and tweets) about what it’s like to work with family. Any interview we’ve done recently, it seems that has been the ultimate question people want to know. It’s definitely not easy and some are not made to work together in business but for some it can be the best thing you ever did.
In the coming weeks we are going to share the ups and downs that we face in our own businesses as well as sharing other’s stories on how they deal with their own family business. If you have questions or would like to share your story then email us at info(at)businessbewareshow.com We look forward to hearing your questions and stories. If you have a statistic to share, then share below so everyone can enjoy these outstanding numbers and encourage others that they are not alone.