80% – 90% of All Businesses In America Are
Did you know family owned businesses make up 80% – 90% of all businesses in the USA? Family businesses are responsible for 60% of employment in the United States – 78% of all new jobs, and 65% of all wages paid. And there are 1.2 million husband and wife teams running a family business. Congratulations to all those family businesses out there – they are the backbone of our country!
As wonderful as this is, unfortunately the average life span of a family business is only 24 years and that is not a very long time. Only 1/3 of all family businesses successfully transition to the second generation. The ultimate goal should be to pass the business from generation to generation, but the majority of family businesses are unprepared with 47% having no plan for succession.
This is an ongoing problem. Whether you are a small family owned, couple owned, or large company, succession planning is the key to continuity. Take control now and start the process to make sure your family business continues on and you are properly compensated.
If you need help getting started contact us. We can help.