A PRIME Insurance Special
The 7 Powerful Dynamics in US Family Businesses
- Family businesses make up 80 to 90 percent of all US commercial establishments.
- More than half of the US Gross National Product comes from family-owned businesses.
- Approximately 1/3 of the nation’s family businesses incorporate husband/wife team players.
- Approximately forty percent of family businesses in the US become 2nd generation companies; thirteen percent evolve into 3rd generation enterprises; while only three percent of family businesses advance into 4th generation businesses and so on.
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5. Women are key partners to family businesses, with 24% of females leading in CEO roles.
6. Family businesses tend to bond with the local community, while placing an underscored focus on family life.
7. Most family-run businesses involve themselves in charitable works and a variety of philanthropy involvement.
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Summary: Explore the meaning of family run businesses and why so many of them are successful - through the eyes of the award-winning insurance agency that knows what it’s all about.