Whether it’s “Mom and Pop” retail storefronts, family-run services companies or life science companies developing innovative, life saving products, family owned-and-operated businesses are the lifeblood of the global economy.
According to Cornell University’s SC Johnson School of Business, “There are 5.5 million family businesses in the US. (FEUSA, 2011) Family-owned businesses contribute 57% of the U.S. GDP (that’s $8.3 trillion), employ 63% of the workforce (FEUSA, 2011), and are responsible for 78% of all new job creation. (Astrachan & Shanker, 2003) 35% of Fortune 500 companies are family-controlled. (Businessweek.com, 2006).”
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