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Family Business Is Big Business!

FAMILY BUSINESS Is BIG BusIness! THE FAMILY-FRIENDLY US Economy Family businesses are the backbone of the US economy 90% of US 64% of US GDP is 62% of the US businesses are family population is employed by family-owned businesses generated by family owned businesses 30% of family 85% of family 34% of US family firms businesses last for businesses are passed are involved in two generations down to relatives international trade PROTECTING FAMILY ENTERPRISE Family business consultants can help families protect their legacies by addressing these common issues: Family Issue Solution Multi-generational business planning • Devise plan for management succession • Devise plan for ownership succession • Clarify roles, responsibilities, and accountability for family members Family governance Devise corporate and family governance structures • Match family members or outside employees to best positions for their skill sets Human resource management Family meetings and retreats • Schedule time to focus on family independent of business • Clarify company purpose and objectives • Set short and long-term plans for business growth Strategic planning Sources: Provided by: http://www.ffi.org/?page=GlobalDataPoints http://www.business.uconn.edu/familybusiness/pdf/2009%20CT%20FA mily%20Business%20Survey.pdf FAMILY BUSINESS INSTI TUTE http://www.familybusinessinstitute.com/index.php/Family-Business-Inst itue-Consulting-Services/family-business-consulting.html http://online.wsj.com/article/S8125478399429765967.html www.familybizdoctor.net

Family Business Is Big Business!

shared by BrittSE on Mar 18
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In the United States, 90% of businesses are family-owned. These businesses play an important role in the lives of involved family members, so it’s important for organizational issues to be resolved ...

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