3 Tips for Family Business Survival from the Oldest Apothecary in America

Posted by Kristin Swenson, Wholesale Distribution Industry Marketing Lead
It is no exaggeration to say that family businesses are the backbone of the U.S. economy – representing 64 percent of U.S. GDP, 62 percent of employment and 78 percent of new job creation, according to research from Kennesaw State University. Moreover, family businesses represent the full spectrum of America’s business landscape – ranging from small businesses to major corporations. In fact, some of the most iconic American brands – including Ford, Estee Lauder and Walmart – are family owned and controlled.
Despite these strong economic stats, the survival of family-owned businesses is less optimistic. Only 30 percent of family businesses survive into the second generation of ownership, 12 percent into the third, and a mere 3 percent into the fourth, according to the Family Business Alliance.