Do Any of Your Family Members Own a Business?

Family-Owned Business Overview

Family businesses comprise over 90% of businesses in the US.
The world’s oldest family business, a hotel in Japan, has operated for over 45 generations.
Some noted family businesses worldwide are in various industries like hotels and restaurants.
In a family business, at least two family members own a majority stake and are involved in operations and management.
Leadership often passes between generations.
Family businesses drive economic growth but can struggle when expanding beyond family employees.
A benefit is stability since leadership relies on birth order rather than office politics.
Trust also comes more easily.
However, decisions may serve family needs rather than business needs.
Also, unqualified family members might be promoted.
If you do start a family business, ensure everyone agrees upfront on vision and structure.