NFIB

One Big Happy Business
03/ 27/ 2002

by Lisa Waddle

It's easy to think of family-owned businesses as simply a subset of small businesses. Yet nearly all small businesses are family businesses. Statistics vary, but it's reported that anywhere from 75 percent to 95 percent of all U.S. companies are family businesses.

There are the giant family-run corporations--Budweiser, Ford, Wal-Mart and Johnson & Johnson. And the more numerous mom-and-pop operations, from the dry cleaners down the street to the neighborhood bar, the local plumber to the closest printer. Even many of the McDonald's and other franchises are run by families. You'd be hard pressed not to patronize a family company on any given day.

Yet family owned firms face challenges different from other small businesses. Our cover feature this issue focuses on the difficulties of being a part of a family business and some successful solutions.

But the interviews MyBusiness did for this feature also revealed the tremendous benefits that can come from working with relatives.These include an ease in communication from working with someone you've known a long time, who shares a common history. And the trust of a business partner who shares your blood.

"The emotional allegiance and dedication is something family businesses have that other businesses don't necessarily have and I think that's great," says Neil Koenig, family business consultant and author of You Can't Fire Me, I'm Your Father! "It's that heartfelt dedication to the family business that is so wonderful."

Check out our family business stories. And let us know what you've found to be the major benefit--or disadvantage--of working in a family-run business. Send me an e-mail at lwaddle@mybusinessmag.

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This article originally appeared in the July/August 2001 issue of MyBusiness Magazine, NFIB's member magazine.

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