WASHINGTON, March 14, 2018 /PRNewswire-USNewswire/ — SCORE, the nation’s largest network of volunteer, expert business mentors, has published a new infographic illustrating the major impact that family-owned businesses have on U.S. job creation and economic growth. Family businesses – defined as businesses operated by two or more family members, with majority ownership held within the family – employ 60% of the U.S. workforce and create 78% of all new jobs. Altogether, family-owned businesses generate 64% of the gross domestic product (GDP).
Family owned businesses vary in size and structure:
Family-owned businesses attribute their success to good governance and positive culture:
Despite their success, many family-owned businesses face serious challenges with succession:
Looking towards the future, 47% of family business owners report that they expect to retire in the next five years, but do not have a succession plan.
Download the infographic for more information on the successes and challenges of family-owned businesses in the U.S.
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Since 1964, SCORE has helped more than 10 million aspiring entrepreneurs. Each year, SCORE’s 10,000 volunteer business experts provide 450,000+ free small business mentoring sessions, workshops and educational services to clients in 300 chapters nationwide. In 2017, SCORE volunteers provided 3.6+ million hours to help create more than 54,000 small businesses and 116,000 full-time, part-time, owner and contractor jobs.
For more information about starting or operating a small business, visit SCORE at www.score.org. Follow @SCOREMentors on Facebook and Twitter for the latest small business news and updates.
Contact Information
Betsy Dougert
800-634-0245
[email protected]
SOURCE SCORE
