• Service: Enterprise, Family business
  • Type: Business and industry issue
  • Date: 4/25/2013

Keeping business in the family [infographic] 

Keeping business
Monica Appelbe and Intuit recently produced an infographic on family business in the US. According to the U.S. Small Business Administration, 90% of the 21 million small businesses in the US are family-owned. With “mom and pop shops” forming the backbone of the American economy, I thought the inforgraphic would be worth sharing.

Fast facts about family business in the USA

  • Family businesses account for 64% of the USA’s gross domestic product (GDP) i.e. ± US $5 trillion.
  • 35% of Fortune 500 companies are family enterprises.
  • The typical American family firm donates US $50,000 annually to philanthropic causes, mostly to local, educational, and religious organisations.
  • Family-based companies are responsible for 60% of the nation’s employment and 78% of new jobs created.
  • Family businesses are one of the fastest growing sectors of the American economy.
  • Nearly 40% of family businesses in America will be passing the reigns to the next generation over the next 5 years.
  • Nearly 60% of all family-owned businesses have women in top management team positions.
  • The average lifespan of a family-owned firm is 24 years.
  • 40% of family-owned businesses survive to the second generation, while only 13% survive to the third generation.

Do you think these statistics are similar to that of your own country?

via: Keepin’ It in the Family [INFOGRAPHIC]

Christophe Bernard

Christophe Bernard
I am a KPMG partner based in the French firm’s Paris office, responsible for encouraging the growth of our firms’ middle markets practice across Europe, Middle East and Africa, a majority of that market comprises of family businesses.

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