According to the University of Vermont’s School of Business Administration, as of 2013, around six million family-owned businesses contribute to as much as 57 percent of the country’s GDP. They employ 67 percent of America’s workforce and have created about 8- percent of all new jobs.
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Through the years, family businesses have been successful by employing the concept of stewardship. Cognizant of the legacy they will leave to the future generation, they have a natural inclination toward long-term gains, rather than short-term ones.
Other than this, the family business model has other distinct advantages.
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One such edge is the shorter chain of command. In making critical decisions, the family owner’s commitment beyond profitability allows it to become and remain successful. This commitment to seeing the business get off the ground and prosper has made these family companies resilient, no matter how slow the business and tight the finances.
Family businesses also generally tend to take better care of their employees, seeing them as extended family members. Studies have shown that this type of firms practice register less layoffs and employ more productive workers. Such employee treatment is also seen as key to high-quality products and services.
Lupient Automotive Group president and CEO Jeff Lupient has been committed to the growth and success of the family business since he was 15 years old, when he started working in his family’s dealership chain. To read more about his profession, visit this website.