What I Didn’t Know As a Family Business Member
Even though I grew up in one, only recently did I learn that family businesses are a big deal. Every day, many of us will buy a cup of coffee and some of us will buy a car, but most of us won’t realize who owns the bakery or dealership where we make our purchase. Surprisingly, odds are it is a family-owned business. Whether that’s a married couple venturing forth as coffee shop “co-preneurs” or a well-established, generational auto showroom, when you pull back the curtain, you’ll likely find a family at its core. In fact, most transactions Americans make on any given day involve a family-owned business. That’s because about 80% of U.S. businesses are owned by families. And, although they tend to be small, they are vital because collectively, they employ nearly half of all workers in the country, and serve as the backbone of our economy.
The Surprising News About Family Business
Family businesses are sometimes referred to as “Mom-and-Pops.” It’s a diminutive term that underrates the financial strength of a typical family enterprise. Many families in business make up a demographic that seems to work hard and quietly go about its business without a lot of fanfare. Many tend to be insular and private by nature, preferring to keep a low profile. Yet, despite an often demure existence, they deserve our attention and respect, because what family business does well, benefits us all. Here’s why:
Count Family Business In
Despite all these great things about family business, it’s not unusual for owners and members of family businesses to feel socially discounted, as though their jobs are not as legit as those with corporate titles and star-studded LinkedIn profiles. There’s a certain glamour attached to working for Google, Nike or Deutsche Bank. It lends credibility and status; a cachet that working for your parents can’t seem to rival when rubbing elbows at a cocktail party.
But the world needs to know that your family business is equally important and worthy of your continued time and investment. Give your own family business the focus and attention it deserves and if that is difficult given your family business culture, consider a family business coach. When a family business embraces a culture of learning and growth, it has the potential to achieve a respected legacy and be among the longstanding businesses that are so vital to our American economy.
For more information on how my customized coaching program can help your family business, contact me through my website: